Proposed changes for professional indemnity insurance (PII) run-off in the UK

3 General themes in the responses

  1. There was both first hand and anecdotal evidence of firms encountering difficulties while trying to obtain PII run-off cover.
  2. No respondent had direct experience of a consumer being negatively impacted by a lack of PII run-off provision, although there was one anecdotal account. However, as we did not receive any responses from consumers or their representative groups, it is difficult to infer too much from this.
  3. There was a recognition that the status quo is not ideal in terms of both run-off availability for firms and RICS' own requirements of 'adequate and appropriate' cover, which is viewed as being unclear and open to interpretation.
  4. There was further acknowledgment that the status quo does not address the issue of RICS' restrictions in enforcing run-off requirements post-deregistration.
  5. There was recognition that all options raise serious questions of affordability for both insurers and the surveying profession.