Professional Indemnity Insurance can cover certain claims arising from the professional services provided by a Quantity Surveyor.

A claim does not necessarily require the Quantity Surveyor to have made an obvious mistake. A client or other party may allege that the advice or service failed to meet the required professional standard and caused financial loss.

What types of allegations can arise? #

Examples can include allegations involving:

• Incorrect cost estimates.
• Inaccurate project budgets.
• Errors in progress valuations.
• Incorrect assessment of variations.
• Errors in final accounts.
• Failure to identify cost risks.
• Inaccurate feasibility advice.
• Contract administration errors.
• Incorrect or incomplete reports.

The actual cover depends on the policy wording and the services disclosed to the insurer.

What can the policy pay? #

Depending on the claim and policy, Professional Indemnity Insurance can respond to:

• Legal defence costs.
• Investigation and expert costs.
• Settlements.
• Court-awarded damages.
• Other insured costs associated with defending or resolving a claim.

Whether defence costs sit within or outside the policy limit depends on the policy.

Does the policy cover every mistake? #

No.

Professional Indemnity policies contain exclusions, conditions and limits.

Cover can also be affected if a service was not properly disclosed to the insurer or falls outside the insured professional activities.

Quantity Surveyors should ensure their policy accurately describes the full range of services they provide.