EVERY VALUATION IS UNIQUE. RISKS ARE NO DIFFERENT.
As a Property Valuer, you are exposed to a number of industry specific risks which could put your job and reputation at risk. These can include inadequate analysis of property, valuation errors or breach of contract. Any mistakes in a valuation can lead to financial losses for all parties involved.
Getting sued would be seriously damaging, to both your reputation and personal financial wellbeing. That’s why it’s important for you to carry property valuers professional liability insurance. Use an experienced broker to get the quality cover you need. Use our services.
This insurance protects you from financial repercussions if you are sued by a client for errors, mistakes or omissions arising from the practice of property valuation services.
Professional Liability insurance covers the cost to defend lawsuits against you, as well as any settlements or judgments that arise out of your mistakes, in the normal course of your professional activity.
For any valuation the property valuers face the risk of legal action being taken against them in respect of their professional liability. The indemnities that may be made as a result of a successful claim can be huge but even the legal costs of defending the most spurious claim can cause severe financial hardship.
This insurance is designed to protect you from suffering financially if you make a professional mistake when performing your property valuation services. Even if you do not make a mistake, this insurance protects you when customers claim that you did.
Professional indemnity claims are by nature low occurrence but high severity. A potential claim can have significant financial consequences if you are unfortunate enough to become the target of an allegation.
Do not forget – the peace of mind is something which you cannot put a price on.
Common causes for professional indemnity claims include mistakes or omissions in the valuation reports, failure to respect the valuation standards, etc. Any mistake made by you, that causes damages to a client, is a possible cause of a professional indemnity claim.
An important choice for your professional liability insurance is the limit of liability. The limit of liability is the maximum that the insurance company will pay in the event of a claim. The higher the limit of liability, the higher your insurance premiums will be.
When purchasing a professional liability policy, you also should consider the deductible associated to the insurance product. The deductible is the amount of a claim you are responsible for paying before the insurance company’s coverage takes effect. Deductibles are a form of risk sharing, and provide a financial incentive for you to take actions to reduce the risk of professional indemnity claims.
- Provide you with free and impartial specialist advice concerning risk management and cover options
- Provide you with the right insurance product which best suit your specific needs, helping you to:
- Minimise your exposure to risk
- Save your time and money
- Manage your insurance policies, timely informing you about the relevant aspects
- Manage your claims, provide assistance and representation in front of insurance partners
- Give you peace of mind that you are protected for things that matter to you
- Our services are based on technical expertise and robust business knowledge, underpinned by complete understanding of your specific needs
- We have access to a large range of insurance providers allowing us to offer bespoke insurance solutions, with the best value for you – both in terms of cover and price
- We think holistic and act responsible. We believe that respect and integrity are vital to building and maintaining trust and good, long term relationships