Surveyors PI Cover

[anonymous-user]

Hello

Looking for some guidence here to settle an office debate.

If a surveyor has PI cover for say £1,000,000 does this cover valuations of up to this level or is it the maximum amount it can pay out? (i.e. margin error?) Or to put it another way, if a surveyor valued a property at £5,000,000 and it turned out it was only worth £3,000,000 would they pay out a million?

Thanks

[Easy_Targa]

The bane of our lives PI cover is!
Yes £1m per claim. But don't expect to be covered for more than one £1m claim!
In practice I doubt that your scenario would occur. A surveyor would talk to their insurer before th job and probably elect not to do it. You pay to insure that one job for the next six years.

[anonymous-user]

So it covers an error of up to £1,000,000 in this case, rather than a valuation of up to £1,000,000

[Easy_Targa]

Do you want to quote for my PI next year Bedford ?

[insurance_jon]

I'd like to though!

[Easy_Targa]

Ok its May time. Assuming I can stay in business that long