Any RICS Surveyors on here?
Discussion
Quick question about indemnity insurance - if the Surveyor has gone bust and subsequently a major problem that should have been spotted on a (Full) house survey has to be repaired at a cost of £10K do RICS 'underwrite' these sorts of claims if the Surveyor was a member of RICS and was insured at the time of Survey?
Ta
Ta
I don't think so.
There was a case a few years ago where someone was sued when his former employers went bump. I'm not even sure that it was directly related to property, but I do believe the RICS set-up a fund to assist former employees in this regard.
If it was an individual rather than a ltd company, then if they remain a RICS member they would have to maintain at the lease PI run off cover for 6 years.
Quite how going bust fits into the RICS requirement and affects you I'm not sure. I'd suggest that you spend a bit of time on www.rics.org - you can see different things to me as public rather than member, and if all else fails try speaking to them tomorrow.
There was a case a few years ago where someone was sued when his former employers went bump. I'm not even sure that it was directly related to property, but I do believe the RICS set-up a fund to assist former employees in this regard.
If it was an individual rather than a ltd company, then if they remain a RICS member they would have to maintain at the lease PI run off cover for 6 years.
Quite how going bust fits into the RICS requirement and affects you I'm not sure. I'd suggest that you spend a bit of time on www.rics.org - you can see different things to me as public rather than member, and if all else fails try speaking to them tomorrow.
davidjpowell said:
I don't think so.
There was a case a few years ago where someone was sued when his former employers went bump. I'm not even sure that it was directly related to property, but I do believe the RICS set-up a fund to assist former employees in this regard.
If it was an individual rather than a ltd company, then if they remain a RICS member they would have to maintain at the lease PI run off cover for 6 years.
Quite how going bust fits into the RICS requirement and affects you I'm not sure. I'd suggest that you spend a bit of time on www.rics.org - you can see different things to me as public rather than member, and if all else fails try speaking to them tomorrow.
I'm a Chartered Building Surveyor. PII is mandatory for all surveyors in practice, and as already said there is a requirement to have a 6 year run-off cover following cessation of business, retirement etc but not sure how this could be effected in the case of a business going into administration etc.. If the claim is for £10k it is quite likely that the insurance excess would be greater than this, so the firm would be paying this out of their own pockets, although the insurer would advise if they thought they should fight it. There was a case a few years ago where someone was sued when his former employers went bump. I'm not even sure that it was directly related to property, but I do believe the RICS set-up a fund to assist former employees in this regard.
If it was an individual rather than a ltd company, then if they remain a RICS member they would have to maintain at the lease PI run off cover for 6 years.
Quite how going bust fits into the RICS requirement and affects you I'm not sure. I'd suggest that you spend a bit of time on www.rics.org - you can see different things to me as public rather than member, and if all else fails try speaking to them tomorrow.
The RICS scheme was set up to protect employees who, following the court case referred to above, were held to be at risk personally. The RICS do not operate an indemnity scheme to cover failed firms, and as to whether you have a potential claim against the individual who carried out the survey depends on a great number of issues. As suggested, speak to the RICS and see what advice they can offer.
Purely from academic interest, what is the issue with the house?
When did the Surveyor go bust? You could possibly still lodge a claim against the company which would be against the Administrator? I am not sure whether the PI in force at the time of the job would cover the claim or the PI force in cover today (although there isn;t any). Presumably if the RICS scheme is to protect individual members from claims that should have been made against their employers the OP (or their friend) could claim against the individual?
This may all depend on which surveying Practice is referred to. I seem to recall a well known name whose holding company went bust was involved in a number of claims of dodgy valuations, so it might be worth telling us more about this case.
By the way good luck with the RICS website, it is in my opinion a truly appalling website and next to impossible to find the information you want. In fact every time I get an opportunity I complain about it, as do my colleagues, and we are the ones paying for it! Also the last time I sent the RICS an email with a question I never got an answer either. Great customer service!
This may all depend on which surveying Practice is referred to. I seem to recall a well known name whose holding company went bust was involved in a number of claims of dodgy valuations, so it might be worth telling us more about this case.
By the way good luck with the RICS website, it is in my opinion a truly appalling website and next to impossible to find the information you want. In fact every time I get an opportunity I complain about it, as do my colleagues, and we are the ones paying for it! Also the last time I sent the RICS an email with a question I never got an answer either. Great customer service!
I only have limited info as its not me thats affected but basically the house was the end of a row of terraces and the gable end wall has had to be rebuilt as it had moved away from the end of the house at a cost of £10K. The surveyor who oversaw the repair works has said it should have been noticed in his opinion on a full survey (which was carried out by the now defunct firm).
Vron said:
I only have limited info as its not me thats affected but basically the house was the end of a row of terraces and the gable end wall has had to be rebuilt as it had moved away from the end of the house at a cost of £10K. The surveyor who oversaw the repair works has said it should have been noticed in his opinion on a full survey (which was carried out by the now defunct firm).
Did the person whose house it was try claiming on there buildings insurance? Also what evidence does the person have about the cracking before the works? Photos etc?The surveyor could argue that the damage was nt there at the time, so what is the timescale etc?
The survey said the gable end wall needed repointing. I have no idea on the visual appearance of the wall at the time of the Full survey. The insurance co rejected the claim saying it wasn't subsidence. The surveyor who oversaw the repair works is of the opinion it should have been spotted on the full survey and is prepared to put his name to that.
That sounds like its going to be a very messy situation... as everyone else here has said, surveyors should have run off PI cover but I would have thought RICS should have been more helpful that that.. were they a regulated RICS firm?
Not sure if you could put in a claim against the administrator.. you could try but it would be an unsecured claim and you would be bundled in with all the other creditors (suppliers, landlords etc) so would most probably end up with about 1p.
Good luck with it all
Not sure if you could put in a claim against the administrator.. you could try but it would be an unsecured claim and you would be bundled in with all the other creditors (suppliers, landlords etc) so would most probably end up with about 1p.
Good luck with it all
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