Surveyors Professional Liability
Surveyors Professional Liability Underwritten by a member of the QBE Insurance Group (QBE) This insurance is an annual contract unless stated otherwise in the quotation or renewal documentation and as confirmed in the policy. It may be renewed each year subject to the terms and conditions then applicable. This document provides only a summary of the main benefits your insurance policy. An outline of the policy s significant features and benefits are set out below together with any significant exclusions or limitations. For full details of all policy benefits and all terms you should read the policy document. Excess or deductible The coverage provided by this policy carries an excess which is the first amount of each claim that you must pay and is not covered by your insurance. The amount will be stated in your quotation and/or renewal. Conditions You must: a) notify us of claims and events that may become a claim as soon as practical but always within the time limitation(s) stated in the policy under the claim conditions; b) notify us of any and all changes to the declared business activity or use of any premises; c) comply with the general conditions and any specific conditions designed to reduce the risk of loss. Professional liability Significant features and benefits This is a claims made insurance policy meaning any claim must be made against the insured and notified to us during the policy period. This policy will indemnify you for your civil liability to pay compensatory damages to the extent that such liability arises from a breach of professional duty or any negligent act, error or omission arising out of your performance or that of your sub-contractors in the conduct of your business services or multimedia activities. We will also indemnify you when such civil liability arises from defamation, the transmission of a computer virus, invasion of privacy, or the infringement of intellectual property rights. The limit of indemnity payable one claim or series of claims is specified in the quotation and/or renewal documentation. Defence costs are payable in addition to the limit of indemnity. Standard extensions include: a) Arbitration and adjudication indemnity for liability you may incur as regards claims made against you as a result of a decision by an adjudicator appointed to resolve a dispute in accordance with the Scheme for Construction Contracts or an adjudication clause or rules contained in a contract, or any award by an arbitrator or tribunal or arbitrators. b) Defence costs costs and expenses awarded against you or incurred in defence of a claim. c) Court attendance compensation compensation in the event that legal advisers acting on your behalf require you, any of your employees or other relevant party (but not expert witnesses) to attend court. d) Statutory liabilities indemnity for up to 80% of any reasonable costs or expenses you incur with our prior consent for proceedings brought against you in respect of your statutory liabilities. e) Legal representation costs indemnity for up to 80% of any reasonable costs or expenses you incur with our prior consent for representation at properly constituted hearings, tribunals or proceedings in respect of your conduct of the business services. f) Acquisitions and creations cover automatically provided from date of creation or acquisition for a company created or acquired by you after inception whose business activities are no broader than your existing business activities, provided that the turnover of such company(ies) does not exceed KPCS010115 Page 2 of 6
Surveyors Professional Liability ten percent (10%) of the estimated turnover for all companies covered under this insurance at inception. g) Awards by ombudsman sums incurred by you as a direct result of adhering to the recommendation of any ombudsman to the same extent as we are obliged to indemnify you in respect of civil liability where a claim is first made against you, or arises out of a circumstance which you shall notify to us, during the period of insurance. h) Dishonesty or fraud sums you become legally liable to pay arising by reason of, and solely and directly caused by, the dishonest or fraudulent act of any past or present partner, director, member, consultant, sub-contractor or employee of the practice which cause any of your clients to suffer loss. i) Hacker protection claims resulting from a third party s good faith reliance on a hacker s fraudulent use of your information and communication assets where such fraudulent use was intended to cause you loss or obtain a personal again for the hacker. j) Joint ventures claims arising from your business services acts in any joint venture (but only in respect of which relevant fees or turnover have been declared to us). k) Public relations and crisis management services costs you incur with our prior written consent for a public relations and/or crisis management consultant to avert or mitigate damage to any of your brands. Significant or unusual exclusions or limitations The policy document contains a number of exclusions and limitations. The more significant exclusions applying that will bar any payment are listed below: QBE will not pay for any claim, liability, loss or defence costs: a) arising from arbitration and adjudication unless covered under the Arbitration and adjudication extension. b) arising out of or resulting from or in any way involving the presence of asbestos or asbestos containing materials in whatever form or quantity unless the claim results from a negligent act, error or omission in the conduct of the practice (other than claims involving bodily injury or resulting from asbestos surveys carried out by you which remain excluded). c) brought by or on behalf of associated companies unless the claims originate from an independent third party. d) involving any liability assumed by you which is not incurred or assumed in the normal conduct of your business services. e) arising out of or in any way involving bodily injury and/or property damage unless incurred by a person who is not an employee as a result of a breach of professional duty or act of negligence in the conduct of your business services. f) in respect of liability arising out any contractual liability incurred by you in the conduct of the practice and/or any liability that arises in consequence of any assignment of a collateral warranty or duty of care agreement to more than one person (except where given to a financier or funding party where a total of two assignments is permissible); unless such liability would have attached to you in absence of any such express agreement or we have expressly approved the contractual terms giving rise to the liability or the British Property Federation or Construction Industry Councils standard collateral warranty wording is used. g) brought or maintained by any entity in which you exercise a controlling interest or an entity with a controlling interest over you by virtue of their having a financial or executive interest in your operations. h) made or intimated against you prior to the policy period or involving any fact or circumstance notified under a previous policy or of which you became aware prior to the policy period. i) in respect of any fines, penalties, punitive, multiple or exemplary damages. j) arising out of any Regulated Activities as defined in the Financial Services and Markets Act 2000 (FSMA) but this exclusion will not apply to mortgage mediation activity and insurance mediation activity relating to general insurance contract only, for which you have permission pursuant to Part IV of the Financial Services and Markets Act 2000. k) arising out of your involvement in an Insolvency Event. KPCS010115 Page 3 of 6
Surveyors Professional Liability l) arising out of your breach of any taxation, competition, restraint of trade or anti-trust legislation or regulation. m) arising out of employment. n) caused by or arising from any personal liability incurred by a director or officer when acting in that capacity or when managing your business or when in breach of their fiduciary duty or when making or issuing statements concern you and your business services. o) relating to the financial return of any investment or the depreciation of loss of investments when such return, depreciation or loss is caused by fluctuations in any financial, stock, commodity or other market which is outside of your influence or control. p) arising from the loss, damage or destruction of any negotiable paper. q) in respect of proceedings brought or awards made in any court under North American jurisdiction. r) in respect of any ombudsman s award, except as covered under the Awards by ombudsman extension clause. s) where you are entitled to coverage under any other insurance policy. t) arising out of the infringement of any patent or trade secret. u) arising from your operation or administration of any pension or employee benefit scheme or trust fund or the sale or purchase of or dealing in stocks, shares or securities. v) arising from pollution except if the claim is caused by a negligent act, error or omission in the conduct of the practice but we shall not be liable for any claim resulting from environmental audits carried out by you. w) in respect of products liability except as regards project models or displays. x) arising out of any statement that you made recklessly or maliciously. y) arising out of any act, error or omission committed prior to the retroactive date. z) arising from any self-replicating computer virus. aa) arising out of a survey or valuation unless the survey or valuation was undertaken by qualified personnel. bb) arising by reason of any acts, errors or commissions committed by you after the date of any take-over or merger unless agreed by us or where cover is granted by the Acquisition and creation extension. cc) in respect of your trading loss and liabilities. dd) caused by or resulting from or in connection with war and terrorism. Significant limitations that may restrict payment if not complied with are: a) The maximum amount payable in respect of any one claim (and in the aggregate where stated) is limited to the amount stated in the quotation or renewal documentation. This sum may be sub-limited in respect of the coverage afforded for statutory liabilities; legal representation costs; awards by ombudsman; hacker protection; public relations and crisis management services; and pollution. b) Your annual accounts shall be prepared and/or certified by an independent and properly qualified accountant or auditor in accordance with the RICS Rules of Conduct, and your client accounts, where applicable, shall have been kept in accordance with the RICS Rules of Conduct. Important information Your right to cancel Please ensure that the policy is suitable for your requirements since there are no rights of cancellation on your part. QBE may issue thirty (30) days written notice of cancellation at any time by writing to your last known address when we will allow a pro rata refund of premium. KPCS010115 Page 4 of 6
Renewing your policy Surveyors Professional Liability If QBE are willing to invite renewal of the policy QBE will use best endeavours to tell you at least twenty-one (21) days before the expiry of the policy the premium and terms and conditions which will apply for the following year. Claim notification Should you wish to make a claim you must notify QBE as soon as practical on receipt of any claim, suit or becoming aware of circumstances that is likely to lead to a claim. But please read your policy as specific time limits may apply for claim notification. You may contact QBE at the address shown below. Complaint procedure If you are unhappy with the service provided for any reason or have cause for complaint you should initially contact the person who arranged the policy for you. In the event that you remain dissatisfied and where the insurer is or includes a Lloyd s syndicate it may be possible in certain circumstances, to refer the matter to the Policyholder and Market Assistance Department at Lloyd s, Fidentia House, Walter Burke Way, Chatham Maritime, Kent ME4 4RN, telephone 020 7327 5693, e-mail complaints@lloyds.com, If you wish you may contact the insurer directly: QBE Customer Relations at the address below or e- mail: CustomerRelations@uk.qbe.com or telephone + 44 (0) 20 7105 5988; of fax: + 44 (0) 20 7105 4032. If your complaint is still not resolved to your satisfaction you may refer the matter to the Financial Ombudsman Service at the following address: Insurance Division, The Financial Ombudsman, Exchange Tower, London E14 9SR. Referral to the Financial Ombudsman Service is available to all private individuals and eligible commercial customers. Making a complaint does not affect your right to take legal proceedings. A summary of our complaint handling procedure is available on request and will also be provided to you when acknowledging a complaint. Compensation QBE is covered by the Financial Services Compensation Scheme. This provides compensation in case any of its members are unable, in specified circumstances, to meet any valid claims under their policies. Compensation for non-compulsory insurance will be paid at 90% with no upper limit and at 100% if the insurance is legally compulsory with no upper limit. Compensation is only available to commercial customers in limited circumstances Further information can be obtained from QBE at the address below, or from the Financial Services Compensation Scheme at the following address: Financial Services Compensation Scheme; 10 th Floor, Beaufort House, 15 St Botolph Street, London EC3A 7QU; or from their website (http://www.fscs.org.uk/contact-us/). Directive Required Information The law and language applicable to the policy Unless it is agreed otherwise, the law that applies to this insurance is the law of that part of the United Kingdom where your head office is located. The language used in this policy and any communications relating to it will be English. Your insurer Your quotation or renewal documentation will state the name of the licenced insurer within the QBE Insurance Group (QBE) that is providing your insurance cover. It will be one of or a combination of the following companies. KPCS010115 Page 5 of 6
QBE Insurance (Europe) Limited Surveyors Professional Liability QBE Insurance (Europe) Limited is a private company limited by shares (company number 1761561) and is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority under Registration Number 202842. QBE Casualty Syndicate 386 and QBE Syndicate 1886 QBE Casualty Syndicate 386 and QBE Syndicate 1886 are managed by QBE Underwriting Limited (company number 01035198) and are authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority under Registration Number 204858 You may check these details by visiting the FCA s website: http://www.fca.org.uk/ or by contacting the FCA on 0845 606 9966. In the event of a complaint please read the procedure above. Your insurer s Head Office The insurer s home state is the United Kingdom and its Head Office and registered address is: Plantation Place, 30 Fenchurch Street, London, EC3M 3BD, Tel: 020 7105 4000, Fax: 020 7105 4019. Registered in England No. 1761561 enquiries@qbe-europe.com KPCS010115 Page 6 of 6
QBE European Operations Plantation Place 30 Fenchurch Street London EC3M 3BD tel +44 (0)20 7105 4000 fax +44 (0)20 7105 4019 enquiries@uk.qbe.com www.qbeeurope.com QBE European Operations is a trading name of QBE Insurance (Europe) Limited, no.01761561 ('QIEL'), QBE Underwriting Limited, no. 01035198 ('QUL'), QBE Management Services (UK) Limited, no. 03153567 ('QMSUK') and QBE Underwriting Services (UK) Limited, no. 02262145 ('QSUK'), whose registered offices are at Plantation Place, 30 Fenchurch Street, London, EC3M 3BD. All four companies are incorporated in England and Wales. QIEL and QUL are Authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. QUL is a Lloyd's managing agent. QMSUK and QSUK are both Appointed Representatives of QIEL and QUL.