PII in the UK

2023 RICS Approved Minimum Wording

The RICS minimum policy wording is broadly unchanged for 2023.

RICS has made some amendments to ensure clarity of drafting but none of these are material and there will be no impact on the breadth of cover available to RICS regulated firms in the UK.

There are no changes to the RICS UK PII requirements.

Approved Insurers

One new insurer, Carbon Underwriting Limited - Lloyds Syndicate CBN 4747, has entered the RICS PII market this year.

A full list of RICS approved insurers is available here.

Fire safety

Insurers are not permitted without specific dispensation to exclude fire safety claims on a property four storeys or less and fire safety coverage must be provided, as a minimum, on an aggregate, defence cost inclusive basis.

RICS is engaging very closely with listed insurers to work towards a position where more comprehensive fire safety cover is included in RICS policies and we hope to achieve this within the 2024 minimum policy wording. In the meantime, we would encourage firms to look very closely at any exclusions that are applied and discuss these with their broker if they are not sure of the impact on the extent of coverage.