Insurance requirements: building surveying contractors
28F Insurance requirements: building surveying contractors
For the purposes of section 18(1)(c), the insurance requirements for registration as a building surveying contractor are —
the applicant must have professional indemnity insurance appropriate to manage the risk associated with the work the applicant is likely to carry out, taking into account all of the following —
the nature of, and risks associated with, the work likely to be carried out by the applicant;
the size and volume of the work likely to be carried out by the applicant;
the employment or engagement by the applicant of a building surveying practitioner and the length of time the building surveying practitioner has been registered under section 17;
a reasonable estimate of the quantum of civil claims that might be brought against the applicant given the matters described in subparagraphs (i) to (iii);
the financial capacity of the applicant;
the terms of the policy;
or
the applicant must demonstrate that the applicant —
is a member of a professional standards scheme operated by a professional body; and
satisfies the insurance requirements imposed by the body in accordance with the professional standards scheme.
[Regulation 28F inserted: SL 2023/64 r. 11.]
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