There have been many recent litigation cases using a shotgun approach to issues with wet buildings and weathertightness. LPMS and Aon have recognised there is potential for LPMS members to be exposed to this litigation regardless of liability or fault. One possible consequence of such action is an exclusion to your Professional Indemnity Insurance Policy, effectively leaving you uninsured.
Like most policies, the LPMS Professional Indemnity Insurance Policy excludes cover for wet buildings and weathertightness. In response to this situation, we have negotiated a solution with the scheme insurers to enhance the policy by providing wet building and weathertightness cover using a write-back clause.
A write-back adds clarity to the wording of an exclusion, essentially providing cover for certain situations which would otherwise be written out. The write-back added was in the vicinity of $100,000 for surveyors and quantity surveyors and $350,000 for valuers.
We're also aware some surveyor or quantity surveyor members have been asked to carry a higher wet building liability, so we have introduced the option to buy a higher limit.
For further information about this policy cover, please call Bryce Wilson at Aon on: 04 819 4058.