Professional Indemnity Insurance Requirements (Annex B)
1. Professional Indemnity Insurance Requirements (PII)
This Annex sets out the Professional Indemnity Insurance Requirements for Registered Firms under The Invasives Code
1.1 Each Registered Firm must:
1.1.1 Carry Professional Indemnity Insurance of £2 million for any one claim or such other higher limit as may be deemed necessary from time to time. If conditions in the insurance market are such that professional indemnity insurance is no longer available on an “any one claim” basis then this requirement will be amended to read £2 million in the aggregate subject to one full automatic reinstatement. If such insurance is exhausted the Registered Firm will be required to effect further insurance for an amount of £2 million in the aggregate subject to one automatic reinstatement.
1.1.2 Ensure that any new or renewed cover/insurer details are notified to the PCCB as soon as possible. This will allow continuous registration where a Registered Firm's PI insurance cover expires during the registration period.
1.1.3 Send an annual report to PCCB detailing the type and number of claims on the PII policy.
1.1.4 Arrange the PII cover with an insurer authorised for the purposes of the Financial Services and Markets Act 2000 and authorised with the Financial Conduct Authority.
Professional Indemnity Insurance Checklist
At registration, renewal or inspection, PCCB will need evidence from firms to show:
(a) that the insurance is current
(b) that all monthly premiums have been paid to date (evidence could be a confirmation e-mail from the insurer or broker or copies of bank statements showing insurance premium payments)
(c) that the insurance specifically covers control, eradication and advice (as appropriate) relating to invasive non-native plant species.
(d) that the cover is at least £2 million
(e) that the cover is specifically for any one claim
(f) that the insurer is aware of the firm's full name and any trading names under which it provides
Invasives Code related services
(g) that the insurer is aware of the firm's address, as registered with the Board
(h) the name and full address of the firm's insurer/broker
(i) the reference number for the policy
Please note that the PI insurance evidence submitted at first registration or renewal must clearly show that the business activity for which registration is applied (ie: control of, eradication of and/or advice relating to invasive non-native plant species) has been declared. Please also note that the PI insurance evidence submitted must detail the business entity name (eg: sole trader name, Limited Company, Partnership, etc.) and any applicable trading names – just a trading name is insufficient. Alternatively, PCCB will accept separate confirmation from the PI insurer if this information does not appear on the original policy document. PCCB also requires that the address on the insurance evidence cross references that declared on the registration form (whether a business or registered address).
2. Run-off Insurance Requirements
2.1 Each Registered Firm must provide an undertaking that should the Firm cease to trade for any reason it will, prior to that event, execute run-off insurance cover for its past Invasives Code related products and services. The undertaking should be accompanied by evidence (for example, provision in the wording of the Firm's PI policy, or confirmation from the Firm's PI insurer or broker) that run-off cover would be available to the Firm should it cease to trade.
In this section
- Eligibility for Registration
- Application, Registration and Annual Renewable Fees
- Obligations of Registered Firms and PCCB
- Provision of Information
- Disciplinary Procedures
- Publication of Findings and Sanctions
- Cessation of Registration
- Continued Rights
- Third Party Rights
- INNSA Membership Criteria (Annex A)
- Professional Indemnity Insurance Requirements (Annex B)
- Property Codes Independent Review Process (Annex C)
- Competence Requirements (Annex D)
- The Property Ombudsman scheme (TPOs) (Annex E)
- Consumer information (Annex F)