Search results

1 – 10 of 513
Article
Publication date: 1 January 1988

RICS Insurance Services

This paper is contributed by RICS Insurance Services Ltd, the insurance brokers operating the official professional indemnity insurance scheme for the Royal Institution of…

1068

Abstract

This paper is contributed by RICS Insurance Services Ltd, the insurance brokers operating the official professional indemnity insurance scheme for the Royal Institution of Chartered Surveyors. The Chairman of the Company, representing the RICS on the board, is a Past‐President of the Institution. The company handles insurance only for chartered surveyors and firms in which at least one of the principals is a chartered surveyor. The company was invited to prepare this paper following the publication in autumn 1986 of ‘Caveat Surveyor’ (Surveyors Publications), a booklet in which the stories of a selection of claims under the RICS scheme are told and attention is drawn to lessons to be learned from them. It was reviewed in Structural Survey Volume 5 No. 4 (p. 306).

Details

Structural Survey, vol. 6 no. 1
Type: Research Article
ISSN: 0263-080X

Article
Publication date: 8 August 2023

Immaculata Anthony Ekpo and Timothy Tunde Oladokun

Errors or negligence are inherent parts of professional services, thus necessitating the adoption of professional indemnity insurance (PII) as a risk management tool to protect…

Abstract

Purpose

Errors or negligence are inherent parts of professional services, thus necessitating the adoption of professional indemnity insurance (PII) as a risk management tool to protect professional interest. This paper sought to examine the adoption of PII among Estate Surveying and Valuation firms in Oyo State, Nigeria.

Design/methodology/approach

The quantitative research methodology was adopted, and primary data were collected via questionnaires distributed to 84 purposively selected Estate Surveyors and Valuers (ESVs) who are mostly principal partners or branch managers in the study area. Sixty-three questionnaires representing 75.0% were returned and found useable. Data collected were analysed with the aid of descriptive statistics of percentages and relative importance index (RII).

Findings

The study found that the influence of foreign investors as well as the requirements of PII by the professional body as a basis for annual license renewal were responsible for higher level of awareness among the practitioners. However, about average of the firms had adopted PII with few taking professional insurance policy of as low as ₦500,000 per annum. The study recommends that NIESV/ESVARBON should sensitize, monitor and enforce the adoption of PII by ESVs as a means to increase public confidence and credibility of valuers while rendering professional services to clients.

Research limitations/implications

The current study was limited in coverage to Ibadan thus necessitating a study with wider area of coverage of national status.

Practical implications

The study has major implications on real estate education and practice in Nigeria. There is an urgent need for the professional body to devise means of enforcing compliance with the adoption of PII so as to be able to get the confidence of their teeming clients for subsequent patronage.

Originality/value

The paper is one among the scanty studies that provides a useful guide to real estate practitioners in developing countries towards adopting PII to shield the company from unnecessary negative exposure and financial loss.

Details

Property Management, vol. 41 no. 5
Type: Research Article
ISSN: 0263-7472

Keywords

Article
Publication date: 1 June 1993

Stephen C. Yam and Phoebe W. Yam

The Hong Kong Society of Accountants proposes to allowincorporating audit practices in Hong Kong. Finds that auditors areanxious about their increasing risk and the legal…

Abstract

The Hong Kong Society of Accountants proposes to allow incorporating audit practices in Hong Kong. Finds that auditors are anxious about their increasing risk and the legal liabilities of their work, believing that incorporation is the best method to protect their interests. Many auditors believe that the profession should place the public interests at the top but the interests of the profession should also be protected. Therefore incorporation of the audit practice is necessary in Hong Kong, but strict rules should be imposed to prevent abuse. In addition, finds that clients are not concerned about this issue. The bankers will give a lower value to the audited financial statements issued by incorporated audit firms. In implementation, the professional indemnity insurance and the minimal capital requirement will become the key concern of auditors to incorporate their audit firms.

Details

Managerial Auditing Journal, vol. 8 no. 6
Type: Research Article
ISSN: 0268-6902

Keywords

Article
Publication date: 1 January 1999

J Rix

The Plaintiff, J. Rothschild Assurance plc, is a life assurance company. This case arose out of the review of pensions mis‐selling and the Plaintiff sought to be indemnified by…

Abstract

The Plaintiff, J. Rothschild Assurance plc, is a life assurance company. This case arose out of the review of pensions mis‐selling and the Plaintiff sought to be indemnified by its professional indemnity insurers for the losses it had or may yet incur as a result of having to compensate investors pursuant to the review of pensions mis‐selling. The first Defendant, Mr Collyear, is a representative Lloyd's Underwriter, as are some of the other Defendants (the remainder of the Defendants being insurance companies). All the Defendants had subscribed to three ‘claims made’ indemnity insurance policies which together extended cover of some £20m, covering the period 1st February, 1993 until 31st January, 1994 and were identical in all terms material to this action. Because the Plaintiff was seeking indemnity in respect of so many different individual cases of compensation Mr Justice Clarke had, at an earlier hearing on 10th February, 1998, ordered a maximum of ten sample claims to be tried and all other proceedings stayed. It subsequently transpired that both parties agreed that neither were in a position to have a full trial of the facts of these cases but they nonetheless proceeded to a hearing of these sample claims which were used here in this case as a vehicle to isolate, argue and resolve certain basic themes and issues which were common to the claims in the stayed proceedings.

Details

Journal of Financial Regulation and Compliance, vol. 7 no. 1
Type: Research Article
ISSN: 1358-1988

Article
Publication date: 1 April 1992

Robin J. Keeling

Examines insurance issues which are likely to arise in the case of“sick buildings”, where many parties from building owner toemployer to tenant could be held accountable for the…

Abstract

Examines insurance issues which are likely to arise in the case of “sick buildings”, where many parties from building owner to employer to tenant could be held accountable for the problems of an equally wide range of sufferers. The regular classes of insurance include employee′s liability, public liability, professional indemnity, and latent and inherent defects, though it behoves insurance companies to make a firm commitment to addressing the problems of pollution and contamination.

Details

Facilities, vol. 10 no. 4
Type: Research Article
ISSN: 0263-2772

Keywords

Article
Publication date: 1 September 1996

R. Guy Thomas

Discusses the features which distinguish the market for residential property from the markets for other assets. Proposes that financial institutions should offer house‐buyers…

1478

Abstract

Discusses the features which distinguish the market for residential property from the markets for other assets. Proposes that financial institutions should offer house‐buyers indemnity policies which pay out an amount related to any fall in the level of a general index of house prices, on the sale of the house at a loss at any time during the mortgage term. To facilitate hedging the risk of a portfolio of such policies (and therefore, the pricing of the policies), a market in “perpetual futures” on indices of housing assets is proposed. Discusses possible users of these contracts and outlines further research.

Details

Journal of Property Finance, vol. 7 no. 3
Type: Research Article
ISSN: 0958-868X

Keywords

Article
Publication date: 1 March 2003

John Reyers

Professional consultants are liable for damage resulting from negligent advice, design or acts. This research examines the perspectives of professionals involved in advice on the…

1364

Abstract

Professional consultants are liable for damage resulting from negligent advice, design or acts. This research examines the perspectives of professionals involved in advice on the built heritage. It examines the risks for consultants as perceived by conservation advisory bodies, insurers, legal consultants and conservation consultants. The paper explores the risks assumed in conservation of the built heritage and control measures generally adopted. Results indicate two types of consultancy advice that incur different risk levels. Conservation consultancy can be separated by the knowledge and experience of the consultant(s) involved, either conservation awareness or general property and construction awareness only. The former can be further subdivided by the particular nature of their advice: advice relating to survey and valuation, and advice relating to repair and refurbishment. Consultants perceive clients to be divided into two categories: informed and uninformed. A typology of clients and professional consultants is presented, which indicates broad risk categories.

Details

Structural Survey, vol. 21 no. 1
Type: Research Article
ISSN: 0263-080X

Keywords

Article
Publication date: 1 March 1991

P. Wordley

Examines the respective concepts of collateral warranties andlatent defects insurance, and the strengths and weaknesses of eacharrangement. Discusses the objective or protecting…

Abstract

Examines the respective concepts of collateral warranties and latent defects insurance, and the strengths and weaknesses of each arrangement. Discusses the objective or protecting owner and occupier, the collateral warranty matrix, building‐specific advantages of LDI, and recent events in the LDI market. Concludes that the inherent uncertainties in collateral warranties are likely to result in increased appreciation and demand for latent defects insurance.

Details

Property Management, vol. 9 no. 3
Type: Research Article
ISSN: 0263-7472

Keywords

Abstract

Details

The Development of the Maltese Insurance Industry: A Comprehensive Study
Type: Book
ISBN: 978-1-78756-978-2

Article
Publication date: 1 March 1993

R. Keeling

Considers the effects of latent building defects and thecontractual rights that exist when a defect is found, depending on theage of the building. Examines the various insurance

Abstract

Considers the effects of latent building defects and the contractual rights that exist when a defect is found, depending on the age of the building. Examines the various insurance options available – commercial property insurance, public liability insurance, and legal liability policies – as well as the latest developments in latent defect insurance and how this can be arranged. Concludes that building defects will continue to arise and that already available latent defects insurance may become a legislated necessity.

Details

Property Management, vol. 11 no. 3
Type: Research Article
ISSN: 0263-7472

Keywords

1 – 10 of 513