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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…

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1038

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).

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

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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.

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

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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…

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.

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

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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…

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.

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

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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…

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1355

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.

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

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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…

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1340

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.

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

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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…

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.

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

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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…

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.

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

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

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Article
Publication date: 1 June 2004

John Virgo and Philip Ryley

In this brief paper the authors consider the duties owed by professional indemnity insurance brokers to their insured clients. Given the prevalence of claims for financial…

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1424

Abstract

In this brief paper the authors consider the duties owed by professional indemnity insurance brokers to their insured clients. Given the prevalence of claims for financial mis‐selling this is an important issue of concern to all authorised advisers. Any failure to obtain or maintain cover leading to uninsured loss will naturally attract the potential attention of the broker’s own insurers. The authors summarise what the law expects of brokers in standard situations.

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Journal of Financial Regulation and Compliance, vol. 12 no. 2
Type: Research Article
ISSN: 1358-1988

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