Advice to lenders to avoid valuation firms not covered by Professional Indemnity
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An article posted on bridgingandcommercialdistributor.co.uk quotes a number of representatives of the valuation industry who leave the reader in no doubt that in their opinion lenders and brokers should only ever use valuers who are members of the Royal Institute of Chartered Surveyors (RICS). And one of the key reasons they cite for holding that opinion is the fact that RICS members must all hold an appropriate level of professional indemnity insurance as well as at least six years’ run-off cover to protect clients in the event that the firm goes out of business.
But when the lenders themselves were questioned, the views expressed were not so uniform. At least one lender expressed the opinion that trust engendered by working with particular surveyors over a period of time was far more important than whether or not they held professional indemnity insurance.
One can only hope that, for his sake, he doesn’t ever find himself the victim of a surveyor’s negligence.