New RICS Insurance Rules | Wilson Organisation

News

May 4, 2021

New RICS Insurance Rules

New RICS Insurance Rules

Professional Indemnity cover continues to be a challenging area for many businesses, but with new rules from the RICS in respect of Professional Indemnity Insurance for surveyors, it’s even more of a headache.

The new rules relate to the RICS Approved Minimum Wording for 2021 and affect fire safety and cyber cover.

Fire safety cover

For the last few months RICS has not required firms to apply for dispensation when insurers have imposed fire safety cover exclusions. That flexibility, designed to make it easier for firms to secure PI cover at a time when the market was particularly challenging, has now been withdrawn.

As of 1 May 2021, insurers are NOT permitted (without specific dispensation from RICS) to exclude fire safety claims on a property of four storeys or less. In addition, fire safety coverage must be provided, as a minimum, on an aggregate, defence-cost inclusive basis.

Cyber cover

As of 1 April 2021, RICS now requires its members’ PI insurers to clarify the cyber cover provided. RICS is not imposing any minimum cyber requirements, simply formalising the need for transparency on the nature of the cover.

We’re here to help        

These changes make our role as broker even more important to our RICS member clients, as our knowledge and understanding enables us to fully support them with their PI and cyber cover.

If you need my help, just get in touch with Charlotte Perkins.

Over 100 years of innovation

  • 1914

    A successful launch! The Wilson Organisation was founded in Nottingham by Harold Wilson and became the first company in the East Midlands to offer a comprehensive insurance policy to the region’s fast-growing band of automobile drivers. Innovation from day one.

  • 1920s

    During the 1920’s, Wilsons developed its commercial insurance offering under the stewardship of Harold Wilson. Hopping forwards 80 years, Wilsons has developed a number of industry specialisms including a particular expertise in the food and drink sector. We created a unique insurance offering called “FoodProtect” and, through this service, have been able to deliver intelligence and cost-effective insurance programmes to a broad spread of leading food producers. The best thing since sliced bread? Maybe not, but we’re working on it.

  • 1949

    John Prow joined Harold Wilson in the business, marking the first generation of the Prow family’s involvement in The Wilson Organisation. Wilsons’ clients included leading Nottingham firm Boots The Chemist plus a number of operators in the burgeoning railway sector. With post-war regeneration beginning apace, the firm’s fledgling construction expertise quickly developed into one of our leading offerings and this continues through to the present day, with clients including national and regional builders, developers, contractors, sub-contractors and architects.

  • 1960s

    The 1960s were the start of a new era for The Wilson Organisation. Harold Wilson and John Prow died on the same day in 1963, Harold of illness and John in a car crash. This left John’s son, John J Prow, to run the growing business at the age of 27. Under his youthful direction, Wilsons benefited from a new energy and direction. John J Prow, who had joined in 1960 in a new business role, led the move into our current premises at Wilson House in 1964 and then launched the financial services division in the following year.

  • 1990s

    The late 1990s heralded the start of the third generation of the Prow family’s involvement in the business. Managing Director Charlotte Prow joined in 1998, to be followed by the firm’s Chief Executive, Annabel Prow, in 2002. Product and service innovation continued apace with the launch of a corporate finance specialism in 1997, which continues to deliver valuable cost-savings and insights to the region’s dealmakers.

  • 2000s

    Now century on from the launch of The Wilson Organisation in 1914, the company continues to encourage innovation and reward good ideas. Within the financial services team, 2008 marked the launch of “Flex”, a powerful employee benefit programme and the development of “WRAP”, an investment tool with a unique level of investor control and transparency. Meanwhile, our insurance advisers worked quickly to bring to market a specialist insurance policy for insolvency practitioners.

  • 2010s

    2010 saw the launch of the Midlands Family Business Awards by Wilsons, the UK’s only independent not-for-profit Awards for family businesses. Now in their fifth year, the Awards have raised almost £20,000 for charities supporting families and young people. In 2014 we are celebrating Wilsons’ centenary, a significant milestone in Wilsons’ history.

Registered Office:
Wilson House, 1/3 Waverley Street, Nottingham, NG7 4HG

Registered in England Number 862690 - Members of British Insurance Brokers Association

Harold Wilson (Insurances) Ltd. and Harold Wilson Financial Services Ltd. are authorised and regulated by the FCA (Financial Conduct Authority)