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Professional indemnity explained
The PI cover a quantity surveyor needs is the highest of the RICS minimum for their turnover, the limits clients require in contracts, and their realistic worst-case claim. Too little can breach both regulation and contracts.
Part of: Professional indemnity insurance
In short
RICS regulated quantity surveyors must hold at least £250,000, £500,000 or £1,000,000 of PI cover depending on whether the previous year's turnover is up to £100,000, up to £200,000, or above £200,000. Cover must be any one claim or aggregate with unlimited reinstatement, except for asbestos, pollution and fire safety. In practice, client contracts usually set the limit, commonly £2m to £10m, and specify the basis. Fire safety cover is often aggregate with a retroactive date, and consumer run-off of £1m for six years is built in.
If your firm is regulated by RICS, the minimum limit of indemnity is set by your turnover in the previous year: £250,000 for turnover up to £100,000, £500,000 for turnover of £100,001 to £200,000, and £1,000,000 above £200,000. Those figures come from the RICS professional indemnity insurance requirements, version 11, effective 1 July 2025.
In practice, the limit a quantity surveyor needs is usually set by clients rather than RICS. Appointments with developers, contractors, public bodies and funders commonly ask for £2m, £5m or £10m, and sometimes more on large schemes. The right answer is the highest of three numbers: the RICS minimum, the largest contractual requirement you have signed or expect to sign, and a realistic view of the biggest claim your work could cause.
For wider context see our quantity surveyors PI guide and RICS PI requirements for surveyors.
| Turnover in the preceding year | RICS minimum limit of indemnity |
|---|---|
| £100,000 or less | £250,000 |
| £100,001 to £200,000 | £500,000 |
| £200,001 and above | £1,000,000 |
Other points in the RICS requirements that affect how much cover a QS has in practice:
New firms use estimated turnover for their first year.
A limit of £2m each and every claim means each separate claim can use up to £2m. A limit of £2m in the aggregate means all claims in the policy period share £2m. For a QS, aggregation matters because one mistake, such as a flawed cost plan template or a repeated valuation error, can lead to several claims. Our pages on aggregate versus each and every claim and aggregation under the RICS wording explain how claims are grouped.
Contracts often specify the basis as well as the figure. A clause asking for £5m each and every claim is not met by a £5m aggregate policy. Check the wording before you sign, and see what to do if a contract's PI requirement doesn't match your policy.
The headline limit can hide smaller limits for particular risks:
A practical way to set a limit is to work through four questions in order:
Your broker can then test the market at the limits that fit. Insurers will ask for fee income split by work type, the largest fees and contract values, and details of any high-rise, residential or fire safety related work.
Illustrative example 1: sole practitioner. A QS with turnover of £90,000 must hold at least £250,000 under RICS rules. A housing association framework they want to join asks for £2m each and every claim, so they buy £2m.
Illustrative example 2: growing practice. A firm with turnover of £600,000 holds £1m, the RICS minimum. A developer appointment requires £5m. Rather than buy £5m for all work, the firm asks its broker about a top-up excess layer.
Illustrative example 3: cost overrun dispute. A client alleges an underestimated cost plan led them to buy a site they could not afford to develop. The claim is for lost profit and wasted costs well above £1m. See QS cost overrun disputes.
Before renewal, list your current and likely appointments with their PI clauses, your turnover, any fire safety or cladding related work, and your claims history. Our £1m vs £2m vs £5m guide and surveyors limit guide help frame the conversation.
Apex arranges professional indemnity insurance for quantity surveyors, including RICS regulated firms; a broker reads every enquiry.
Under RICS version 11 requirements, effective 1 July 2025, it depends on the previous year's turnover: £250,000 for turnover up to £100,000, £500,000 for £100,001 to £200,000, and £1,000,000 above £200,000. Contracts frequently require more.
It meets the RICS minimum for firms with turnover above £200,000, but many client contracts ask for £2m, £5m or more. If one cost advice error could cause a loss above £1m, or you work on large schemes, a higher limit or an excess layer is commonly considered.
There is no legal requirement for a non-RICS QS to hold PI, but clients, frameworks and contractors usually require it in the appointment. Without cover, the business and potentially individuals would meet claims from their own resources.
Yes, this is common. RICS allows fire safety cover on an aggregate basis with defence costs inside the limit, and the minimum wording permits a retroactive date of 1 July 2024 or later for fire safety claims on buildings five storeys and above. Check the schedule, not just the headline limit.
The contract sets what you promised to maintain. If the policy is lower, on a different basis or carries an exclusion the contract does not allow, you could be in breach. Ask your broker to review PI clauses before you sign, not after.
Tell us what your business does, your turnover and any claims. A broker reads every enquiry and comes back with options. No fee for a quote. Or call 0117 325 0027.
Get a PI quote Request a callbackApex Insurance Brokers Limited is authorised and regulated by the Financial Conduct Authority. Registered in England and Wales, company number 07014570. This page is general information, not advice on your individual circumstances, and it does not guarantee that cover will be available or on what terms.
