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Professional indemnity explained
The RICS PII requirements from July 2025 are version 11 of the rules RICS regulated firms must meet when buying professional indemnity insurance. Knowing the changes helps firms avoid non-compliant cover at renewal.
Part of: Professional indemnity insurance
In short
Version 11 of the RICS professional indemnity insurance requirements took effect on 1 July 2025 for the UK and the Republic of Ireland. Minimum limits (£250,000, £500,000 or £1m by turnover), the excess cap, fire safety aggregate cover and the 1 July 2024 fire safety retroactive date are unchanged. The clearest change in RICS's own documents is that insurers no longer have the right to charge an additional premium for the six years of consumer run-off. Insurers have also reported wording changes on cancellation notice, fire safety building definitions, sanctions and an ongoing fair presentation duty, which firms should confirm against their own policy.
RICS issued version 11 of its professional indemnity insurance requirements, effective 1 July 2025, as a single document for the UK and the Republic of Ireland. Version 10, effective 1 July 2024, was a UK document. The core rules most firms think about did not change: the minimum limits by turnover, the maximum excess, the aggregate basis allowed for fire safety, and the six years of consumer run-off are all carried forward.
The change RICS's own requirements make clear is on consumer run-off. Version 10 said insurers had the right to charge a premium for it; version 11 says they do not have the right to charge an additional premium, and must provide it where all or part of the original premium has been paid.
Insurers have also reported changes in the minimum policy wording that sits alongside the requirements, which firms should confirm against their own policy:
Our surveyors PI guide covers the wider picture.
Comparing version 10 (July 2024) with version 11 (July 2025), the following are unchanged:
| Requirement | Version 11 position |
|---|---|
| Minimum limit, turnover £100,000 or less | £250,000 |
| Minimum limit, turnover £100,001 to £200,000 | £500,000 |
| Minimum limit, turnover above £200,000 | £1,000,000 |
| Basis | Any one claim, or aggregate with unlimited reinstatement; straight aggregate only for asbestos, pollution and fire safety |
| Maximum excess (limits up to £10m) | Greater of 2.5% of the sum insured or £10,000 |
| Fire safety retroactive date | 1 July 2024 or later permitted for fire safety claims on buildings five storeys and above, and for external wall and fire risk assessment claims |
| Consumer run-off on cessation | £1m in all for six years from expiry |
| Non-consumer run-off | RICS expects at least six years from cessation |
| Insurer | Must be a RICS listed insurer |
For how those limits translate into real decisions, see how much PI cover quantity surveyors need.
RICS's requirements document does not itself list what changed. One RICS listed insurer's notice to policyholders on moving from the 2024 to the 2025 wording describes these changes, which firms should confirm against the wording their own insurer issues:
The RICS PII in the UK page now also lists a UK Minimum Policy Wording dated 1 July 2026, so check which wording your renewal uses. See the RICS minimum wording explained.
The requirements apply to RICS regulated firms. Each firm must buy a policy, usually annually, underwritten by a RICS listed insurer and meeting the minimum policy wording. Some points in version 11 that are easy to miss:
Firms that are reviewing their cover against these points may also find our pages on aggregation in the RICS wording and retroactive dates useful.
Illustrative example 1: retirement. A sole practitioner closes in 2026 with no replacement cover. Consumer run-off of £1m in all applies for six years, with no additional premium where the original premium was paid. They still arrange separate run-off for commercial clients. See surveyors run-off.
Illustrative example 2: expanding into fire risk work. A building surveying firm starts external wall assessments mid-year. Its wording includes the ongoing fair presentation duty insurers have reported, so it tells its insurer before taking on the work rather than waiting for renewal.
Illustrative example 3: switching insurer. A firm wants to move insurer mid-term. Its wording, in line with the changes insurers have reported, requires 30 days' notice and certain criteria to be met, so it plans the change around its renewal date instead.
Apex arranges professional indemnity insurance for RICS regulated firms through RICS listed insurers; a broker reads every enquiry.
Version 11 of the RICS professional indemnity insurance requirements, covering the UK and the Republic of Ireland, took effect on 1 July 2025. It replaced version 10, which had applied in the UK from 1 July 2024.
No. The minimum limits stay at £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, on an any one claim basis or aggregate with unlimited reinstatement.
Under version 11, insurers cannot charge an additional premium for the six years of consumer run-off, which they must provide where the original premium was paid. Run-off for non-consumer claims is separate and can be charged for.
Yes. The RICS requirements still allow a retroactive date of 1 July 2024 or later for fire safety claims on buildings of five storeys and above and for external wall and fire risk assessment claims. Work before that date may not be covered for those claims.
RICS requirements say firms that cannot obtain run-off from their insurer or the open market can apply to the RICS Run-off Pool. Tell your existing insurer as early as possible before you cease practice.
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.
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