RICS · Rules of Conduct 2027
RICS Rules of Conduct 2027 — Rule 9 PI implications
Reviewed by Apex Insurance Brokers · Published 15 July 2026
The RICS is updating the Rules of Conduct in 2027, with Rule 9 (PI requirements) among the areas under review. Turnover bands, BSA 2022 alignment, and lender-panel provisions are the focal points.
Current Rule 9 framework
RICS turnover-band PI scale:
£100k or less: £250k minimum PI cover.
£100k-£200k: £500k minimum.
Over £200k: £1m minimum.
Applied to registered firms; individual RICS members may have separate coverage.
What the 2027 review targets
- Whether the tiered thresholds remain appropriate.
- Whether the top-tier minimum (£1m) is sufficient for larger firms.
- Valuation-specific PI requirements given lender-panel practice.
- BSA 2022 s.135 alignment — 30-year retrospective HRB liability.
- Retrospective run-off requirements for wound-down firms.
- Continuous cover discipline — parallels to solicitor MTC clause 5.
Valuation-specific concerns
- Lender panels increasingly demand £2m-£10m PI cover for panel status.
- Red Book valuations carry particular claim exposure.
- Automated valuation model (AVM) work brings new claim dynamics.
- Buy-to-let and mortgage-related valuation claims persist.
- Rule 9 minima are below what most valuation-active firms actually carry.
BSA 2022 s.135 alignment
Surveyors advising on Higher-Risk Buildings (HRBs) face 30-year retrospective liability.
Rule 9 doesn't specifically address this — potential 2027 amendment.
Run-off period extension for HRB-active firms under discussion.
Cover-adequacy standard may need reformulation for building-safety context.
Firm implications
- Firms operating at Rule 9 minimum should reassess — often materially below actual exposure.
- Lender-panel status usually drives limits above Rule 9 anyway.
- HRB-active firms should carry HRB-specific extension consideration.
- Documentation of cover-adequacy assessment for RICS Rule 9 compliance.
Frequently asked
When will the 2027 rules apply?
Draft rules expected 2027; effective early to mid 2027.
Will the £1m top tier stay?
Under review. Some proposals suggest raising the top tier to £2m or higher.
Does this affect valuers specifically?
Yes — the review considers valuation-specific provisions given lender-panel exposure.
What about HRB-active surveyors?
BSA 2022 s.135 alignment is a review focus. Expect explicit HRB provisions.
How does this interact with member (individual) cover?
Individual RICS members with their own advisory activity still need PI. Firm cover doesn't replace it.
Should I increase cover in advance?
For firms at Rule 9 minimum, probably yes. Actual exposure often exceeds the minimum materially.
Related
- Surveyors PI insurance UK guide 2026
- BSA 2022 s.135 principal designer
- Surveyor turnover-band PI scale UK
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