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PROFESSIONAL INDEMNITY INSURANCE
SURVEYORS, VALUERS AND AUCTIONEERS
Examples of actual claims made and settled by Insurers.
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It was alleged that the Insured was negligent in supervising a City Centre development.
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£25,000,000
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It is alleged that the Insured substantially over-valued a property for mortgage purposes. A claim has been brought for the shortfall on the loan plus interest.
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£3,000,000
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Employees of the Insured over-valued properties for mortgage purposes.
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£2,000,000
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The Insured were retained to negotiate a rent review, they failed to agree an early figure and the tenants will have to pay a higher rent.
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£700,000
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The Insured prepared preliminary plans for an out of town superstore. The construction costs were considerably in excess of those originally anticipated.
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£600,000
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Whilst undertaking a valuation and title search the Insured wrongly advised on the ownership of two adjoining pieces of land.
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£545,000
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The Insured sublet a property contrary to the terms of the lease and without informing the landlords.
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£500,000
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The Insured allegedly failed to follow the client’s instructions when drawing up an Agricultural Tenancy. The client is facing eviction and loss of his farming business due to a breach of tenancy.
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£275,000
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A partner embezzled money held in trust by the Insured.
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£250,000
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The Insured acted for a vendor in the sale of a property. An offer was made by the plaintiff which was accepted by the vendor. Before completion a higher offer was made by a third party. The plaintiff claimed that the contract was binding and is demanding specific performance of the contract.
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£220,000
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It was alleged that the Insured negligently over-valued a commercial property.
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£150,000
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The Insured did not complete a proper survey of buildings to be demolished.
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£103,000
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The Insured failed to correctly set up and check level measurement equipment resulting in a tunnel being out of level and thus requiring alteration.
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£85,000
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A property company was advised by the Insured to renovate a number of old properties before selling them. Four years later eight properties remained unsold and the Insured are being held liable for the loss.
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£77,000
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A survey failed to record serious continuing subsidence in a property. There is major damage with consequent diminution in value.
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£60,000
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The Insured transposed two digits in a calculation for a setting out project.
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£50,000
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The Insured failed to serve a rent review notice on time and hence the client lost a potential increase in rent until the next review date.
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£45,000
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It was alleged that the Insured failed to ensure speedy and economical conversion of a property.
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£40,000
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The Insured was requested to sell property at auction. A third party alleged that the property was sold without his authority as owner.
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£40,000
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By mistake solicitors acting for a farmer’s wife in divorce proceedings were informed of the value of a herd by the Insured. It was alleged that the divorce settlement was subsequently increased.
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£40,000
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There was a dispute over a tenancy agreement drawn up by the Insured.
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£26,000
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Stolen paintings were auctioned and the proceeds passed to the thieves (now convicted). The original owners sought compensation from the auctioneers.
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£20,000
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A manhole was wrongly positioned due to incorrect setting out.
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£7,500
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Ensure that these claims don't happen to you and your company, please contact us now and we will be happy to advise you on a professional indemnity policy that is tailored specifically for your needs.
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| We can be contacted by telephone on 01420 594242, or by filling in our On-line Form. |
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Headley Insurance Services Limited is authorised and regulated by the Financial Services Authority in respect of general insurance business. | Headley Insurance Services Ltd, William Curtis House, Lenten Street, Alton, Hants GU34 1HH | | Offices also at: 1551 Wimborne Road, Kinson, Bournemouth BH10 7AZ |
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