Professional and affordable insurance solutions for CAAV member practices
In a market at its most difficult since the mid 90s, many recent Professional Indemnity Insurance (PII) terms quoted to rural surveying practices have been unduly prejudiced by problems not of their making.
The specialist insurance broker McParland Finn Limited (MFL) has addressed this apparently inequitable position by launching an exclusive Professional Indemnity Insurance Scheme for CAAV (Central Association of Agricultural Valuers) Member Practices offering very competitive premium and excess levels.
The MFL scheme is underwritten by RSA Insurance Group plc (Royal and Sun Alliance), which has a sixty-year heritage in PII and is the largest insurer of surveying practices in the UK. The scheme offers specially discounted premium and excess levels for work undertaken by qualified CAAV members, as well as preferential terms for other professional work carried out by the practices. Policy cover is fully compliant with RICS (Royal Institution of Chartered Surveyors) regulations and also recognises FAAV (Fellows, Association of Agricultural Valuers) as an insured qualification for valuation purposes.
Some CAAV members have already switched their PII to the new scheme. Their comments would suggest that it may well be worth their while for other members to seek quotations from MFL:
“We recently transferred our PI Insurance to the new MFL scheme for CAAV members’ practices. The saving on the premium quoted by our previous insurers was significant – being more than the total membership fees of all the CAAV members in our office!”
– Mark Webb, WebbPaton, Wiltshire
“As a rural practice with two thirds of our senior professionals as FAAV’s we were clearly a target for this new scheme. We have been pleasantly surprised by the significant savings in premium and better terms offered and look forward to our ongoing relationship with McParland Finn Ltd and RSA.”
– Phillip Pocock, Adkin, Oxfordshire
“After a very late quote from our brokers of nine years, we contacted MFL who produced a very competitive quote within 10 working hours to save the day. The service was quick, efficient and showed a great understanding of our requirements. I would not hesitate to recommend the service.”
– John Amos, John Amos & Co, Herefordshire
The CAAV Member Practices’ PII Scheme is open to all rural surveying practices which have at least one qualified member as a principal of the business.
To apply for a quotation under the scheme, firms should send MFL a copy of their renewal proposal form together with MFL’s questionnaire about work undertaken by FAAVs. The information pack, proposal form and questionnaire can be downloaded from www.m-f-l.co.uk/caav.
Please note, MFL also offers a special Office Insurance Scheme for CAAV member practices.
MFL is a specialist Insurance Broker to the surveying profession. Our clients range from small rural practices through to some of the largest multi-disciplined firms in the country. We have been an insurance adviser to the CAAV since 1997.
The Professional Indemnity Insurance market for surveyors is at its most difficult since the mid 90’s. Many practices have had to endure large increases in premium and excess levels, especially those firms who have significant exposure to valuation work. Many insurers have also adopted a much tougher stance in regard to claims handling, breaches of policy conditions and non-disclosure of material facts.
These tough market conditions have largely been driven by mortgage fraud and valuation claims arising from residential and commercial property lending. As a consequence, MFL feels that the PII terms quoted to rural surveying practices have been unduly prejudiced by problems not of their making.
Contact us for a quote today
For further information please contact:
Jonathan Leese LLB FCII
MFL Insurance Brokers
DDI: 0161 237 7721
Fax: 0161 236 2583
Registered office Barlow House, Minshull Street, Manchester M1 3DZ. Registered in England No. 2817700.
McParland Finn Ltd is authorised and regulated by the Financial Services Authority.
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