RICS recommends mandatory professional insurance policy

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Maureen Ihua-Maduenyi

The Royal Institution of Chartered Surveyors, Nigeria, has said that it has become necessary for the government, through the regulatory boards, to consider and adopt a mandatory professional indemnity insurance policy as a tool for enforcing professional competence and public interest protection.

According to the institution, the policy is capable of ensuring that practitioners act within the limits of their professional expertise.

The Senior Partner, Nelson Thorpe Alonge, Mr. Victor Alonge, who spoke on ‘Professional indemnity insurance and the property profession in Nigeria’ at the RICS continuing professional development workshop recently, said the professional indemnity insurance would also ensure that practitioners act with care and due diligence.

“Evidence shows that lack of expertise is one of the common causes of professional indemnity claims. Professional Indemnity insurance will, no doubt, ensure that practitioners take their professional development seriously, as practitioners will have to be up to date in their areas of professional practices to avoid falling into the professional negligence and incompetence claims trap,” he said.

Professional indemnity insurance, according to him, is an insurance product designed for professional people and organisations, and covers them in the eventuality of certain outcomes during the course of their usual business practice, and covers such things as negligence, errors or omissions, breaches of professional duty, as well as conducts and civil liabilities.

Alonge said professionals needed to champion the indemnity insurance and embrace it in the local practice market for their benefits, the benefit of their clients and in the interest of the industry and the nation’s economy.

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