The Australian professional indemnity insurance market is stabilising after years of volatility, but insurers are tightening their expectations around documentation and disclosure, particularly for technical professions like surveying.
According to recent insurance market reports, insurers are becoming more selective. Premiums may hold steady, but firms with unclear project scopes, incomplete records, or subcontractor exposure are likely to face higher excesses or exclusions.
Boundary errors, misinterpretations, and outdated certifications remain among the leading causes of claims, often surfacing years after completion.
“Surveying firms face long-tail risks,” explains Tom Williams, Business Development Manager at ACSIS Ltd. “If you’ve changed business structure or staff, those past projects could still follow you.”
ACSIS, in partnership with Steadfast, provides profession-specific PI cover designed for surveyors. Members under the Consulting Surveyors National Professional Standards Scheme enjoy capped civil liability and representation through IndemnityLegal — ensuring claims are handled by experts who know the industry.
Key insights:
- Review your retroactive date and previous project records annually.
- Document all subcontracted or joint-venture work.
- Engage early at renewal to secure the best terms.
Takeaway:
The market may be softening, but the spotlight on surveyors is intensifying. Preparedness is now your strongest defence.