Insurance carried by valuers and surveyors covering claims arising from negligent advice or errors in their professional work; mandatory for RICS-regulated firms and a prerequisite for most institutional instructions.
Related terms
- Regulated valuation
A valuation carried out under RICS regulatory oversight and subject to full Red Book compliance and monitoring, as opposed to advice given outside the regulate…
- RICS
The Royal Institution of Chartered Surveyors, the global professional body for surveyors and valuers that sets qualification, ethical, and valuation standards;…
- Scope of work
The agreed definition of what an advisory assignment will and will not cover.
- Terms of engagement
The written agreement setting out the scope, basis, purpose, assumptions, and fee of a valuation instruction, agreed with the client before work begins; requir…
- Terms of reference
The document defining the objectives, scope, and deliverables of an engagement.
- Assumption vs special assumption
An assumption is a matter accepted as true without specific investigation that reflects the likely facts; a special assumption departs from those facts (e.g.
- Assumptions register
A documented list of the assumptions underpinning an analysis, with sources.
- Caveat
A stated limitation on the reliability or applicability of an analysis.