Drivers Jonas, a professional surveying firm was been ordered to pay £18.05m in damages by the courts in September after being found liable for negligently overstating the value of a factory outlet retail centre in Chatham Historic Dockyard.
The case demonstrates the importance of effective risk management controls for professional firms, if they are to avoid sizeable professional indemnity insurance claims.
The court decided that Drivers Jonas was liable for the damages, which were deemed to be the amount the claimant overpaid for the property as a result of the negligent valuation. A summary of the case has been published by law firm Clifford Chance, here and reported in Estates Gazette, here.
“An adverse claims history can inflate the cost of PII premiums and make cover more difficult to secure. We work closely with all our clients to identify and mitigate risks in their business, to ensure that they can continue to benefit from the most competitively priced insurance, said Russell Lane, Managing Director, Brunel Professional Risks.”