We maintain an agreement with the insurance market for the provision of an Assigned Risks Pool (ARP).
This is a facility for actively trading Regulated Firms who find themselves unable to obtain insurance in the normal market.
The ARP is underwritten by all RICS Listed Insurers collectively and the aim of the ARP is to make a Regulated Firm an insurable risk again in the normal market.
Firms can remain in the ARP for a maximum of three years during which they will be audited and guided in how to amend business procedures/practices. Membership is subject to compliance with the terms and conditions of entry.
The ARP is managed on behalf of RICS by Miller Insurance Services.
The Assigned Risks Pool panel comprises an RICS chairman, members of the professional indemnity insurers and RICS members.
Depending on the market trend, they sit between six and nine days a year to provide short-term professional indemnity insurance (PII) to those regulated member firms that are unable to obtain PII on the open insurance market.
The panel, on application and after investigation, arranges insurance through RICS insurance managers for an initial period of 12 months, subject to conditions and premium. This is to give the firm time to return to the open PII market. Members should have a good understanding of PII, professional practice and standards of competence throughout the profession.
The Assigned Risk Pool (ARP) panel is a facility for trading members/firms who find themselves unable to obtain insurance in the open market of RICS-listed insurers.
It is a means of rehabilitation to allow firms to continue to trade, while improving their working practices and risk management, and to obtain professional indemnity insurance cover within the open market.
Applications to the ARP need to meet eligibility and application criteria before the panel can make a decision to provide cover within the ARP. Firms must notify RICS if they make an application for admission to the ARP through their broker or Miller Insurance Services direct.