Insurance claim against surveyors
We market the services of independent Surveyors. Surveyors pride themselves on a high standard of work. We can offer Building Surveys also known as Structural Surveys and Home Buyers Reports. We also do Specific Defects also known as Engineers Reports or Damp Reports. We can also carry out Independent Valuations. Note these are not for bank lending but are to advise you how much we feel the property is really worth. If you have a property problem we may even already have written an article on it and we would refer you to the many articles we have on our website.
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We have spoken to Michael Hutchinson of Anchor Man insurers, who have approximately 4,000 surveyors insured under their scheme. Typically they have 300 claims at any one time. He advised that approximately 30% are claims against valuation work, 50% are for production line surveys, such as home buyers reports or equivalent, and 20% are for building surveys. He considers there to be no long term pattern, other than there is no pattern, although, when pressed, said that possibly items that are missed, such as asbestos, seem to feature regularly.
The claim against a surveyor relates to the diminution in value. For example, if a property is worth £200,000 and there is a claim of £5,000 in an upward market, where the house is worth £225,000, it is difficult for the client to argue there has been a loss. However, in a downward market, where the property was originally valued at £200,000, and now is worth £175,000, it is far easier to argue there has been a loss of profit.
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Years ago when we were at college it tended to be that such things as rising damp, woodworm and dry rot were said to be the main things that people were sued for and that you either got a claim within ten years of carrying out a building survey or about ten years, when they decided to carry out a refurbishment or extension and this revealed something.
Other areas of claims that involve surveyors are in the design and planning, particularly loft conversions, where claims tend to relate to the dimensions, typically, the client thought they would be able to stand up, but due to the sloping roof of the loft conversion they weren't. Another area is budgeting for building projects, though this is very different to what was originally discussed or written down.
You may be interested in these other articles we have prepared:
Insurance company unwilling to pay out for claims based on building contractors opinion of own work!
If you need help and advice with regard to a building claim or insurance claim, commercial surveys, building, structural surveys, structural reports, engineers reports, specific defects report, home buyers reports or any other property matters please call 0800 298 5424 for a friendly chat.
We hope you found the article of use and if you have any experiences that you feel should be added to this article that would benefit others, or you feel that some of the information that we have put is wrong then please do not hesitate to contact us (we are only human).
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