Further policy changes could be in sight in a few months, which would pave the way for the return of professional liability insurance (PII) in the field of land surveying and valuation of estates.
The Estate Surveyors and Valuers Registration Board of Nigeria (ESVARBON) is leading the new initiative which serves as a tool to enforce professional skills and protect the public interest.
At the start of the policy, it will apply to land surveyors registered in the country with 4,143 members. Under the Royal Institution of Chartered Surveyors (RICS), all regulated businesses – land surveyors, land surveyors and land surveyors must have PIIs.
The policy covers professional negligence, errors or omissions, breach of duty or professional conduct, and civil liability. It allows the professional to continue working without fear that he may, at a later date, be sued by a client or a third party for problems that arise as a result of his professional activities.
ESVARBON President Mr. Olayinka Sonaike, who revealed the development at the RICS Business Luncheon in Lagos, said regulators in Nigeria need to sit down to respond to global best practices.
He explained that the IIP was a requirement for practicing in Nigeria, but after the first year of its operation, it was rejected due to lack of follow-up and continuity of leadership.
Sonaike, former chairman of the Nigerian Institution of Estate Surveyors and Valuers (NIESV), noted that clients of property surveyors are now highly educated and can sue for malpractice. He assured his colleagues that the policy would become mandatory and that a monitoring system would be adopted for practice in Nigeria.
Earlier, guest speaker and ESVARBON board member Mr. Victor Alonge called on RICS members to advocate for professional liability insurance in Nigeria for the benefit of clients, industry and the community. national economy.
According to him, the policy is able to ensure that practitioners act within the limits of their professional expertise, with the evidence showing that lack of expertise is one of the common causes of professional compensation claims.
âProfessional liability insurance will also ensure that practitioners act with prudence and diligence, encouraging intra and inter-professional collaboration and cooperation. It would also reduce inter-professional conflicts and unhealthy rivalries, âsaid Nelson Thorpe Alonge, who is also the senior partner.
According to him, âthe public, who use our services now more than at any time in history, expect us to meet basic standards and to demonstrate integrity and objectivity. And above all, meet their expectations. Our willingness to accept the obvious would be facilitated by our ability to offer our clients some form of “guarantee” for our services.
âWith an indemnity insurance policy, we as consultants will have a good chance of receiving adequate remuneration for our services, will be able to resist the temptation to undervalue, to accept too much, accepting overly onerous contract terms or using inexperienced staff to cope with a lack of capacity due to price pressure.
RICS President, Nigeria Group, Mr. Yinka Omotosho said the Continuing Professional Development Lecture Series provides a platform for the group to be heard on issues of professional and national debate regarding the environment. built.
He revealed that RICS requires all regulated companies to have adequate and appropriate personal information, so that the insurer can respond to claims for negligent acts.