(July 2024)
Land surveyors develop information and reports that are relied upon by:
Surveyors are hired to accurately determine and document property boundaries. When boundaries are not properly established, clients may face substantial financial loss. Land surveyors professional liability insurance is designed to protect the surveyor or survey firm that is faced with allegations of an error, omission, or negligent act.
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Eligibility
Land Surveyors Professional Liability Insurance is a specialty coverage offered by a limited number of insurers with resources and experience in this field. Some carriers may provide the coverage stand-alone while others may provide the coverage only as an additional professional coverage provided to a large contracting insured.
Related Article: Land Surveyors Professional Liability Eligibility
Coverage
A Land Surveyors Professional Liability Policy protects against damages from actual or alleged negligent acts. The policy can cover a variety of insureds, including partners, executives, and employees, but coverage is limited to only when they are acting within the scope of their duties to the named insured.
However, coverage is NOT provided for liability exposures related to the insured’s general operations which need to be covered by a CGL.
Land Surveyors Professional Liability Policies are written on a claims-made rather than on an occurrence basis.
Related Article: Land Surveyors Professional Liability Coverage Analysis
Endorsements or Optional
Coverages
While some Land Surveyors Professional Liability policies are very broad, others are more limited with many exclusions. Insurers commonly offer a few optional coverages, some of which buy back coverage excluded by the basic contract.
Related Article: Land Surveyors Professional Liability Available Endorsements and Their Uses
Underwriting Considerations
The underwriting of Land Surveyors Professional is more straight-forward than other types of professional coverage because the role of the surveyor is well established, and the required responsibilities are in place. Management controls are key to underwriting this coverage. Some other underwriting factors to consider include the type of surveying performed, amount of work performed per client, loss experience and length of time in business.
Related Article: Land Surveyor’s Professional Liability Underwriting Considerations
Rating Considerations
Land Surveyors Professional Liability is a non-standard coverage. Each insurer develops its own rating format, rates, rate computations and classifications. Even though a coverage is non-standard or nonadmitted, all rating must still be based on the risk characteristics of the named insured being considered and cannot be viewed as arbitrary. The underwriter often has greater flexibility but normally works within a company standard.
Related Article: Land Surveyors Professional Liability Rating Program
The application is a very important part of a professional liability or errors and omissions policy. The insured's signature on the application certifies that the statements and information provided in the application are true and agrees that the declaration is the basis of the contract, if issued. The applicant also declares that no material facts have been suppressed or misstated.