On 28 July 2022, changes were made to the Approved Inspector Schemes of insurance for England and Wales. The change to the regulations remove the need for Approved Inspectors to hold insurance as part of a government approved scheme.
The requirement to hold adequate insurance remains a requirement in the CICAIR Code of Conduct (Accountability- 3.5 – maintain adequate insurance and advise their insurers of a potential claim in accordance with the insurers requirements).
In line with the requirements of the CICAIR Code of Conduct, it is incumbent on each Approved Inspector to ensure that they have in place provision to cover their professional liabilities whilst carrying out their function as an Approved Inspector. Each Approved Inspector has a professional responsibility to assess its exposure and determine how its liabilities are covered.
Over the coming months, we will be reviewing our professional standards requirements to reflect the new regulatory environment and determine how CICAIR intends to monitor and regulate the profession with regards to liability cover.
Details on the regulation changes in England can be viewed here, along with an explanatory memorandum.
Details on the regulation changes in Wales can be viewed here.