Seven law firms. Five brokers. One standard most firms still haven't read.

Hi Reader

Two weeks ago the RICS Professional Standard on Responsible Use of AI in Surveying Practice went live and I've been researching what the insurance and legal world is saying about it.

Seven law firms - CMS, RPC, Beale & Co, Kennedys, Brodies, DWF, and Mills & Reeve - have all published analysis of what this standard means for professional liability. Five PI brokers - Howden, Lockton, Griffiths & Armour, WTW, and Continuum Insurance - have all published guidance on what it means for your cover. Insurance Post and Insurance Times are both covering the pricing gap.

That's a lot of people paying close attention to a standard most surveying firms still haven't read.

Your insurer is already asking

Howden confirmed in February that insurers are asking firms how they're using AI. Lockton said the same - underwriters are requesting AI policies at renewal.

Your PI policy probably doesn't cover what you think

Most PI policies don't explicitly cover AI-related errors. They don't explicitly exclude them either. Kennedys Law calls this "silent AI" - the biggest unpriced exposure in professional services right now.

Did you know?

The standard contains 23 mandatory requirements. Not guidance. Mandatory. Here are some most firms haven't caught up with:

• Your terms of engagement must now state the extent of your PI cover for AI use
• You need a named, qualified surveyor accountable for every material AI output
• You need a risk register covering AI, reviewed quarterly
• You must notify clients in writing when AI has been used
• Law firms are already calling this a negligence benchmark - if something goes wrong, the first question is whether you complied
• The RICS PI Insurance Requirements document hasn't been updated since February 2022

The gap between what's expected of you and what your insurance covers is growing.

GUARD Workshop - 31 March

That's what the GUARD Framework is for - Governance, Use, Accountability, Risk, Documentation. Practical. Built for surveying firms. The next workshop walks you through it. Ten places left out of fifty.

​GUARD Workshop link​

I'm also now booking in-house sessions for individual firms - branded, recorded. Get in touch if you want something for your firm.

What's coming

I'm building an AI in Surveying hub - one place for everything the profession needs on AI. Plus an AI policy generator tool for firms that need a policy but don't know where to start. Built around the RICS standard. More soon.

Let's talk about this

I'm sourcing guests from the legal, broking, and insurance world to discuss this on This Is Surveying. One hour. Online. If you would like to be a guest or can recommend someone do let me know.

Until next week

Nina

P.S. I promise all editions are not just about the RICS standard, but it's an important area that I feel most firms are not prepared for.

helping surveyors navigate change.

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