Surveyor professional indemnity cover is €250k less than value of home we have just Sale Agreed - concern?

[Cloudd]

Hi all,

As post suggests - my partner was recommended a surveyor by someone she knows in the RE business (agent who works with the surveyor). They are booked to view a house that we have SA on next week.

We have just found out their PI cover goes to €375k, yet the house is €620k. My solicitor had suggested prior to finding this out, to consider those closer to £1m or 1.5m. He said it's quite rare to need it, but buyer beware all the same.

For what it's worth, the house/estate is only 5/6 years old. Built new in 2015/2016.

We're slightly torn and probably need to think over the weekend and make a call on Monday. Stick with current (is it even an option for them to increase the excess) or switch to a different surveyor entirely.

Any thoughts?

 

[odyssey06]

Does the surveyor cover relate to the rebuild cost or the full cost of the property (including land)?
Apologies if this is a red herring.

 

[jpd]

What does the indemnity insurance cover?
Why does the "value" of the property matter?

 

[Brendan Burgess]

You are buying a house for €620k.

He does not detect that it has dry rot throughout.

You sue him.

€375k will cover it adequately.

Brendan

 

[Cloudd]

That's fair. Probably a case of over thinking it. And being quite new to the different factors associated with RE purchase. I spoke with an architect mate of mine tonight too and he suggested all should be fine. Thanks all.

 

[presidenttttt]

You are buying a house for €620k.

He does not detect that it has dry rot throughout.

You sue him.

€375k will cover it adequately.

Brendan

I'm sure most of these people have t&c which cover them anyway? With some sentence along the line of reasonable efforts to ascertain facts, but cant guarantee..

 

[ReesesPieces]

We were told it is almost impossible to claim against a surveyor. Their reports always use hedging language, and they can't do invasive tests on a property you don't own anyway. So unless they miss something glaringly obvious, like not pointing out a huge visible crack should be investigated for subsidence, I can't imagine it would be an issue. Also the 'standard' survey seems to do surprisingly little. I would be really curious to understand to what extent people claim against surveyors insurance and what successes they have.