Why Do Land Surveyors Need Professional Liability? Claims Examples
A land surveyor completes a property survey for the buyer of a residential lot. Several months later the buyer discovers that the survey had incorrectly overstated the lot size and boundaries. The buyer sues the land surveyor for $80,000, the amount they believe they had overpaid for the property as a result of the error.
These Claims Examples are for illustrative purposes only. Please remember that only the insurance policy governs the coverage terms, conditions and exclusions
What Does The Policy Cover?
Coverage Highlights and Benefits
- Provides and covers the cost of a legal defense if a Land Surveyor gets sued due for their professional work
- Pays awarded damages the Land Surveyor owes to a third party for bodily injury, property damage and financial loss
- Offers the Land Surveyor expense reimbursements to attend arbitrations, mediations, depositions, hearings or trials in connection with a claim
- Reimburses the Land Surveyor for amounts paid in connection with regulatory or administrative actions, and amounts incurred in defense of a professional license or disciplinary proceedings
- Offers the Land Surveyor assistance in responding to subpoenas and the ability to report pre-claims matter for pre-claims assistance
How Much Does a Land Surveyor’s Professional Liability Policy Cost?
Our premium for a 12 month Land Surveyor’s professional liability policy with a $500,000 policy limit starts at $800.
Our average customer premium for Land Surveyors is $1,025.
Policy limit options
$500,000 - $2,000,000
Deductible options
$1,000 - $5,000
Land Surveyor’s with less than $1M in revenues get a quote and buy instantly here!
Professional Liability FAQs
Many clients will contractually require professionals to carry professional liability insurance that covers their work. Depending on the profession, some states may also require the professional to obtain professional liability insurance as part of licensure requirements. Many small firms end up purchasing coverage as a result of these contractual and regulatory requirements but with coverage being so affordable, it is prudent for professionals to purchase the coverage regardless. A professional claim against you can be costly and stressful but a professional liability policy can provide legal assistance and protect you and your business. The policy will take on the claim defense, cover legal costs and pay awarded damages for covered matters
Most professional liability policies are written on a "claims made" basis. An important part of the claims made policy is the retroactive date, which is the date that the professional services were actually performed. “Claims made” policies provide coverage for claims made during the policy period related to professional services that were performed on or after the retroactive date. For example, you buy a professional policy for the first time in 2021 with a 2021 retroactive date. Later in the year a client sues you for work you performed in 2020. That claim would not be covered because the retroactive date only picks up work you performed from 2021 onward.
- If you are purchasing professional liability for the first time, your retroactive date will match the inception date of the policy. When you renew your coverage you should always make sure you carry over this first retroactive date on your future policies.
- If you have purchased continuous professional liability coverage in the past, it is important that you maintain that first retroactive date. This ensures all of you past work, from that first retroactive date forward, will continue to be covered should you receive a claim later on.
- You should never give up the retroactive date in exchange for a lower premium. You pay the premium for the work you perform but most professional liability claims will come in after you complete the work and in some cases, years after the work is complete.
A general liability policy covers third party bodily injury and property damage that occurs on your premises. General liability also includes “covered or completed operations” coverage to cover a firms business operations however, this often does not include professional services.
In fact, many general liability policies will have a “professional services” exclusion under this coverage part. That means there would be no coverage under a general liability policy for claims arising out of a professional firms’ services.
By contrast, a professional liability policy is intended to cover third party claims due to errors or omissions in professional services. An unsatisfied client suing the professional for damages is the most common claimant under the policy. All professional liability policies provide coverage for financial loss claims and depending on the profession, some policies will also include coverage for bodily injury and property damage claims.