Abstract
“...fifty years ago, the vast majority of reported actions brought against property professionals arose out of residential building surveys. Today, the picture is very different; residential and mortgage valuations, once regarded by general practitioners as a safe, albeit modest sources of income have become a very thorny thicket as both lender clients and house purchasers have been quick to pounce on any error in the report and turn on the surveyor. Even more worrying, in terms of the sizes of claims and their potential impact on professional indemnity insurance premium, has been the growth in claims by financial institutions which, having lent on the security of commercial property when times were good, learn to their cost that markets fall as well as rise, and seek to lay off their losses on their professional advisers (especially valuers) when their property company borrowers default”.
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