Cost planning and estimates
Claims that an estimate or bill of quantities was materially wrong.
Quantity Surveyor Professional Indemnity
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Quantity Surveyor Professional Indemnity
Professional indemnity for quantity surveyors and cost consultants.
A quantity surveyor's number becomes someone else's decision. A cost plan that understates a build, a progress claim certified ahead of the work completed, or a depreciation schedule the ATO later reduces all transfer loss straight to a lender, developer or investor. Professional indemnity generally responds to claims that the figures or the certification caused that loss.
What is it?
Quantity surveyors prepare cost plans, bills of quantities, tender assessments, contract administration, replacement cost valuations for insurance, and tax depreciation schedules. Many act as the independent certifier for bank progress payments on construction finance. Membership of the Australian Institute of Quantity Surveyors is common, and lender panels and client contracts frequently set the minimum limit required.
What does quantity surveyor professional indemnity cover?
Progress certification
Exposure from certifying drawdowns that a lender relied on.
Depreciation and valuations
Claims about tax schedules or insurance replacement figures.
What affects the cost?
- Services offered and sectors covered
- Bank panel and certification work
- Fee income and largest project value
- Limits required by lenders and clients
- Claims history
Worth raising on the call
- Lender certification is the highest-exposure work and is usually assessed separately.
- Insurance replacement valuations create exposure to the shortfall at claim time.
- Cover is claims-made, so a project finished years ago still needs a live policy.
Claims we are commonly asked about
Cost plan understates the build
A cost plan for a small apartment project is used to set the loan facility, and tenders come back well above it after facade and structural allowances were understated. The developer and the lender claim the funding shortfall and the cost of redesigning to bring the project back within budget.
Drawdown certified ahead of the work
An independent certifier signs a progress claim at frame and roof stage on a townhouse project, and later site photographs show only part of that stage complete before the builder folds. The lender claims the overpaid drawdown it cannot recover from the builder.
Depreciation schedule reduced on review
An investor lodges deductions based on a tax depreciation schedule that the ATO later reduces on review. Amended assessments follow, and the client claims the shortfall together with penalties and interest charged on it.
Worth confirming in the wording
- Worth confirming that lender certification and progress payment work is named as an insured activity rather than assumed to sit inside general cost consulting.
- Worth confirming how insurance replacement cost valuations are treated, since a shortfall usually only surfaces at claim time years after the report was issued.
- Worth confirming the retroactive date, because a project you certified before the current policy incepted may not be picked up.
Common questions
Does professional indemnity cover me if the builder goes broke?
Not in itself. The policy generally responds to a claim that your own negligent act, error or omission caused loss, so an insolvency alone is not the trigger. It typically becomes relevant where a lender says a certificate you signed allowed money to be released for work that was not done, subject to the policy terms.
Do lenders require a minimum limit?
Commonly yes. Banks and non-bank lenders that maintain quantity surveyor panels usually specify a minimum professional indemnity limit as a panel condition, and larger client contracts often set their own. The required limit varies between lenders, so it is worth checking each panel's current requirement before accepting work.
Does it cover ATO penalties and interest on a depreciation schedule?
It depends on the wording. Primary tax the client would always have owed is generally not treated as a loss, while shortfall penalties and general interest charge are handled differently from one policy to another. This is one of the more useful things to have checked before you bind.
What does quantity surveyor professional indemnity cost?
It depends rather than sitting at a set price. The main drivers are fee income, the services you offer, whether you do bank certification work, the largest single project value you are exposed to, the limits your lenders and clients require, and your claims history.
General information only. Cover, limits and exclusions depend on the PDS, TMD, eligibility, underwriting and the policy terms. See professional indemnity insurance for the wider picture.
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