(SBQ Communique – Ref: 2024.02 – Published: 19.08.24)
As outlined in the Department of Resources Surveying Alert 62, the Department has undertaken a review of the Surveyors Regulation 2014 and it will be amending the minimum level of professional indemnity insurance as follows:
Increasing the minimum level of professional indemnity insurance prescribed to be held by consulting surveyors under the Surveyors Regulation 2014. The current value of $1 million (m) has not been adjusted since the current framework was established in 2003. The surveying industry has provided feedback to increase the minimum value to $2m, which is comparable to inflation over this period.
As outlined in the Department of Resources Surveying Alert 63, the Department has advised that the new Surveyors Regulation 2024 will commence on 1 September 2024.
Regarding existing registrations for the Surveyors Board of Queensland:
- the increased minimum level of professional indemnity insurance will not apply until 1 January 2025, ie. the 2025 renewal cycle that typically commences in late October 2024; and
- it will be a requirement of 2025 renewal registrations that Consulting Surveyors (ie. corporations and individuals) provide the Board with a Certificate of Currency that describes the value of professional indemnity cover to be $2 million or over.
Regarding new registrations:
- the increased minimum will apply to the relevant applications received on or after the official commencement date of Surveyors Regulation 2024, ie. 1 September 2024.