Exemptions from the APIV Limited Liability Scheme

Exemptions from the APIV Limited Liability Scheme

It is compulsory for API members who ordinarily reside in Australia, who undertake the valuation of real property and who belong to one of the following membership classes with the associated certification or designation to participate in the Scheme.

  • Life Fellow Member (who hold the certification of Certified Practising Valuer),
  • Fellow Member (who hold the certification of Certified Practising Valuer),
  • Associate Member (who hold the certification of Certified Practising Valuer),
  • Provisional Member (who hold the designation of Residential Property Valuer),

In accordance with the Professional Standards legislation, no person to whom the Scheme applies may be exempt from the Scheme other than a person, who on the application to the National Council, is able to satisfy the Council that he/she would suffer financial hardship in obtaining Professional Indemnity Insurance (PII) to the levels established in the Scheme which can be located  by clicking here

The National Council will determine an application for exemption at the  next meeting of the National Council ordinarily occurring after the application is made, provided the application is lodged with the National Professional Indemnity & Compliance Manager at least 14 days prior to the National Council meeting.

 

Processes

Applicants who are seeking exemption from the Scheme must submit required documentations to the Professional Indemnity & Compliance Manager for a full review and initial approval and submitted to the APIV Board for ratification an the next Board Meeting occurring after application is made.

Failure to provide required information may delay the application process and/or may be declined to be considered until required information is submitted.

The evidence required to be submitted must substantiate and support an exemption application should include:

 

Financial Hardship

a)      Completed Application for Exemption ;

b)       Two insurance quotes showing the cost of insurance (if possible);

c)        Evidence of impact on Profit & Loss; and

d)       Provide any further information the APIV may request to be able to substantiate hardship.


Click here to download the Exemption form.

 

Non Practising Members
A non-practising member is required to provide a Statutory Declaration declaring that he/she is a non- practising Valuer. 

Authorised Deposit Institution (ADI) employee
A member whom is an employee of an ADI and only provide valuation services for the ADI internal risk/review purposes only must provide a Statutory Declaration to that effect.

Commonwealth/State Government employee
A member whom is an employee of the Commonwealth/State Government and only provide valuation services for the Commonwealth/State Government internal purposes only must provide a Statutory Declaration to that effect.

Individual/Corporation whom derive 100% of the income from Commonwealth/State Government contract
Members whom fall within this category must provide evidence that 100% of their income is derived from a Government type contract  upon condition of engagement on a non-recourse basis.  Evidence such as quarterly BAS statements and written acknowledgement from their clients (Commonwealth/State & Territory Governments) that their engagement is on a non-recourse basis must be provided.

 

Length of Exemption/s

All exemption which are approved and granted will not be permanent and will be granted only for a period of 12 months.  Prior to the expiry of the 12 month period, a review of each exemption will conducted by the APIV Limited and new information and evidence may be required to be resubmitted as determined by the Professional Indemnity & Compliance Manager.

Members whose circumstances change during the exemption period may revoke their exemption at any time by notify the Professional Indemnity & Compliance Manager in writing.

Enquiries about the exemption process must be directed to the National Professional Indemnity & Compliance Manager either by email bwl@api.org.au or mobile 0407 3419 68.

 

Resources