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What does the Scheme cover?
The Scheme applies to all types of ‘valuation of real property’. ‘Valuation of real property’ is defined in the APIV Insurance Standards as ‘all the rights, interests, and benefits related to the ownership of real estate, including land, and all things that are a natural part of the land as well as any improvements to the land.’
What does the Scheme not cover?
APIV Scheme does not apply to any liability arising out of acts or omissions that are unrelated to the APIV member’s occupation as a valuer or concern the following:
- The death of, or personal injury to a person;
- A breach of trust;
- Fraud or dishonesty; and
- A liability which may be the subject of proceedings under:
- Part 13 or 14 of the Real Property Act 1900 (NSW),
- Land Titles Act 1925 (ACT), part 16 (Civil rights and remedies),
- Part XII of the Transfer of Land Act 1893 (WA),
- section 110 of the Transfer of Land Act 1958 (VIC),
- Land Title Act 1994 (QLD), part 9, division 2, subdivision C, or
- Part 9, Division 2, Subdivision 3 of the Land Title Act (NT).