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Exemptions from participation in the Scheme
To obtain an exemption from participation in the Scheme, an application must be made to the APIV. As there is no application form available at this stage, an email application attaching the supporting evidence for the relevant exemption category is sufficient.
The APIV may, in its absolute discretion, grant exemptions (upon the applicant providing appropriate evidence), in the following categories:
- Non-practising valuer – A non-practising valuer for the purpose of the APIV Scheme is a member who does not undertake valuations of real property and does not receive any fee, retainer or income from valuations of real property;
- A valuer employed by an Authorised Deposit-taking Institution (within the meaning of the Banking Act 1959 ) (ADI) or an entity which carries on State banking (within the meaning of paragraph 51(xiii) of the Constitution);
- A valuer who is an employee of Commonwealth/State/ Local Government and who only provides valuation services for the Commonwealth/State/Local Government’s internal purposes;
- Sole trader/Firm who derives 100% of its income from Commonwealth/State/Local Government contracts on a non-recourse basis; and
- An Applicant is able to satisfy the APIV that it is necessary and/or desirable, for the Applicant to be exempted from participating in the Scheme.
Note: The 2010 - 2016 Scheme (which ended on 31 August 2016) also provided an exemption category of “Financial hardship’ applicable where a person would suffer financial hardship in obtaining PI insurance to the levels required by the Scheme. That exemption category ceased upon the expiration of the 2010 - 2016 Scheme.
Discretion of the APIV to grant / reject Exemption Applications
The APIV can grant or refuse an application for exemption in its absolute discretion.
Consequences of being granted an exemption from participation in the Scheme
If an exemption is granted under any of the above categories, the person will not be able to rely on the Scheme to limit their liability if a claim is brought against them.
Duration of Exemptions
Unless otherwise approved by the Board, all exemptions are granted on a twelve (12) months basis and members need to reapply each year.
Exemptions granted to an individual valuer are only valid while the applicant remains employed by or contracted to the employer or principal stated in the Exemption Application. In the event that the valuer changes employers or commences to undertake work as a contractor to a new/additional firm:
- the exemption would not apply in respect of work undertaken on behalf of any other firm.
- if eligible, the applicant should apply for a new exemption in respect of the new employer or new/additional principal.
Change in circumstances during the Exemption period
Applicants whose circumstances change during the exemption period must immediately advise the APIV of such change in circumstances. A change in circumstances may result in the revocation of the exemption.
Consequences of failure of eligible members to join the Scheme or obtain an exemption
If a person is eligible to join the APIV Scheme, but does not do so, that person’s API membership status may be affected as they would be in breach of section 39 of the Membership Policy (formerly API By Laws).
Breaches will be dealt with via the API / APIV complaints process pursuant to the API Complaints Policy.