Frequently asked questions
All API members who meet the eligibility criteria are required under Section 38.1 of the API’s Membership Policy to either:
|❍||participate in the APIV Scheme; OR|
|❍||if an exemption category is applicable, obtain an exemption from the participation requirement from the APIV.|
1. What is the APIV Scheme?
The APIV Scheme is not an insurance scheme.
The APIV Scheme operates separately to and in addition to a member’s professional indemnity insurance policy (‘PII policy’). It acts to ‘cap’ the amount of damages that can be awarded against a participating member in respect of their occupational liability provided the member complies with various compliance requirements.
The APIV Scheme is one of the 17 current Professional Standards Schemes regulated by the Professional Standards Councils (‘PSC’). The PSC are independent statutory bodies responsible for promoting professional standards and consumer protection, and regulating occupational associations, such as APIV, and the members of the occupational associations.
The Scheme binds APIV, as the responsible occupational association and Scheme Administrator, to monitor and enforce members’ compliance obligations, thereby contributing to improvement of professional standards of its members.
2. Am I eligible to participate in the APIV Scheme?
Section 38.1 of the API’s Membership Policy provides as follows:
All members in the following membership classes, who undertake valuations of real property in Australia and who reside in a State or Territory in which the APIV Ltd Limitation of Liability Scheme is operational, must, unless exempted, participate in the APIV Ltd Limitation of Liability Scheme:
|a.||Life Fellow Member (who hold the certification of Certified Practising Valuer),|
|b.||Fellow Member (who hold the certification of Certified Practising Valuer).|
|c.||Associate Member (who hold the certification of Certified Practising Valuer),|
|d.||Provisional Member (who hold the designation of Residential Property Valuer).|
3. How do I obtain a PII policy?
In order to become an APIV member, you must first hold a PII policy that is compliant with the insurance requirements under the APIV Scheme.
If you need help with locating a PII broker that is experienced in the valuers’ PII market, APIV can provide you with some brokers’ contact details. Please note, however, the API does not endorse or recommend any particular insurance brokers or underwriters and their details are provided solely for your information and in no order of preference .
4. How do I join the APIV Scheme?
In order to join the APIV Scheme you will need to:
|1.||complete the Membership Application Form found in our Resources page;|
|2.||provide a copy of the Certificate of Currency for your firm’s current PII policy; and|
|3.||provide a copy of or extracts from PII policy showing the following details so that we can check against the APIV Insurance Standards|
|❍||largest excess amount payable (note – this should be less than Maximum Excess allowed for your Membership Category as per the table in Clause 6.4 of the APIV Insurance Standards);|
|❍||whether the defence costs are included as part of the limit of indemnity or covered in addition to the limit of indemnity; and|
|❍||APIV endorsements/exclusions set out in Standard 7 of the APIV Insurance Standards.|
|Please note, you must apply for the membership of all of the following and complete the Application Form accordingly:|
|❍||All employees or sub-contractors who do not hold their own PII policy and are eligible to join the APIV Scheme;|
|❍||If the valuation practice is operated by a company – the company; and|
|❍||If the valuation practice is operated by a partnership – corporate partner(s) and, if eligible to join the APIV Scheme, the individual partner(s).|
|The current Membership Fees are as follows:|
|❍||Joining Fee – $297.00 per person and per company; and|
|❍||Annual Renewal Fee – $242.00 per person and per company. |
|Please see the Membership Application Information Sheet for further details.|
5. I am an employee valuer. What do I do?
|Both you and your firm will need to join the APIV Scheme. Please see the Membership Application Information Sheet for further details.|
6. How do I apply for an exemption from the requirement to join the APIV Scheme?
|Please see Exemptions from participation in the Scheme for further details. Please note, there is no Exemption Form to complete at this point in time.|
7. What are my obligations as an APIV member?
|Please see Handout for Members on Compliance Obligations for further details.|
8. I have read everything but still have a question?
|If you have any questions, please contact the APIV office via email at email@example.com or on (03) 9644 7503.|