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How does the Scheme determine the Monetary Ceiling of a Member?
The Membership category for each Member is determined by reference to the member’s highest single valuation amount in the 12 months prior to the inception/renewal of their policy (Upper End Value) irrespective of the purpose of the valuation (ie., whether it is for the purposes of mortgage, insurance, asset valuations, etc).
The table below sets out the Monetary Ceiling applicable to each Membership Category. The Monetary Ceiling is the maximum amount for which a Member can be held liable (ie. the cap) where a Court determines that the Member is compliant with all relevant obligations.
Can I obtain a higher Monetary Ceiling?
Pursuant to section 4.1 of the Scheme and section 24 of the Professional Standards Act 1994 (NSW), the APIV has discretionary authority to specify a higher monetary ceiling not exceeding $20 million on application by a Member.
The Member would need to demonstrate a compelling commercial reason as to why a higher cap is warranted. There are stringent risk management and reporting obligations imposed on members who are successful in their application for a Discretionary Higher Monetary Ceiling. These requirements are contained in the APIV Guidelines for Higher Discretionary Monetary Ceilings.
If you wish to apply for a Higher Discretionary Monetary Ceilings, the Application Form is available here.