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What is the nature of the APIV Scheme and how does it operate?
The Australian Property Institute Valuers Limited (“APIV”) Limitation of Liability Scheme (“Scheme”) is a statutory scheme, established under the Professional Standards Legislation and enforced by the courts.
It acts to “cap” the amount of damages that can be awarded against a participating member in respect of their occupational liability if the member complies with various compliance requirements.
The Scheme commenced on 1 September 2010. It was extended in 2015 to 31 August 2016.
A new Scheme has been approved and commenced on 1 September 2016. The new Scheme will run for a period of 5 years subject to continued compliance.
Like the previous Scheme, the new Scheme is recognised in all jurisdictions under mutual recognition provisions in the respective professional standards legislation.
The Scheme is managed by the Professional Standards Councils (“PSC”), independent statutory bodies responsible for promoting professional standards and consumer protection, regulating the APIV and its members.
The Scheme binds APIV, as the Scheme Administrator, to monitor and enforce members’ compliance obligations, thereby contributing to improvement of professional standards of its members.
The Scheme document, the APIV Insurance Standards, the other Appendices can be found on the API's website
What are the key benefits of a Professional Standards Scheme?
- Help to strengthen and enhance professional standards for participating professional associations, such as valuers.
- Help to make professional insurance more accessible and affordable (by aiming to reduce the number and scale of claims against members)
- Limits the damages that can be claimed against a member