What is the APIV Professional Standards Scheme?
The Australian Property Institute Valuers Ltd Professional Standards Scheme (‘Scheme’) is approved under the Professional Standards Act 2003 (Vic). The Scheme is recognised in all states and territories, under mutual recognition provisions in the respective professional standards legislation.
In the event that a successful claim is made against an APIV member, the Scheme will operate to ‘cap’ the member’s liability to an amount outlined in the Scheme instrument. In order to obtain the benefit of the Scheme members must comply with certain requirements including in relation to notification and holding minimum levels of professional indemnity insurance.
Professional standards legislation requires the APIV to monitor and enforce compliance obligations under the Scheme, thereby contributing to improving the professional standards of members.