What is the APIV Professional Standards Scheme?
The APIV Professional Standards Scheme (Scheme) is an added layer of protection on top of a Scheme member’s Professional Indemnity Insurance (PII) policy. In the event a successful claim is made against a Scheme member, providing all compliance obligations of the Scheme have been satisfied, the member may be able to plead the Scheme which should ‘cap’ the liability to an amount outlined in the Scheme Instrument.
The Scheme operates and falls in all States and territories under the respective professional standards legislation.
What does the APIV Scheme cover?
The Scheme applies all types of ‘Occupational Services’ carried out by a Scheme member by application of the qualifications, training, skills, practices, disciplines, specialisations, standards, guidelines and experience of a CPV, CPV(P&M) or RPV. This includes ‘Valuation of Real Property’ & ’Valuation of Plant & Machinery’.
Valuation of Real Property is defined as any valuation of any right, interest, or benefits related to the ownership, occupation or use of real property including land and all things that are a natural part of the land as well as any improvements to the land (but excluding plant, machinery, and equipment) expressed as an Assessed Value.
Valuation of Plant & Machinery means any valuation of any right, interest or benefit related to the ownership, possession or use of any chattel(s), including plant, machinery, or equipment, expressed as an Assessed Value.
Assessed Value under the Scheme means an express statement of professional opinion by a person who is or was a Scheme member as to the value of any right, interest or benefit related to the ownership, occupation or use of real property or plant, Machinery or equipment.
It also includes a range of other consultancy services including market commentary, feasibility reports, land use assessments and housing supply analyses.
What are the benefits of being an APIV Scheme Member?