What is the Low-Risk Valuation Scheme?
The purpose of the Low-Risk Valuations Scheme categories is to distinguish Low-Risk Valuations (eg rating valuations) from higher risk Valuations of Real Property (eg mortgage valuations) to ensure that the liability ‘cap’ for claims arising from members’ occupational liability is more commensurate to the actual risk attached to the work carried out by APIV members.
What are Low-Risk Valuations (LRV)?
Low-Risk Valuations have been determined to hold significantly less risk than other types of Real Property Valuation. They are capped at $1m. The Scheme provides ten (10) Low-risk categories:
- Valuation of Real Property undertaken in the capacity as an arbitrator
- Expert Determination.
- Expert Evidence Valuation.
- Financial Reporting Valuation.
- Insurance Valuation.
- Rate, tax, duty or levy valuation, Valuation of Real Property undertaken for the purpose of determining a rate, tax, duty or levy that applies in respect of the property including but not limited to any council rates, Good & Services Tax or stamp duty; or
- Valuations of Real Property undertaken for Resumption purposes.
- Asset means-testing valuations
- Government valuation
- Assessment of any unit entitlement in respect of any subdivision, strata title, company title, or similar, property