Protection of members with capped liability under the Australian Property Institute Valuers Ltd Professional Standards Scheme (‘APIV Scheme’) has never been more important than during these unprecedented times.
With the APIV Scheme due to expire on 31 August 2021, the API is currently in the process of preparing an application for a new APIV Scheme to commence on 1 September 2021 for a further period of five years (‘New Scheme’).
In order to complete the application for the New Scheme, the API must collect accurate and fulsome membership, insurance and claims data through a comprehensive survey (‘2021 APIV New Scheme Survey’) from current and prospective APIV members.
The 2021 APIV New Scheme Survey will be arriving in the mailbox of the relevant business contact person for APIV member firms in the next couple of weeks.
We have prepared a short Q&A below to provide you with further information.
Q&A on 2021 APIV New Scheme Survey
1. Who will be eligible for participation in the New Scheme?
Under the current APIV Scheme, only real property valuers are eligible to participate in the APIV Scheme. Under the New Scheme, subject to the approval by the Professional Standards Councils (‘PSC’), plant and machinery valuers will also be eligible to participate in the APIV Scheme.
2. Who will need to complete the 2021 APIV New Scheme Survey?
Each APIV member firm will need to complete one 2021 APIV New Scheme Survey.
In addition, the APIV team will be in contact with plant and machinery valuation firms to arrange for completion of the 2021 APIV New Scheme Survey.
3. Why is the 2021 APIV New Scheme Survey important?
The data collected through the 2021 APIV New Scheme Survey plays a critical role in enabling the APIV to propose the most equitable and effective liability capping arrangement under the New Scheme.
A low response rate or incomplete/inaccurate responses could result in the PSC determining ineffective/inequitable liability caps under the New Scheme that may be of limited use to the profession, or our application being declined.
Without the APIV Scheme in place, you or your firm may be personally liable for any claim that exceeds your professional indemnity insurance coverage.
4. Is the 2021 APIV New Scheme Survey the same as the APIV Annual Compulsory Compliance Questionnaire?
No. The 2021 APIV New Scheme Survey is separate and in addition to the APIV Annual Compulsory Compliance Questionnaire (Declaration) that APIV member firms complete as part of the annual renewal process.
As always, if you have any questions or concerns about this alert, please contact the APIV team via [email protected] or on 03 9644 7500.
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