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@example.com or on 03 9644 7500.
COVID-19 Updated Valuation Protocol– Significant Valuation Uncertainty
API State of Emergency Declaration We have been monitoring the changing environment and reviewing when the State of Emergency can be declared over. Due to current economic uncertainty and the rising unemployment rate in Australia, the API…
API Annual General Meeting 2020
The Annual General Meeting (AGM) of the Australian Property Institute was held on Wednesday 27 May via webinar, our first virtual AGM, in line with many corporations and associations at…
LFAPI Admission - Phil Lyons
The API would like to congratulate Phil Lyons for receiving the membership status of Life Fellow. Since joining as a Student Member in 1966, Phil became an Associate in 1971…
2021 APIV New Scheme Survey - Reminder
The deadline for the 2021 New APIV Scheme Survey was Sunday, 31 May 2020. We have granted extensions to some of the firms, but we still need 200+ more firms…
Further Information on the Proposed AGM 2020 Motions
1. The Rationale The history of the API since 1988 reflects the desire on many occasions to broaden our membership base of property professionals. Our Members operate across the property…
How to participate in next week's AGM
Planning on attending next week’s AGM? Find out more about how to register and vote below. Date: Wednesday 27 May 2020 Time: 4:15pm AEST How to register: Members can participate and vote in the proceedings via…