APIV Chair Rob Hecek and API CEO Amelia Hodge are very pleased to share their meeting in Melbourne this week with the Professional Standards Authority Chair John Vines and CEO Roxane Marcelle-Shaw, discussing the new 2021-2026 APIV Limited Liability Scheme.
The enhancements achieved for the benefit of API’s CPV and RPV Members include:
- The full ‘occupational’ cohort of RPV and CPV is now provided protection. For example, CPV (Plant & Machinery) Valuers are now eligible to join the Scheme.
- Capping will relate to per valuation as opposed to a single cap applicable to all valuations carried out during the relevant period.
- The capping table has been improved with reduced caps for liability for the whole spectrum of low to high assessed value valuations.
- Calculation of the maximum excess for a compliant PII policy is more closely aligned to market practice.
- Expansion of the Scheme to cover all ‘occupational’ services, including advisory and consulting services (not limited to valuation for real property).
- Expansion of the low risk valuation categories to include government valuations, unit rent assessments and asset means testing valuations
Posted on March 23, 2022