The API Board has resolved to lift the State of Emergency Valuation Protocols after consultation with industry stakeholders. The market usage of the API Valuation Protocol, dated 29 March 2020, and other related Valuation Protocols (Protocols) and advice issued in relation to COVID-19, are no longer a requirement from 1 December 2022. The lifting of the API State of Emergency protocols has the effect of withdrawing all the interim COVID-19 protocols that apply to all valuations.
We understand from discussions with main PII insurers, that when the Protocols are lifted the COVID-19, Market Uncertainty clauses are no longer required to be included in reports. Valuers should contact their PII provider if formal confirmation is required.
In relation to residential mortgage valuations, the Addendum Special Instructions Residential Valuation Standing Instructions dated 30 March 2020 is obsolete and no longer applicable.
For all other valuations of real property, the guidelines contained within the Protocols, relating to the identification, inspection, collection of property specific information and disclosure requirements in situations where a full (physical or personal) inspection of the property cannot be undertaken, are withdrawn.
If there is a requirement for similar crisis guidance to valuation industry in the future, the Board, in collaboration with key industry stakeholders, will look to reinstate the Protocols again in their current or updated form, as the situation requires.
Any enquiries, please email [email protected].
Posted on November 16, 2022