We are delighted to announce we have received approval from the Professional Standards Council for the following product enhancements to the APIV Limitation of Liability Scheme, which will come into effect on 1 September 2021:

  1. API Member CPV (Plant & Machinery) Valuers are now eligible to benefit from the Scheme. After consultation with CPV (P&M) Valuer Members, they are now eligible to join the Scheme. Next week we will be contacting all API Member CPV (Plant and Machinery) Valuers to advise them of joining the Scheme, and that they can benefit from an attractive $1 million cap when undertaking plant and machinery valuations.
  2. Improved Capping methodology now applies to each valuation as opposed to one single cap for the entire year.
  3. Expansion of the Low Risk Valuation Categories from 7 to 10 categories to now include government valuations, asset means testing, and assessment of unit entitlements. 
  4. Reduction of the Monetary Caps in comparison to the existing monetary caps.
  5. Expanded Occupational Services Coverage to include all CPV and RPV occupational services (eg consulting and advisory work).
  6. Improved calculation of the maximum excess which is now based on the firm’s annual fees. 

New APIV Scheme Documents which will come into effect on 1 September 2021?

If you require more detail about the Scheme enhancements, please find below:

  1. The Insurance Standards
  2. The Scheme Instrument 

Professional Indemnity Insurance

If you are an existing APIV Scheme Member, please ensure you have adequate professional indemnity insurance in place. If you are unsure, please discuss this with your broker. 

What other resources are available?

We recently held a complimentary Member webinar discussing the updates. The recording can be accessed on our Events, Webinars and Recordings webpage, here.

Questions

If you have any questions, please contact [email protected].