In a challenging professional indemnity market, the API constantly strives to engage with industry stakeholders to support its Members to obtain competitive and more favourable Professional Indemnity Insurance (PII) policy coverage. 

APIV Compliance, Risk and Legal (CRL) Forum  

Last week, we held the third APIV CRL Forum which brings together compliance, legal and risk professionals from small to medium-sized valuation firms to discuss key industry issues and valuation industry challenges.  

Our third forum’s theme focussed on the State of the Insurance Market. Our guest speakers were Gary Ward and Stuart McKellar from Howden Insurance.  Howden Insurance provided an insightful update on the trends of the insurance market in Australia, UK and overall global snapshot, as well as the state of the professional indemnity insurance market for Valuers in Australia. 

The forum formed an exciting new partnership between the API and Howdens; a new professional indemnity insurance solution for Members; Introducing PropSec.

PropSec

API has been working hard towards a suitable industry led resolution to the current PI Crisis. Whilst still in its formative stages, the proposed solution is to create a Discretionary Trust for API Members to protect and indemnify, and ensure PI costs remain viable for Members.  A successful implementation will address members’ VPI challenges and deliver long-term benefits, including: 

  • Pricing, limit and coverage sustainability
  • Potential to invest surplus funds in risk mitigation activities 
  • Compliance with APIV Insurance Standards
  • Unrivalled expertise and insights from the Howden Broking team
  • Leveraging Members’ buying power, and
  • Simplifying renewal and underwriting process

Woodina relaxes Lender Restrictions  

As part of API’s partnership with Woodina, under the ValCover brand, our continued discussions with Michael Wood at Woodina ensures our Members receive favourable PII coverage.  

Recently, Michael Wood has informed us, for renewal of policies, there will be a relaxation of lender restrictions.  For full details click here. 

Showcasing the Benefits of the APIV Professional Standards Scheme (PSC)  

The API is delighted to have been selected as a case study by the Professional Standards Council for their new PSC report

Commissioned by Taylor Fry, the report examines and evidences the benefits delivered by professional standards schemes, using quantitative and qualitative measures together with exploring the nexus between claims, notifications, complaints and premiums.  Read the PSC report. 

 

We regularly keep Members updated with new initiatives via Member News and on our Professional Indemnity Insurance hub.  If there are any queries in relation to this matter, please do not hesitate to contact the Standards team at [email protected].