The Australian Valuers Institute (AVI) is in the process of compiling information in order to complete the application, for entry in to the Standards Council Limited Liability Scheme.
The AVI were part of the Limited Liability Scheme in the part. However, our membership base was quite small at the time and the benefits to our members were unfortunately over shadowed by the cost in administering the scheme.
Due the increase in members, the AVI has grown to be in a position where the benefit to our members now outweighs the cost administration. The Board is pushing for the AVI to once again offer this benefit to its members.
The Limited Liability Scheme will add value to our members by:
- Maintaining strong standards for the professionals in the property valuing industry
- Assist in making professional insurance more affordable
- Limiting the damages that can be claimed against a member
What are Professional Standards Schemes?
Professional Standards Scheme is legal instruments that bind associations to monitor, enforce and improve the professional standards of their members, and protect consumers of professional services.
These associations have been approved by the Professional Standards Councils to represent professionals in a particular occupation who are members of the association for the purpose of professional standards legislation.
In return for these commitments, Professional Standards Schemes cap the civil liability or damages that professionals who take part in an association’s scheme may be required to pay if a court upholds a claim against them.
Which members will be covered by this Scheme?
Once the AVI is approved to run this scheme all practicing members will be required to join this scheme. It will be compulsory for the following membership classes:
- Provisional Associates
- Certified Professional Valuer
Only those members whom are not currently practicing will be exempt from this scheme. Exempt Membership class:
- Life Fellows
What is the ‘cap’ or ‘ceiling’ of monetary damages that can be claimed against a member?
Once the AVI is approved, each member’s monetary ceiling will be based on the highest single valuation amount in the last twelve months. See table below: