AUSTRALIAN PROPERTY INSTITUTE

API and AAC to protect industry with capped liability scheme

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IN light of the professional indemnity (PI) insurance crisis facing property professionals, the Australian Property Institute Valuers Limited (APIV) is partnering with the Association of Accredited Certifiers (AAC) to develop the AAC’s Professional Standards Scheme (AACPSS), which cap the occupational liability of eligible AAC Members.

The APIV was established in 2010 by the Australian Property Institute, to administer the APIV Professional Standards Scheme (APIVPSS) for those API members who undertake valuations of real property.

API CEO Amelia Hodge said to operate effectively, “we need a robust industry with high professional standards and an accessible PI market that together act to protect consumers.

“The API is committed to helping to improve outcomes for all parties in any way we can, and we are therefore very pleased to be in a position to partner with the AAC to develop a PSS, with the APIV,” Hodge said.

AAC CEO Jill Brookfield said the development of the AACPSS demonstrates its commitment to improving the professional standard of our industry and protecting the interests of consumers throughout NSW.

“The PI insurance crisis facing Accredited Certifiers poses a serious risk to the entire construction industry and to the public and we are committed to working with industry partners to develop long-term solutions.

“We look forward to working with the APIV on this important initiative, which demonstrates our shared commitment to continually drive improvements in the industry,” she added.

Brookfield said APIV had what the AAC was looking for from a PSS partner, including:

  • The experience of being where the AAC is now
  • The ability to help the AAC develop a scheme within a reasonable time frame
  • The ability to help the AAC manage the activities of the Scheme into the future
  • Already operating a cost-effective program of its own
  • The recognition by the Professional Standards Authority, the regulator of Professional Standards Schemes, as an effective Scheme administration

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