Claims/Notifcations |
Purpose of this Form
You should be using this form to report to the Australian Property Institute Valuers Ltd (‘APIV’) of any notification* / claim** that:
· your firm has notified the firm’s professional indemnity insurer about; and
· relates to a valuation of real property undertaken by your firm.
*Notification – An identified circumstance that may give rise to a claim, which is conveyed by a scheme participant to their professional indemnity insurer(s).
**Claim – any writ, statement of claim, summons, etc served upon your firm or anyone covered under your firm’s professional indemnity insurance policy, which results in a demand made on their insurer for payment or some other contractual benefit under an insurance policy.
(To notify the APIV of any complaint(s)/disciplinary proceedings(s) lodged in respect of your firm/employee(s), please provide the relevant details via email to the API’s Complaints Manager at complaints@api.org.au.)
· your firm has notified the firm’s professional indemnity insurer about; and
· relates to a valuation of real property undertaken by your firm.
*Notification – An identified circumstance that may give rise to a claim, which is conveyed by a scheme participant to their professional indemnity insurer(s).
**Claim – any writ, statement of claim, summons, etc served upon your firm or anyone covered under your firm’s professional indemnity insurance policy, which results in a demand made on their insurer for payment or some other contractual benefit under an insurance policy.
(To notify the APIV of any complaint(s)/disciplinary proceedings(s) lodged in respect of your firm/employee(s), please provide the relevant details via email to the API’s Complaints Manager at complaints@api.org.au.)
Why must APIV Members report Claims/Notifications to the APIV?
Pursuant to clause 10.4.1 of the APIV By-Laws, ‘Members must promptly notify the Compliance Manager about every civil or criminal claim, complaint, accusation, charge, notification or settlement involving a Member and must keep the Compliance Manager informed about the outcome’.
As part of the APIV Scheme membership, Members are required to:
· report to the APIV all notifications/claims/settlements of claims/complaints and disciplinary actions throughout the year as necessary;
· immediately advise the APIV when a notification or claim approaches the Scheme cap;
update the APIV throughout the year as necessary on the status and progress of all notifications/claims/settlements of claims/complaints and disciplinary actions reported to the APIV in the past 12 months.
As part of the APIV Scheme membership, Members are required to:
· report to the APIV all notifications/claims/settlements of claims/complaints and disciplinary actions throughout the year as necessary;
· immediately advise the APIV when a notification or claim approaches the Scheme cap;
update the APIV throughout the year as necessary on the status and progress of all notifications/claims/settlements of claims/complaints and disciplinary actions reported to the APIV in the past 12 months.
Members must provide accurate information
The information provided by members to the APIV and the data reported in turn by the APIV to the PSC must be accurate.
Giving false or misleading information to the APIV, and in turn to the PSC and the Ministers, is a serious offence. See, for example, section 307B of the Crimes Act 1900 (NSW) and similar provisions in other
The information provided by members to the APIV and the data reported in turn by the APIV to the PSC must be accurate.
Giving false or misleading information to the APIV, and in turn to the PSC and the Ministers, is a serious offence. See, for example, section 307B of the Crimes Act 1900 (NSW) and similar provisions in other