Limited Liability Scheme Membership
Contact Details of Existing Membership
Company Name and ACN, if trading via a company (provide full description of trading entity, eg. ABC Pty Ltd ACN 123 123 123 ATF ABC Trust) / Click here to enter text. /
Name of Individual Applicant(s), if trading as sole trader or as individuals in partnership
Name of Business
ABN
Name and Position of Contact Person[1]
Phone No. for Contact Person / Fax
Mobile
Email address for APIV correspondence
Please list all Valuers and Corporations resigning from APIV membership
Member Name / Reason for resignation / Date of resignation
If there are more than 7 resigning members, please list their details in a Word or Excel document (not PDF), using the above format, and email it to address provided below.
Refund PolicyPlease note that membership fees are non-refundable.
Run-off Insurance Cover
What is run-off cover?
Run-off cover is essentially a professional indemnity insurance policy (“PI policy”) taken out by an entity at the time of ceasing to trade, to provide cover for any claims that may arise in the future in respect of work completed whilst the entity was trading. Depending on the individual circumstances, liability in respect of work completed whilst the entity was trading may be covered in the form of a standalone run-off PI policy or by way of an extension to a subsequent PI policy of a succeeding entity (eg. “principal’s previous business extension”).
Since aPI policy operates on a “claims made” basis, a valid PI policy needs to be in place at the time that a claim is first made (or the date upon which the Member becomes aware of facts which might give rise to a claim and notifies those facts to the insurer) in order for that claim to be covered.
As you are aware, there could be a significant time lag between when a valuation is completed and when a claim is made.
Hence, the APIV Insurance Standards require members to obtain run-off cover for not less than seven (7) years from amember firm or sole trader ceasing to trade.
Standard 8, Clause 14 of the APIV Insurance Standards provide as follows:
‘Unless not reasonably available, the PI Policy must provide runoff cover which complies with the APIV Insurance Standards, for a period of not less than seven (7) years from the last Valuation of Real Property performed by the member, and this clause will continue to bind a former member after they cease to be a member. In the event runoff cover is not available, the member must seek an exemption from this requirement from the APIV within a reasonable time.’
Clause 14 requires an APIV member to hold a current PI policy containing an automatic right of runoff cover for 7 years, should that member cease to carry on the valuation business during the policy period.
That requirement applies to all members at all times – regardless of whether the member has already ceased to trade. It continues to apply in the case where a valuation business has been transferred to another entity.
Have you obtained a standalone run-off PI policy for a period of not less than seven (7) years?
☐ / Not applicable as this form relates to resignation of employee(s) only and the member firm continues to trade
☐ / Yes – please provide a copy of the standalone run-off PI policyto the APIV Limited
☐ / No – please proceed to the next question
If not, will all work completed by your firm prior to ceasing to trade be covered under the PI policy of a different entity?
☐ / Yes – please provide a copy of the relevant PI policy to the APIV Limited
☐ / No – to ensure that your firm is compliant with Standard 8 of the APIV Insurance Standards, your firm will need to apply for an exemption. For further information regarding exemption applications and for a copy of the Exemption Application Form, please see the APIV Exemptions Policy on the API’s website or contact APIV Limited
Discretion of APIV to grant/reject Exemption Applications
The APIV can grant or refuse an application for exemption in its absolute discretion.
Consequences of failing to obtain a Run-off Exemption
Member’s APIV and API membership may be affected
If a member is required to obtain an applicable exemption but fails to do so, that member will be in breach of the Scheme requirements.
The member’s APIV membership will therefore be subject to termination and their API membership may also be adversely affected.
Member may not be able to plead the cap
Further, if a member (to whom a General Exemption does not apply or who does not comply with any conditions of a General Exemption) fails to obtain an exemption, that member will be in breach of Scheme requirements and their ability to successfully plead the cap to limit their liability in a future claim will be adversely affected.
Submit applications to
Scheme Administrator APIV Limited
10 Beach Street Email:
Port Melbourne VIC 3207 Web:
Phone: (03) 9644 7505
Member’s Declaration
I, being the person named below, declare that the information provided above and in the attachments is true and correct to the best of my knowledge and belief and that I am duly authorised to make such a declaration on behalf of the member firm.
☐ / I/we declare the information contained herein to be true and correct.
☐ / Where the member firm has ceased trading – I /we have obtained a standalone run-off PI policy orwill maintain cover for past work completed by the firm and its employee(s) under a current PI policy of another entity that is compliant with Standard 8 of the APIV Insurance Standards. A copy or evidence of the relevant PI policy is provided with this form.
Where cover for past work completed by the firm and its employee(s) is being maintained under another entity’s PI policy, I / we undertake to provide a copy or evidence of the relevant PI policy to the APIV Limited at each renewal of the PI policy.
☐ / Where the member firm continues to trade – I / we at all times will continue to comply with the APIV Insurance Standards.
Signature of authorised person on behalf of member firm / Date
Name and Title
Privacy Statement
Disclosure Statement and Member Consent
The Australian Property Institute Valuers Limited (APIV Limited) is committed to protecting the privacy of the personal information you provide to us.
Who do we collect the personal information from?
Generally we collect your personal information directly from you. However, in some cases, we may receive your personal information from a third party (for example, from your insurance Broker or if we receive a complaint).
For what purposes do we collect personal information?
We collect your personal information to fulfil our functions and responsibilities under, and facilitate compliance with the Professional Standards Legislation and associated regulations, including:
a)updating and maintaining membership records;
b)communicating with you in relation to your membership of the Scheme;
c)communicating with you to offer products, services and events and when you obtain a product or service or come to an event; and
d)conducting research.
Whom do we disclose the personal information to?
We may disclose the personal information we collect on this form and any additional information that you provide to us in connection with this application to:
a) our relevant staff, contractors, professional advisors and Committee members involved in delivering our services.
b) the Professional Standards Councils (PSC) any personal information which it is reasonably necessary for us to disclose for the purpose of fulfilling our scheme administration and reporting functions in accordance with professional standards legislation and as required by the PSC. Such disclosure may include:
i)reporting to the PSC on notifications/claims received by members; complaints and discipline; cost of insurance, etc. This data provided by APIV Limited to the PSC for the purposes of reporting is de-identified and aggregated;
ii)reporting to the PSC any breaches of compliance obligations by members; and
iii)reporting to the PSC where reasonably required to comply with any request by the PSC and/or any Notice issued by the PSC.
c) to the Australian Property Institute ACN: 608 309 128 (API), which is an associated entity of the APIV, where such information is reasonably considered by the APIV Limited to be relevant to the performance by the API of its objects and purpose.
Disclosure to the public
When other members of the APIV Limited or the public make enquiries, APIV Limited staff may provide them with your name, employment organisation and business telephone number and whether you are a member of APIV Limited.
By completing and returning this application form and/or providing us with any additional information, you agree to us using and disclosing your information as set out above. By providing your email address you consent to receiving electronic correspondence from APIV Limited.
This consent to the use and disclosure of your personal information remains valid unless you alter or revoke it by giving written notice to the Scheme Administrator.
You can access and correct your personal information
APIV Limited will at any time provide access to you to verify the personal information we hold, and where necessary, correct any errors in this information (some restrictions and costs may apply).
In order for the APIV Limited to provide you with membership services, we need your current contact information. If you change your name, postal address, employer, position, telephone, fax or email address at any time, you should advise the Scheme Administrator of these changes.
Further Information
The APIV Limited’s Corporate Privacy Policy is published on the API website at: .
How to contact us
The APIV Scheme Administrator can be contacted on (03) 9644 7505 or .
APIV Resignation Form–16 January 2017Page 1 of 4
[1]This Form must be completed and signed by a person authorised to act on behalf the member firm.