Austbrokers Countrywide offer a tailored Professional Indemnity for property valuers.
Members of Australian Property Institute Valuers Limited and Australian Valuers Institute Co-Operative Limited must maintain a Professional Indemnity Insurance policy that meets their minimum standards and complies with the capped liability schemes.
Professional Indemnity for Property Valuers – why is it important?
Professional Property Valuers undertake valuations for a wide range of purposes. Property values may be questioned and errors can occur.
Property Valuers can face claims in unfavourable economic conditions where property values are disputed. Claims can also arise where instructions or communications are unclear or there has been a failure to make adequate enquiries about property. A commercial Property Valuer for example may also have to conduct higher risk valuations and exposure to claimants may be greater. Claims Examples
A Property Valuer failed to conduct investigation of changes and development to suburb in its analysis of subject property, need full stop The property was undervalued and failed to meet loan required relevant to purchase price full stop The deposit of $80,000 on thehome was lost.
Claim arose following inappropriate methodology / calculation utilised in arriving at property value.
Find out what Austbrokers Countrywide can do for you.
For an obligation free insurance review, talk with one of our specialist brokers today to find out more.