The Australian Property Institute (API) is calling on regulators, stakeholders and governments to act quickly and collaboratively to resolve the property industry’s professional indemnity insurance (PII) crisis.
API CEO, Amelia Hodge says a recent statement by the Australian Institute of Building Surveyors (AIBS), that the last provider of exclusion free PII will exit Australia July 2, has alarming implications for the property market. “Without insurance, surveyors in NSW, Queensland and Victoria will be non-compliant with registration requirements in those states, meaning that projects currently underway will have to stop,” she says.
“The issue is a complex and challenging one and we feel for all surveyors, their clients and impacted consumers dealing with the stress in what is a difficult property market.”
Ms Hodge says the API is also concerned that the exit of professional indemnity insurers may have a flow-on effect that may also threaten the availability of PII for other property professionals, including valuers.
Ms Hodge said property professionals need an effective, robust PII market in order to practice and to appropriately protect consumers. “We are therefore calling on the industry, government, regulators, landholders and their respective key stakeholders to come together and work a path forward together. The API is always here to support any initiative that progresses these issues to achieve improved outcomes for all.”