Territory Stories

Annual Report 2011/2012 Professional Standards Councils

Details:

Title

Annual Report 2011/2012 Professional Standards Councils

Other title

Tabled paper 112

Collection

Tabled Papers for 12th Assembly 2012 - 2016; Tabled Papers; ParliamentNT

Date

2012-11-01

Description

Deemed

Notes

Made available by the Legislative Assembly of the Northern Territory under Standing Order 240. Where copyright subsists with a third party it remains with the original owner and permission may be required to reuse the material.

Language

English

Subject

Tabled papers

Publisher name

Professional Standards Council

File type

application/pdf

Use

Copyright

Copyright owner

See publication

License

https://www.legislation.gov.au/Details/C2019C01520

Parent handle

https://hdl.handle.net/10070/273264

Citation address

https://hdl.handle.net/10070/427064

Page content

42 Professional Standards Councils Annual Report 2011-12 A u S tR A li A n C A P it A l te R R it o R y | n e w S o u th w A le S | n o R th e R n t e R R it o R y | Q u e e n S lA n d | S o u th A u S tR A li A | t A S m A n iA | V iC to R iA | w e S te R n A u S tR A li A Complaints data One hundred per cent of PSOAs members provided a signed annual report on complaints and discipline during 2011. It compiled a summary table of all member reports to identify the reasons for the complaints. The complaints were for minor misconduct or disputes which the member dealt with inhouse and therefore not progressed any further. Trends in professional indemnity insurance ACSIS Ltd, the insurance company responsible for 92 per cent of PSOA members, is the preferred supplier of insurance to the surveying profession, and is widely promoted to other associated bodies in other States. ACSIS Ltd has provided a risk management audit program free of charge to its clients. When the program is undertaken and passed, it provides a significant discount to their policy. From discussions with its members, insurance costs appear to range from 1.6 per cent to 3.5 per cent of turnover. monitoring of claims ACSIS Ltd advised 11 notifications, nine of which are still open, with a reserve total of $36,846. Completed member reports received indicated nine notifications with six settled and none paid out. This is a decrease from last years report by three claims and $14,850 in settlement costs. Of the ACSIS Ltd claims notified, none were paid out, therefore $36,846 is still in reserve. The main causes of the claims derive from disputes with owners, contractors or builders. Overall, the statistics for PSOA members compare favourably with the state and national averages; however, due to the small sample, a reasonable conclusion could not be drawn. Disclosure of limited liability and use of Cover of excellence trademark As required by the PSOA Risk Management disclosure requirements policy document, all PSOA members are required to disclose their limited liability to the consumer. All new PSOA members are notified that they have the option to use the Cover of Excellence trademark. valuers Australian Property Institute valuers limited The Australian Property Institute Valuers Limited (APIV) reported, as below. Continuing professional development Members are required to achieve 20 CPD points per annum. All members complied with this requirement. Complaints data The APIV did not receive any complaints against its members during the reporting period. Trends in professional indemnity insurance The APIV requires that each member have at least $1,000,000 professional PII in place. According to members surveyed, the average insurance premium was 3.6 per cent of annual turnover, with a range of three per cent to nine per cent. These figures vary due to a number of underwriting criteria, including a members gross turnover, risk management processes, limit of indemnity sought and claims history. The majority of members sourced PII from Lloyds of London, Sterling, Newline Insurance Australia, JUA Underwriting Agency, Asset Insure and Liberty International Underwriters. monitoring of claims During the last financial year, five members reported having a combined total of four claims and 12 notifications made against them. Four of these 16 claims and notifications included an amount sought, averaging $501,300, plus interest or costs, with a range from $229,520 to $900,000. Of the 12 notifications, one was withdrawn. Of the four, a claim of $390,000 was settled for $190,000, and two claims are still outstanding. Residential claims volumes may be trending upwards. The majority of claims by value are from larger firms defined as having more than 10 employees who conduct valuations.