Territory Stories

Professional Standards Act 1994 (NSW) Association of Consulting Surveyors National Professional Standards Scheme

Details:

Title

Professional Standards Act 1994 (NSW) Association of Consulting Surveyors National Professional Standards Scheme

Other title

Tabled paper 1655

Collection

Tabled Papers for 13th Assembly 2016 - 2020; Tabled Papers; ParliamentNT

Date

2020-06-24

Location

Darwin

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

Department of the Legislative Assembly

Place of publication

Darwin

File type

application/pdf

Use

Copyright

Copyright owner

See publication

License

https://www.legislation.gov.au/Details/C2019C00042

Parent handle

https://hdl.handle.net/10070/799117

Citation address

https://hdl.handle.net/10070/799118

Page content

cause of action above the amount of the Monetary Ceiling applying in respect of the Participating Member if the Participating Member can satisfy a Court that: (a) the Participating Member has the benefit of a PI Insurance Policy; and (b) the amount payable under the PI Insurance Policy in relation to the Occupational Liability4 is at least the amount of the Monetary Ceiling applying in respect of the Participating Member. 4.3 For the purposes of section 26 of the Act, the Scheme only affects a liability for Damages arising from a single cause of action to the extent to which the liability results in Damages exceeding the Monetary Ceiling applying in respect of the Participating Member, as determined by the Council and set out in clause 4.4. 4.4 The monetary ceiling applicable for the purposes of limitation of liability under the Scheme at the Relevant Time is to be determined according to the following table: Class Description Monetary ceiling (Maximum amount of liability) $2 millionA Participating Member who is at the Relevant Time an Individual Member who is a principal, partner, officer or employee of a Consulting Surveying Practice that generated Annual Fee Income for the Financial Year immediately preceding the Relevant Time of up to and including $2 million. 1 A Participating Member which is at the Relevant Time a Corporate Member that generated Annual Fee Income for the Financial Year immediately preceding the Relevant Time of up to and including $2 million. $5 million2 A Participating Member who is at the Relevant Time an Individual Member who is a principal, partner, officer or employee of a Consulting Surveying Practice that generated Annual Fee Income for the Financial Year immediately preceding the Relevant Time of greater than $2 million and up to and including $5 million. A Participating Member which is at the Relevant Time a Corporate Member that generated Annual Fee Income for the 4 Section 4(1 A) of the Act provides that a reference in the Act to an amount payable under an insurance policy in respect of an occupational liability includes a reference to (a) defence costs payable in respect of a claim, or notification that may lead to a claim (other than reimbursement of the defendant for the time spent in relation to the claim), but only if those costs are payable out of the one sum insured under the policy in respect of the occupational liability; and (b) the amount payable under or in relation to the policy by way of excess. However, see also section 26A of the Act and its note, which has the effect that section 4(1 A) does not reduce the cap on the liability of the Participating Member to the client. 3436-8038-9133, v. 6