THE Australian Property Institute (API) has established API ValCover, an exclusive insurance facility for its members, that is effective immediately.
For the past decade the API has been monitoring the contraction of the insurance market in respect to professional indemnity insurance for its members. Further consolidation is expected as the insurance cycle shows signs of firming.
API CEO Mike Zissler said the API has decided to take action now and has arranged for a new insurance facility to be available for the exclusive benefit of its Members.
Zissler said the API is delighted to introduce API ValCover as a member benefit.
“We are currently exploring a whole range of other value added services to respond to member’s needs. Insurance is a logical progression to introduce which is a major cost to our members, particularly professional indemnity insurance. Going forward we are confident Members will welcome the facility, which is totally Capping Scheme compliant.
“The introduction of API ValCover is an exciting development within the API which we urge Members to support,” he added.
Prominent international insurance broker Jardine Lloyd Thompson Pty Ltd (JLT) has been appointed as intermediary, with Lloyds of London backing the facility through highly respected underwriting agency Woodina Underwriting in respect of Professional Indemnity and Public Liability insurance.
Additional classes of insurance will also be accepted through leading insurers to meet Members’ specific needs.
Both JLT and Woodina Underwriting have been chosen for their knowledge and commitment to the valuation industry supported with an exemplary claim service.
Australian Property Journal
