From: Robert Forward
After a recent read in the Australian Property Journal (a subscription bases magazine) I've read an article regarding Property Valuers.
Professional Indemnity insurance for property valuers has risen by 273% in the past two years, with the excess to be paid on policies went from $6500 up to $9800.
Seemly the valuing of commercial property is the most riskiest accounting for 20% of claims. In another article one commercial valuer was sued for $30m for over valuing the Brisbane Myer Centre and he just lost a case on appeal. The valuer has to pay $12m in costs and $18m in interest. That is what I call OUCH...
Anyway, I thought that would be worth knowing since some us are having troubles getting valuers to do a true valuation on properties. It looks like they are covering their own butts from litigation to me.
Cheers
Robert
After a recent read in the Australian Property Journal (a subscription bases magazine) I've read an article regarding Property Valuers.
Professional Indemnity insurance for property valuers has risen by 273% in the past two years, with the excess to be paid on policies went from $6500 up to $9800.
Seemly the valuing of commercial property is the most riskiest accounting for 20% of claims. In another article one commercial valuer was sued for $30m for over valuing the Brisbane Myer Centre and he just lost a case on appeal. The valuer has to pay $12m in costs and $18m in interest. That is what I call OUCH...
Anyway, I thought that would be worth knowing since some us are having troubles getting valuers to do a true valuation on properties. It looks like they are covering their own butts from litigation to me.
Cheers
Robert
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