Avoiding Claims for Property Valuers - A Practical Update
Valuers had a tough time following the property market crash in 2008. Almost all properties dropped in value and many borrowers defaulted on their loans. Valuers bore the brunt and were besieged with claims, not just from those who had originally instructed them, but also from other institutions that had subsequently purchased the loans.
Whilst the tranche of claims following the last crash has generally come to an end due to limitation, the cyclical nature of the property market and the financial uncertainty being generated by Brexit and the COVID-19 pandemic means there is a near certainty that there will be a significant decline in the property market, at least for commercial property, which will in turn generate claims against valuers.
This webinar is aimed at valuers and will explain the practical advice and helpful tips on how you can seek to avoid claims being made against you and, where claims are made, steps you can take in your day-to-day practice to ensure you can put forward the strongest possible defence.
What You Will Learn
This webinar will cover the following:
- The key elements of a claim against valuers:
- Breach of contract
- The ‘margin of error’ or ‘bracket’
- Quantification of a claim, including explaining how the ‘SAAMCo’ cap operates in practice
- Scope of duty, third party reliance on reports, and how to limit your duty, including consideration of the cases of Titan v Colliers, Scullion v Colleys and Tiuta v De Villiers Surveyors
- Liability caps
- Contractual terms - what your retainer with your client should cover
- Limitation - how long after you have provided a valuation can you be sued and for what period should you obtain run-off insurance cover?
- Advice on risk and file management - collation of evidence during the valuation process
This pre-recorded webinar will be streamed at 12:30pm on Monday 7th December 2020 and will remain available to view by delegates who have registered by then for 90 days.
at your organisation