Benefits of Membership


Professional risk management and providing professional indemnity insurance is the core activity for LPMS.  Membership of LPMS means that you are part of a group whose objective is to manage your professional risks and minimise your exposure to liability claims.
 

The following is a summary of how we achieve that:

  1. Claims Committee System
    The Claims Committee comprises fellow surveying & valuer professionals who are in business the same as you.  They understand what it is that you do every day.  You have direct access to these individuals and can telephone them at any time for confidential advice.  The Claims Committee has extensive experience in all manner of claims and are able to draw on that experience to provide you with appropriate and important advice on what to do next and how to mitigate the risk of the situation developing into a claim.
     
    Once a claim is made, the Claims Committee forms a very important intermediary between you and the insurer, providing the insurer with appropriate advice particularly where the claim may just simply be a “try-on”.  In that case the Claims Committee will hopefully help the claim “go away” as quickly as possible allowing you to get on with your business.
     
  2. Unique Insurance Policy
    The LPMS insurance policy has been written by surveyors and valuers for the benefit of its members.  This policy is not available anywhere else on the market despite it being underwritten by two of the leading market insurers.  This policy is not available from those insurers direct.  The policy is updated on a regular basis, or whenever the executive determines that a new area of risk has arisen that was previously not an area of concern.  A major benefit is the continuity of indemnity provisions contained in the policy.
     
  3. Continuing Education
    LPMS has an active continuing education programme.  Previously this has been delivered through a roadshow presentation and through presentations at the Annual General Meeting.  This website will now allow regular continuing education by way of video and this interactive website.
     
  4. Resources
    LPMS has an extensive resource library available to all members providing information on practical risk management and claims avoidance.  Information on how claims arise has in the past been disseminated to members to make them aware of everyday situations where claims have arisen.  This website will archive every bit of written information that has been provided to members through reports or newsletters.  This information will searchable using a comprehensive search engine contained within the website.
     
  5. Active Forum
    The website provides a forum within the members only area to enable any topic to be raised amongst the general membership and other practitioners.  It is particularly anticipated that when the Claims Committee becomes aware of a new situation arising that is not only new but of considerable concern, this circumstance will be advised to members through email and a forum initiated.  The forum would also enable any member to simply ask a question or advice from other members on a particular situation that is concerning them at the time.  This will give members the benefit of the knowledge and wisdom of 300 other like-minded member firms who may well have encountered the situation before.  Where else will you find this facility?
     
  6. Complimentary Life Cover
    $50,000 of free life cover is available to all principals of member firms who have been members of the society for 10 years and are under 65 years of age at the time of qualification.  This cover is up to the age of 70 years.  There is no medical certificate requirement.
     
  7. Free Run Off Cover
    LPMS has a Complimentary Professional Indemnity Run-off Cover Scheme for retired long term members.
     
    This cover is available to all Principals of Member Firms who have fully retired from further practice and who held continuous professional indemnity cover under the LPMS scheme for at least five years prior to the date of retirement.  The cover continues until two years after the death of the retired Principal.
     
    The complimentary run-off cover provides for
    -   An indemnity limit of $200,000 for any one claim and in the aggregate during retirement.
    -   A deductible (excess) of $2,000.
    -   Annual renewal.
     
    Full details are available from AON.
     
  8. Companion Covers offered
    General (Public) Liability
    Statutory Liability
    Directors & Officers Liability
    Internet Liability
    Employers Liability
    Legal Defence
    Employment Practices Liability
     
  9. Section 52 Cadastral Survey Act 2002 cover for surveyors