Terms of Engagement
Acceptance of Terms
By engaging Insurance Valuations and using our services, you confirm that you have read, understood, and agree to be bound by these Terms of Engagement.
If you do not agree with the terms, in whole or in part, you must notify us immediately and discontinue the use of our services.
Purpose of Valuation
This Valuation Report is prepared by Insurance Valuations for the specific purpose indicated in your request.
This report is NOT to be used for mortgage and/or lending security purposes, and we accept no liability if used otherwise.
Validity of Valuation
This valuation is current as of the date specified in the report. No assumptions or guarantees are made about future performance or value.
The stated market value is only valid for 3 months from the date of valuation.
Confidentiality & Use
This report is confidential and intended solely for the instructing party.
It must not be reproduced, distributed, or relied upon by any other party without our prior written consent.
Reliance
The report must be considered in full, including appendices and attachments.
We assume no liability if relied upon in part or by unauthorised parties.
Market Movement Disclaimer
Property values may fluctuate due to market or property-specific factors. We are not liable for any losses due to changes post-valuation date.
Conflict of Interest
To the best of our knowledge, we do not have any conflicts of interest related to this valuation.
Indemnity
The instructing party and any relying party jointly indemnify and hold harmless Insurance Valuations, its directors, staff, and contractors from any claims, losses, or legal costs arising out of the use of this valuation.
Limitation of Liability
Our total liability is limited to the amount of the fee paid for this valuation.
We are not responsible for indirect, consequential, or profit losses.
These exclusions do not apply in cases of proven fraud or willful misconduct.
Disclosure Obligations
You must disclose all relevant information. We rely on the accuracy and good faith of the data provided. We accept no responsibility for omissions or misrepresentations by the client.
Limited Liability Scheme
Liability is limited under a scheme approved under Professional Standards Legislation.
Amendments to Terms
We reserve the right to update these terms at any time. Updates will be communicated where practical.
Governing Law
These terms are governed by the laws of New South Wales, Australia. Disputes will be resolved under NSW jurisdiction.
Statements About Future Matters
Any statements regarding future performance or values are estimates only and not guarantees.
Turnaround & Delivery
Reports are typically delivered within 2–10 working days, depending on the property type and information provided.
Reports are delivered in PDF format via email.
Printed original reports are available at $250 + GST and additional copies at $50 + GST each.
Cancellation Policy
- 50% cancellation fee if cancelled after acceptance or appointment confirmation.
- 100% of the fee is due if cancelled after inspection.
- No partial report will be provided for cancelled reports.
Court Appearances
Court, tribunal, or mediation appearances are charged at $550/hour (inc. GST), a minimum of 4 hours per day.
Additional Services
Preparation of supplementary letters, or participation in phone conferences, is charged at $550/hour (inc. GST).
Payment Terms
Full prepayment is required before scheduling inspections.
Invoices with bank details will be issued upon receipt of your valuation request.
Overdue Payments
Interest on overdue invoices is charged at 30% per month.
You are liable for collection/legal costs for overdue accounts.
Valuer Interest Declaration
Insurance Valuations and the valuers involved declare no financial or personal interest in the subject property.
Confidentiality & Copyright
This report is only for the instructing party’s use and purpose as stated.
It must not be reproduced, shared, or published without our written permission.
Valuation Basis
Valuations reflect either:
- “As Is” Market Value, or
- Hypothetical “As If Complete” Market Value, based on provided plans and specifications.
Definitions as per the Australian Property Institute:
Market Value:
“The estimated amount for which an asset should exchange on the valuation date between a willing buyer and seller in an arm’s length transaction after proper marketing, with each acting knowledgeably, prudently and without compulsion.”
Market Rental Value:
“The estimated amount for which an interest in real property should be leased on the valuation date between a willing lessor and lessee on appropriate terms, after proper marketing, with each acting knowledgeably, prudently and without compulsion.”
Valuation Uncertainty (IVS definition):
“The possibility that the valuer’s opinion of Market Value may differ from the actual price achieved, assuming all market conditions remain unchanged.”