Cap Your Occupational Liability
Professional benefits for LIV members
The LIV is pleased to announce that it has launched a Limitation of Liability Scheme with the Professional Standards Council (PSC) pursuant to the Professional Standards Act 2003 (Vic.).
LIV members can benefit from the Scheme, by having their occupational liability capped, provided those members qualify under the Scheme and also choose to participate in the Scheme.
Public notification and approval process of Scheme
Public notification of the Scheme was published in The Age by the PSC on 6 November 2009. The Scheme was then subject to a statutory consultation period which ran from 1 February to 31 March 2010. The Scheme was then referred to the Victorian Attorney General for gazettal. After gazettal there was a two month Victorian statutory "waiting period" for Scheme commencement.
Status of Scheme
The Scheme commenced on 1 July 2010. As at 4 August 2010 there are legal practitioners from 1024 firms participating in the Scheme. Although the Scheme has already commenced, legal practitioners not participating in the Scheme may participate if they become LIV members and have a practising certificate (excluding a corporate practising certificate).
Participating in the Scheme
You will need to complete and return a notification form (pdf) to the LIV together with payment of $105.00 per legal practitioner.
Frequently Asked Questions (FAQs)
Answers submitted via the feedback form will be incorporated into the FAQs fact sheet for all interested parties to view online.
Further Information
In the first instance please download the FAQ (pdf) which will be regularly updated with your online queries. If the FAQ is unable to address your query please feel free to log your questions via our Feedback Form or contact the Scheme Administrator on:
(03) 9607 9563
Or at lls@liv.asn.au