The South African Institute of Valuers, founded in 1909, is the national society of professional real estate valuers. The Institute is dedicated to serving the public interest by advancing high standards for members of the appraisal profession.
Today it has some 1550 members representing at least 60% of registered valuers in South Africa.
As the representative body of the valuation profession in Southern Africa, the Institute is in the business of promoting excellence by:
Setting and maintaining high standards of professional proficiency, ethics and education Striving to provide the appropriate educational programmes, sources of data and information Marketing and creating awareness of the benefits of the professional services of its members to existing and potential clients Monitoring and making representations on relevant legislation in the best interests of its members and their clients.
The sum of money that the insured property would have realized in cash, at the market price, at the time and place that it was destroyed or damaged by the hazard covered. It is taken to be the actual loss suffered at the time of the loss rather than at the time the policy was issued.