The Benefits
The Benefits
If you are a member of the Scheme:
- Your legal liability is capped; see Limitation of liability.
- Your membership, which is recognised worldwide, certifies that you practise in a competent, independent and ethical manner and that you are a leader in your field.
- Regular audit of your professional development certifies that your professional expertise is recognised as being up to date.
- You have an appropriate level of insurance cover.
- You have risk management strategies in place.
Limitation of liability
The liability limited by the scheme includes, to the extent permitted by the professional standards legislation, all civil liability arising (in tort, contract or otherwise) directly or vicariously from anything done or omitted to be done by a member of the Engineering Science and Technology Professional Standards Society (ESTPSS) or to any person to whom the scheme applies in carrying out their occupation. The scheme does not apply to liability for damages arising from any matter to which the professional standards legislation does not apply.
Membership of the scheme is divided into four classes: larger firms have much larger liability caps than smaller firms. The common denominator for each class is the size of overall fee income.
The classes of members and their respective liability caps are:
- Class 1-total annual gross fees income for professional services is less than $1 million (liability cap, $1.5 million)
- Class 2-total annual gross fees income for professional services is more than $1 million and less than $3 million (liability cap, $4 million)
- Class 3-total annual gross fees income for professional services is more than $3 million but less than $10 million (liability cap, $8 million)
- Class 4-total annual gross fees income for professional services is more than $10 million but less than $20 million (liability cap, $20 million).
Engineers Australia also has a discretionary authority to specify, on application, a higher monetary ceiling (maximum amount of liability) not exceeding $20 million, should a member feel it necessary from a commercial perspective.
