Consumer Affairs Victoria (CAV) is seeking a broker to manage the state’s professional indemnity scheme for licensed conveyancers.

Conveyancers who are not legal practitioners must hold licences and have professional indemnity cover.

“Following a review of the scheme [last year], it has been decided to appoint an insurance broker to manage the scheme jointly with the Australian Institute of Conveyancers,” a CAV tender document says.

Currently CAV has a memorandum of understanding with underwriters, which deal directly with conveyancers.

It will accept written quotes from brokers until 2pm on Thursday November 21.

Applicants will be shortlisted by November 29 and negotiations will be held from December 9-13. The successful applicant will be notified in the week of December 16.

The chosen broker will oversee a transition period until June 30, then enter a three-year contract with the institute to manage the scheme.

Applicants must meet the specifications in the request-for-quotation document on tenders.vic.gov.au.

There are 452 licensees operating conveyancing businesses in Victoria, including 178 registered companies, CAV’s tender document says.

To view the tender, click here.