The Institutes (API, PINZ & NZIV) continue to review and update their professional standards documents to ensure they meet the changing and future needs of members. 

The Institutes issued an exposure draft paper for consultation in Australia and New Zealand in November 2022 and again in January-February 2023. 

The feedback and comments received during the consultation period were reviewed and considered by the Institutes, and after much deliberation by the technical drafting group and the standards committee/board in Australia and New Zealand, a final paper has been released with an effective date of 1 July 2025. The Institutes encourage and permit earlier adoption. 

The purpose of this guidance paper is to provide information, commentary, advice and guidance to members providing insurance cost estimates of tangible assets, such as “destructible improvements to real property” and “plant, machinery and equipment”. 

The guidance paper ANZVGP104 Insurance Cost Estimates is available here. 

Any queries please contact the standards teams at [email protected]