The API is systematically reviewing its standards to meet the changing and future needs of Members.
The API and PINZ reviewed the paper Valuations for Insurance Purposes and released an exposure draft for consultation between 2 November 2022 and 18 November 2022.
The API and our PINZ colleagues in New Zealand reviewed the feedback and comments received during the consultation period. Based on feedback received, extensive changes were made to the paper and a revised exposure draft paper drafted. The revised exposure draft is now open for consultation.
The objective of this guidance paper is to provide information, commentary, advice and recommendations to Members including Valuers providing insurance cost estimates of tangible assets, such as ‘destructible improvements to real property’ (destructible improvements) and ‘plant, machinery and equipment’ (P&E).
The API are pleased to release the revised and updated paper as an exposure draft. The consultation period for this paper is from 8 March 2023 to 5 April 2023.
Members and stakeholders are encouraged to provide comments on the exposure draft paper using the webform provided here at by no later than Wednesday 5 April 2023.
Posted on March 17, 2023