THE CRACKS ARE SHOWING
### ODT Online Sat, 16 Jul 2011
Assets of $2.4b not insured
By Chris Morris
The Dunedin City Council now faces a $2.4 billion hole in its insurance cover, after rejecting “huge” premium increases and dramatically reduced cover for above-ground infrastructure. The decision means roads, bridges, tunnels, viaducts and other pieces of critical infrastructure across Dunedin have also been left without insurance cover in the event of a natural disaster.
That was on top of the $1 billion in pipes and other underground infrastructure assets already left without cover on July 1, after council insurance brokers were unable to renew existing policies.
The latest loss of cover meant the city now had $2.4 billion worth of infrastructure assets without any form of insurance, council financial controller Maree Clarke confirmed late yesterday.
7.7.11 More than $1 billion of infrastructure assets NOT insured
LET’S BUILD A NEW STADIUM IN DUNEDIN – IT’S OUR FUTURE
Posted by Elizabeth Kerr