University of Otago earthquake cover #eqnz

### ODT Online Thu, 29 Dec 2011
Big cost for university to insure
By Matthew Haggart
The University of Otago will incur a significant financial hit to insure its $2.3 billion worth of building and contents assets next year. Premiums have risen by 62% in the wake of a response from international markets to the earthquakes in Christchurch. […] The University of Otago has 13 category 1 heritage buildings registered with the New Zealand Historic Places Trust and another six category 2 buildings. The insured valuation of the university’s heritage buildings is about 18% of its $2.3 billion building and contents assets portfolio – equivalent to about $41.4 million.
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Post and images by Elizabeth Kerr

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2 Comments

Filed under Architecture, Design, Economics, Geography, Heritage, Project management

2 responses to “University of Otago earthquake cover #eqnz

  1. So? Bend over and take it like the rest of us have to. Go try insure something on the coast or some other spots, you can’t even get it. My heart bleeds.
    One of their selling points I believe is the history/old building’s around the place…

    • Elizabeth

      When you have so many students and staff on campus (University of Otago has campuses at Dunedin, Christchurch, and Wellington) you have to cost in improvements to building performance for public safety and long-term sustainability of the business. That means prioritising spending for some existing buildings as well as to new development. Otago is Dunedin’s largest employer. It has already commenced work on halls of residence, for obvious reasons… plus, the students are away over summer. Engineering reports are under way for a great many other campus buildings.

      Property Services is well aware of its obligations and the potential spend. Recent completion of strengthening to one level of the (brick) Scott Building, Great King St, using contemporary engineering methods, saved the university substantial $millions over new build for the equivalent floor area, while allowing other floors of the building to stay in use as the redevelopment work proceeded.

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