DCC pays out $millions to cover loss making stadium and professional rugby, yet…

### ODT Online Thu, 6 Sep 2012
Premium headache for city
By Chris Morris and Eileen Goodwin
Two of Dunedin’s biggest employers, the Dunedin City Council and the Southern District Health Board, face big hikes in insurance premiums as the ripple effects of the Canterbury earthquakes continue to spread. […] The council faced a 21% hike in premiums from $1.74 million to $2.1 million in the same period, just to maintain existing cover, it was confirmed yesterday. That still left $2.4 billion of infrastructure assets uninsured and the council facing a $362,000 shortfall in its insurance budget, council financial controller Maree Clarke said.

The council’s bad news was presented to yesterday’s finance, strategy and development committee meeting by Mrs Clarke and council insurance broker Peter Cromb. Mr Cromb’s company, Crombie Lockwood Risk Partners, had renegotiated insurance cover for the council in 2012-13 that was similar to the previous year’s. That meant buildings, plant and equipment were covered, but other infrastructure assets, including water pipes and bridges, remained uninsured.

Read more

The report to FSD is not available online.

Related Posts:
16.7.11 Major Dunedin City Council infrastructure assets NOT INSURED
7.7.11 More than $1 billion of infrastructure assets NOT insured


Posted by Elizabeth Kerr


Filed under #eqnz, Business, DCC, DCHL, DVL, DVML, Economics, Media, ORFU, Politics, Project management, Property, Site, Sport, Stadiums

4 responses to “DCC pays out $millions to cover loss making stadium and professional rugby, yet…

  1. Hype O'Thermia

    “There could be a scientific explanation for the failure of some international pivots to “get their kicks” in Dunedin’s stadium. Mark Geenty reports.
    Dunedin’s house of horrors will continue to haunt visiting goalkickers as long as it remains under a roof, a Wellington scientist says…….”

    Opinion poll
    What is most to blame for the poor kicking percentages at Dunedin’s Forsyth Barr Stadium?
    Poor technique
    The stadium atmosphere
    Tricky corner breezes
    The ball

  2. Elizabeth

    CFO Grant McKenzie delivers the goods !!

    The council now had direct backing from international insurers through the Lloyds market. That included expanding the scope of what was covered.

    ### ODT Online Thu, 3 Jul 2014
    Council insurance deal ‘good news’
    By Chris Morris
    The Dunedin City Council has secured “significantly” improved insurance cover for $3.4 billion of ratepayers’ assets after seeking a better deal in London, it has been confirmed. Council group chief financial officer Grant McKenzie told the Otago Daily Times the council’s insurance cover had been renewed, within budget and with improved terms, in recent days.
    Read more

    ● Details of the new deal would be disclosed in a report being prepared for the next council finance committee meeting on July 28.

  3. Elizabeth

    Roads and other above-ground infrastructure assets worth $915 million left without cover, although, in an emergency, NZTA would pay ”a large share” for some work. (ODT)

    ### ODT Online Tue, 29 Jul 2014
    New insurance deal covers $1b of city assets
    By Chris Morris
    More than $1 billion of previously uninsured Dunedin City Council assets are now covered in the event of a major disaster, although questions remain over some details of the new deal, council staff say. Councillors at yesterday’s finance committee meeting heard the details from council group chief financial officer Grant McKenzie, who earlier this year travelled to London in search of improved cover.
    Read more

    Report – FIN – 28/07/2014 (PDF, 213.4 KB)
    Insurance Renewal

  4. Elizabeth

    Nice work, GCFO Grant McKenzie:

    ### ODT Online Wed, 15 Jul 2015
    Better insurance deal secured
    By Chris Morris
    The Dunedin City Council has significantly improved its insurance for $3.4 billion of ratepayers’ assets after a second flying visit to London by its group chief financial officer. The improved package includes more than doubling the council’s “first loss” cover, from $100 million to $250 million, and expanded cover for infrastructure assets.
    Read more

    Tabled at Monday’s DCC Finance Committee meeting:

    Report – FIN – 13/07/2015 (PDF, 184.8 KB)
    Insurance Renewals Year Ended 30 June 2016

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