Tag Archives: Insurance cover

EQC reforms, proposed changes to Earthquake Commission Act

Government was now seeking submissions on the proposals, before introducing a bill to Parliament in early 2016.

### NZ Herald Online 11:31 AM Monday Jul 6, 2015
Reforms to Earthquake Commission Act outlined
By Isaac Davison
Government has outlined the changes it wants to make to insurance cover after natural disasters, including a doubling of the cap on building cover to $200,000.

The Earthquake Commission Act is being reformed, and a discussion paper on the proposed changes has been released today.

Earthquake Commission Minister Gerry Brownlee said the reforms would ensure the EQC remained focused on rebuilding homes and would resolve the difficulties experienced in Christchurch with regard to land and building cover. The changes would also better integrate EQC and private insurers’ claim handling processes and ensure the natural disaster insurance scheme remained sustainable. Among the key proposals was increasing the cap on EQC building cover from $100,000 to $200,000.
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Posted by Elizabeth Kerr

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Audit NZ true but pale in delivery?

### ODT Online Thu, 14 Jun 2012
Audit NZ warns of risks from debt, stadium
By Chris Morris
Rates hikes, increased debt levels or cuts to services remain a risk for the Dunedin City Council as it grapples with uncertainty over the Forsyth Barr Stadium, Audit New Zealand warns. The assessment came in two Audit NZ reports presented to the council’s finance, strategy and development committee yesterday. One report studied the council’s draft long-term plan for the next decade, to 2022, while the other scrutinised the council’s performance in the year to June 30, 2011.

Audit director Ian Lothian, in his long-term report, said council assumptions the stadium would cover its own costs and ensure rates were not affected remained a “high financial risk” to the council’s plans.

Stadium revenue projections were “as yet unproven”, dependent on income from rentals and sponsorships, and “still … a big assumption”, Lothian warned. The near-liquidation of the Otago Rugby Football Union highlighted the risks inherent in the stadium investment, he said.
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Report – FSD – 13/06/2012 (PDF, 1.1 MB)
Management Report from Audit New Zealand – Long Term Plan
Report – FSD – 13/06/2012 (PDF, 1.2 MB)
Management Report from Audit New Zealand – Year Ended 30 June 2011

The council fiasco widens. Keep indulging professional rugby (HPSNZ) why not.

### ODT Online Thu, 14 Jun 2012
Council to retain building
By Chris Morris
The Dunedin City Council has moved to retain direct ownership of High Performance Sport New Zealand’s Dunedin base. The move would see the council retain ownership of the $5.1 million building at Forsyth Barr Stadium, together with the land it sat on, worth $1.71 million. The council transferred the land to Dunedin Venues Ltd last year, and was to do the same with the building this month.
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Posted by Elizabeth Kerr

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Major Dunedin City Council infrastructure assets NOT INSURED

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.
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Related Post:
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

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Filed under Economics, Geography, Politics, Project management

More than $1 billion of infrastructure assets NOT insured

Existing insurance arrangements expired on July 1, leaving all underground infrastructure assets – such as water and wastewater pipes – without cover. Some above-ground infrastructure assets – such as pumps and treatment plants, but not buildings – were also without cover.

### ODT Online Thu, 7 Jul 2011
No insurance cover for $1 billion of assets
By Chris Morris
More than $1 billion in underground infrastructure across Dunedin is without insurance against natural disasters, after international reinsurers baulked at the risk after the Christchurch earthquakes. Dunedin City Council acting chief executive Athol Stephens yesterday confirmed brokers acting for the council had been unable to secure cover against earthquakes, landslips and other disasters.
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16.7.11 Major Dunedin City Council infrastructure assets NOT INSURED
The Dunedin City Council now faces a $2.4 billion hole in its insurance cover.

LET’S BUILD A NEW STADIUM IN DUNEDIN – IT’S OUR FUTURE

Posted by Elizabeth Kerr

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Filed under Economics, Geography, Politics, Project management