Tag Archives: Premiums

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.

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The report to FSD is not available online.

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

Posted by Elizabeth Kerr

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

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

13 Comments

Filed under Economics, Geography, Politics, Project management