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30 April 2014
Vero New Zealand, the lead insurer on the Ministry of Education claim in Christchurch, is pleased to announce the $200 million settlement.
“This has been the culmination of three years of comprehensive work with an intense six months in the lead up to the settlement agreement,” says Jimmy Higgins, Vero’s executive general manager, Earthquake Programme. “The cash settlement will give the Ministry complete flexibility on how, when and where they decide to spend the money on the remediation work required.”
“Ultimately, it is the New Zealand taxpayer who will benefit as more of these large claims are settled,” says Higgins.
Large commercial claims such as this one require the involvement of multiple specialists, assessments and data gathering before negotiations can begin.
“Vero are satisfied with the professional and efficient approach of the Ministry. We’ve enjoyed a respectful working relationship with the Ministry, their advisers, engineers and other specialists. Negotiations can be tense and confrontational but it is refreshing when we get to work with claimants who are committed to reaching a practical resolution,” says Higgins.
As a leading insurer in New Zealand, Vero has already paid out in excess of $3 billion towards the recovery of Christchurch.
Vero has also been the lead insurer on two of the largest claims in New Zealand – the Lyttelton Port Company (LPC) and Housing New Zealand. Both of these claims were settled last year.
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The information in this article has been compiled from various sources and is intended to be factual information only. Full details of policy terms and conditions are available from Vero Insurance New Zealand Limited or your financial adviser. For advice on product suitability, please contact your financial adviser. While we take reasonable steps to ensure that the information contained in this article is accurate and up-to-date, it is subject to change without notice. Vero Insurance New Zealand and its related companies does/do not accept any responsibility or liability in connection with your use of or reliance on this article.
