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Housing NZ looking to cover $30m shortfall

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Housing NZ looking to cover $30m shortfall

By: Tim Dower | Latest National News | Saturday February 4 2012 11:06

 

Housing New Zealand will have to find $30 million to make up a shortfall in insurance claims for damage from the Christchurch earthquakes.

It's made claims to the value of $323 million for the September, February, and June quakes.

Each of them carries a $10 million policy excess.

Housing New Zealand says it'll be treated as a cash loss.

There will also be further expenses for land remediation and the removal of liquefaction, neither of which is covered by insurance.

 

 

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