Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search


Vero settles Ministry of Education claim

30 January 2014

Vero settles Ministry of Education claim

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.


© Scoop Media

Business Headlines | Sci-Tech Headlines


Shocking Dairy Footage: MPI Failing Our Animals And Damaging Our Reputation

Greens “Nathan Guy needs to urgently look into how his ministry is enforcing animal welfare standards, how these appalling incidents happened under its watch and what it’s going to do prevent similar incidents happening again in the future." More>>


Land & Water Forum: Fourth Report On Water Management

The Land and Water Forum (LWF) today published its fourth report, outlining 60 new consensus recommendations for how New Zealand should improve its management of fresh water and calling on the Government to urgently adopt all of its recommendations from earlier reports. More>>



Welcome Home: Record High Migration Stokes 41-Year High Population Growth

New Zealand annual net migration hit a new high in October as more people arrived from than departed for Australia for the first time in more than 20 years. More>>


Citizens' Advice Bureau: Report Shows Desperate Housing Situation Throughout NZ

CAB's in-depth analysis of over 2000 client enquiries about emergency accommodation shows vulnerable families, pregnant women and children living in cars and garages, even after seeking assistance from the Ministry of Social Development and Housing New Zealand. More>>


Speaking For The Bees: Greens Call For Neonicotinoid Pesticide Ban

The National Government should ban the use of controversial pesticides called neonicotinoids after evidence has revealed that even at low doses they cause harm to bee populations, the Green Party said today. More>>


Get More From Scoop

Search Scoop  
Powered by Vodafone
NZ independent news