Scoop has an Ethical Paywall
Work smarter with a Pro licence Learn More

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.

ENDS

Advertisement - scroll to continue reading

Are you getting our free newsletter?

Subscribe to Scoop’s 'The Catch Up' our free weekly newsletter sent to your inbox every Monday with stories from across our network.

© Scoop Media

Advertisement - scroll to continue reading
 
 
 
Business Headlines | Sci-Tech Headlines

 
GenPro: General Practices Begin Issuing Clause 14 Notices

GenPro has been copied into a rising number of Clause 14 notices issued since the NZNO lodged its Primary Practice Pay Equity Claim against General Practice employers in December 2023.More

SPADA: Screen Industry Unites For Streaming Platform Regulation & Intellectual Property Protections

In an unprecedented international collaboration, representatives of screen producing organisations from around the world have released a joint statement.More

 
 
 
 
 
 
 
 
 
 
 
 

Join Our Free Newsletter

Subscribe to Scoop’s 'The Catch Up' our free weekly newsletter sent to your inbox every Monday with stories from across our network.