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

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

Maritime: Navigation Safety Review Raises Big Issues For The Govt

Shipping Federation: "The reports makes it clear that the ratification of the Maritime Labour convention (MLC) is long overdue. Only when the MLC is ratified will Maritime NZ be able to inspect and enforce the labour conditions on international ships visiting our ports." More>>

ALSO:

100 Years After Einstein Prediction: Gravitational Waves Found

For the first time, scientists have observed ripples in the fabric of spacetime called gravitational waves, arriving at the earth from a cataclysmic event in the distant universe. This confirms a major prediction of Albert Einstein’s 1915 general theory of relativity and opens an unprecedented new window onto the cosmos. More>>

ALSO:

Farming: Alliance Plans To Start Docking Farmer Payments

Alliance Group, New Zealand's second-largest meat cooperative, plans to start withholding some stock payments to its farmers from next week to bolster its balance sheet and force suppliers to meet their share requirements. More>>

ALSO:

Gambling: SkyCity First Half Profit Rises 30%, Helped By High Rollers

SkyCity anticipates the Auckland business will benefit from government gaming concessions which were triggered on Nov. 11 in recognition of SkyCity’s $470 million Convention Centre development. Morrison said the concessions would allow the Auckland business to lift its activity during peak period, noting it had a record revenue week over the Christmas and New Year period. More>>

ALSO:

Money For Light: Kiwi Scientists Secure Preferential Access To Synchrotron

Science and Innovation Minister Steven Joyce today announced a three-year investment of $2.8 million in the Australian Synchrotron, the largest piece of scientific infrastructure in the Southern Hemisphere, to secure preferential access for Kiwi scientists. More>>

Telco Industry Report: Investment Hits $1.7 Bln A Year

Investment in the telecommunications sector is $1.7 billion a year, proportionately one of the highest levels in the OECD, according to a report released today on the status of the New Zealand sector. More>>

ALSO:

PGPs: New Programme Sets Sights On Strong Wool

A new collaboration between The New Zealand Merino Company (NZM) and the Ministry for Primary Industries (MPI), announced today, aims to deliver premiums for New Zealand's strong wool sector... More>>

ALSO:

Get More From Scoop

 
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news