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

 


ICNZ To Participate in Declaratory Judgment

ICNZ To Participate in Declaratory Judgment


The Insurance Council of New Zealand (ICNZ) will participate in a Declaratory Judgment sought by the Earthquake Commission (EQC) to review its approach to settling land damage arising from the Canterbury earthquakes.

The EQC has developed an approach to determine whether land is more vulnerable to flood as a result of the Canterbury earthquakes and is eligible for EQC payments as a result, and asked ICNZ if it would participate in proceedings seeking the Court’s endorsement for EQC’s approach to these issues.

“There were simply too many important issues for insurers not to be a party to the proceedings. EQC’s approach is novel, untested, raises issues that need clarifying for everyone’s sake and has some elements that we have concerns about,” ICNZ Chief Executive Tim Grafton said.

“ICNZ being involved will enable the Court to be better informed about other factors that need to be considered that EQC may not address” Mr Grafton said.

“We feel the interests of others need to be heard too. While some of our views may be shared by insurers’ customers, the views of these landowners and insurers may not be perfectly aligned and for this reason we support the appointment by the Court of an amicus to represent the interests of landowners,” he said.

“ICNZ has concerns about how EQC proposes to determine whether land qualifies for compensation, and how compensation would be calculated in some cases.

There are also issues around the interplay between EQC land cover and insurers’ building cover which directly affect insurers that we want to be heard on. For instance, we believe that where a house is being repaired or rebuilt and flood level requirements mean it needs to be raised, EQC is liable for meeting the incremental cost of that work that results from earthquake-induced settlement of land,” he said.

A Declaratory Judgment will bring greater certainty to how EQC settles claims where land has settled as a result of the earthquakes, and this has given rise to increased vulnerability to flood. It will also have implications for EQC’s approach to land settlement that has made properties more vulnerable to liquefaction.

ENDS

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

Half Empty: Fonterra's 2017 Opening Forecast Below Expectations

Fonterra Cooperative Group raised its forecast farmgate milk payout for next season by less than expected as the world's largest dairy exporter predicts lower prices will crimp production and supply will pick up. The New Zealand dollar fell. More>>

ALSO:

Pest Control: Mouse Blitz Team Leaves For Antipodes

The Million Dollar Mouse project to rid Antipodes Island of mice is underway with the departure of a rodent eradication team to the remote nature reserve and World Heritage Area. More>>

Gongs Got: Canon Media Awards & NZ Radio Awards Happen

Radio NZ: RNZ website The Wireless, which is co-funded by NZ On Air, was named best website, while Toby Manhire and Toby Morris won the best opinion general writing section for their weekly column on rnz.co.nz and Tess McClure won the best junior feature writer section. More>>

ALSO:

Pre-Budget: Debt Focus Risks Losing Opportunity To Stoke Economy

The Treasury is likely to upgrade its forecasts for economic growth in Budget 2016 next week but Finance Minister Bill English has already signalled that more of his focus is on debt repayment than on fiscal stimulus or tax cuts... More>>

ALSO:

Fulton Hogan's Heroes: Managing Director Nick Miller Resigns

Fulton Hogan managing director Nick Miller will leave the privately owned construction company after seven years in charge. The Dunedin-based company has kicked off a search for a replacement, and Miller will stay on at the helm until March next year, or until a successor has been appointed and a transition period completed. More>>

ALSO:

Gordon Campbell: On Electricity, Executions, And Bob Dylan

The Electricity Authority has unveiled the final version of its pricing plan for electricity transmission. This will change the way transmission prices (which comprise about 10% of the average power bill) are computed, and will add hundreds of dollars a year to power bills for many ordinary consumers. More>>

ALSO:

Half Empty: Fonterra NZ, Australia Milk Collection Drops In Season

Fonterra Cooperative Group says milk collection is down in New Zealand and Australia, its two largest markets, in the first 11 months of the season during a period of weak dairy prices. More>>

ALSO:

Get More From Scoop

 
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news