30 April 2014
“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.
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