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Lead insurer Vero has announced its third largest earthquake insurance payment to the Ministry of Education at $220 million.
The others were $440 million to Lyttelton Port Company and $320 million to Housing NZ.
The payout was the culmination of three years of negotiating over earthquake-damaged schools in Christchurch.
It was worked out in a “collaborative” way by assembling property-related specialists and Vero’s assessors, according to Vero external relations manager Vasantha Naidoo.
Vero has now paid more than $3 billion toward Christchurch claims – representing about 70% of its commercial and residential insurance obligations.
“Vero is satisfied with the professional and efficient approach of the ministry. We’ve enjoyed a respectful working relationship with the ministry, its 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,” Vero’s executive general manager, Earthquake Programme, Jimmy Higgins, says in a prepared statement.