The Insurance Council has won a High Court ruling which will save insurers millions of dollars in the Christchurch rebuild.
The High Court has ruled that Christchurch City Council’s new earthquake strengthening rules to 67% of new building standard are illegal.
The Building Act 2004 requires just 34%.
The Insurance Council successfully argue 67% would cost insurers several hundred million dollars.
Insurance Council lawyers told the court 67% would not only incur more costs but would hold up the rebuild because there would be disputes about the extent of insurer liability if property owners were required to repair to the higher level.
A detailed report is available in NBR Print property section tomorrow.
This article is tagged with the following keywords. Find out more about MyNBR Tags
Most listened to
- Business leaders on Budget 2017: One of Andy Hamilton’s "very contentious" Budget wishes is for greater regulation of "pockets of our economy"
- Phil Twyford may have said the Point England development bill is just "nuts," but Bill English thinks opposition is "just dumb"
- Budget 2017: Grant Thornton's Murray Brewer thinks the IRD's new tax software should make its work easier and more efficient
- NBR's Jenny Ruth on Forsyth Barr downgrading Steel & Tube
- NZ Rugby's Steve Tew on why the Sevens needed to move, and whether the tournament can make money in Hamilton
- NBR Radio: best of the week ended May 19, with Grant Walker