Lyttelton Port quake claim could hit $200m

Lyttelton Port Co says it is still working to determine its insurance claim following the September earthquake, despite media reports the claim could be between $50 million and $200 million.

It did not yet have a clear view on the value of the claim, the company said today.

Damage to the port was extensive, and the company was working closely with its insurers to measure the damage to the assets, and to decide the appropriate next steps for reinstatement.

It had insurance cover for asset replacement to current standards, along with business interruption insurance, it said.

Due to accounting requirements in the recognition and timing of insurance proceeds and related spending, the impact on the profit was extremely difficult to forecast now.

The company wanted to assure its customers and shareholders that it would continue to operate and meet customers' needs while repairs were done.

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2 Comments & Questions

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Oh how I wonder how the insurers will sort out deferred maintenance versus earthquake....

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Very good question Eric. Though I think it's worse than that. In the longer Chch Press article the wharf company spoke quite openly about how they were going to combine the earthquake rebuild with the long term capital improvement project (worth $250 million) they already had on the books before the earthquake - reclaim Barrys Bay, cruise ship wharf, public facilities in the inner harbour, etc. When reading that I thought the insurance company would be picking up its game pretty quick.

(For myself, I'm mainly concerned with what sort of nice restaurants they're going to build for me on the cruise ship wharf, given we've lost Godley House on the other side of the Harbour for the forseeable future :) )

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