Insurance Council saves insurers millions
Council saves hundreds of millions by winning argument over earthquake repair standards.
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.
Chris Hutching
Thu, 07 Feb 2013
Thu, 07 Feb 2013
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Insurance Council saves insurers millions
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