Repairs done by 2015 - Lumley

MICHAEL BERRY
Last updated 13:34 14/12/2012

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Lumley Insurance says it expects to finish all earthquake repair and rebuilds of customers' homes by October 2015.

The smaller insurer, which has about 9 per cent of the general New Zealand insurance market, will be the first of the main insurers to fulfil its obligations if it meets its goal.

It has 1100 homes left to repair and rebuild.

Lumley has finished building 50 homes. Another 16 should be finished before Christmas  and the company has another 106 in progress.

It has about 100 over-cap (over $100,000, plus GST) repairs on the go as well. Overall, it has settled half of its residential quake claims.

Lumley chief executive John Lyon said he was confident the timeline would be met.

A comprehensive timeline taking into account the various land zones and geotechnical requirements had been drawn up to make sure the programme progressed as it should, he said.

''The next six months will be critical in maintaining momentum for the Canterbury rebuild."

Underpinning the programme were geotechnical drilling requirements, and Lumley was finalising the exclusive use of an additional cone penetrative testing rig, he said.

''By utilising the specialist skills and resources we have available during this intense rebuild phase, we believe we can deliver the programme on time for our customers," he said.

The company will meet all claimants in the new year to develop individual timelines for each claim and is working to make sure vulnerable customers' claims were prioritised.

Meanwhile, Fletcher EQR is expected to announce soon the indicative start dates for all the 58,000 homeowners who need under-cap repairs under the Earthquake Commission's repair programme.

The commission has told the firm it should finish all repairs by the end of 2015.

IAG, which owns State and NZI, has said it will complete its obligations by December 2015.

Southern Response, the Government-owned claims manager for AMI quake liabilities, believes it will finish up halfway through 2016.

Vero has not given an end date.

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- © Fairfax NZ News

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