CDHB settles $320m insurance claim
Christchurch Earthquake 2011
The Canterbury District Health Board (CDHB) has settled its multimillion-dollar earthquake-related insurance claim, but there is still a significant shortfall for its quake repairs bill.
In one of the largest Canterbury quake claims, the board will receive the full amount available under its policy - $320 million.
Chairman Bruce Matheson said the board was delighted to have received the full amount, but the payout was ''not going to allow us to fix everything''.
Since the September 2010 quake, the CDHB has sustained damage to more than 200 buildings and 12,000 out of 16,000 rooms.
The board identified more than $500m of quake-related repairs to its buildings and infrastructure, Matheson said.
While it is an ''outstanding result'' to have received the maximum amount available under the insurance claim, ''clearly there is a gap between our insurance payout of $320m and the $500m price tag for repairs'', he said.
A process to ensure the funds were invested where they were most needed had begun, Matheson said.
The CDHB payout was the same as Housing New Zealand's, which was thought to be the largest Canterbury quake-related insurance claim when announced this year.
Chapmann Tripp Insurance law partner Garth Gallaway, who acted for the CDHB, said that from the outset there was an ''unwavering commitment'' by the board to achieve settlement at the policy limit as quickly as possible.
Grant Milne, country head for CDHB's insurance brokers, Marsh New Zealand, said the claim was one of the largest Canterbury quake claims made under a single policy.
- © Fairfax NZ News
Are you happy with progress towards recovery?Related story: September 4: Three year report card