Quake payout one of NZ’s biggest

Three years after the devastating Christchurch earthquake, Vero has made one of New Zealand’s biggest ever insurance payouts.

Last week, the Canterbury Government announced a $200 million settlement for damage to 214 schools during the February 2011 earthquake and subsequent tremors, as well as fires.

Associated Education Minister Nikki Kaye says the claim was one of most complex to result from the quake.

“More than 1000 buildings at over 200 schools were involved,” she says.

“The wide-ranging building types and damage, the spread of school sites across Canterbury, and ensuring schools remained open and functional were all part of the challenge

According to Education Minister Hekia Parata, 91 schools were able to be reopened in late 2012.

“However, more complex remediation of many buildings has been on hold while the Ministry of Education and Vero assessed damage and negotiated the claim,” she says.

“Now with the claim settled and cash in hand, we can get on with repairing or demolishing damaged buildings without the constraint of the insurance claim process.”

Meanwhile, late last month the country’s Earthquake Commission passed the 50,000 repaired-buildings mark.