Housing New Zealand counting cost of quakes

Published: 1:55PM Saturday February 04, 2012 Source: Newstalk ZB

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Housing New Zealand faces a $30 million shortfall for insurance claims from damage from the Christchurch earthquakes.

It's made three separate claims, to the value of $323 million, for the September, February, and June quakes. However, each of the claims carries a $10 million dollar policy excess.

Housing New Zealand says the cost will be treated as a cash loss.

It is also expecting further expenses for land remediation and the removal of liquefaction, neither of which is covered by insurance.

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