Lyttelton insurance costs mount
As Lyttelton Port of Christchurch (LPC) processes what is due to be the largest single corporate insurance claim in the Southern Hemisphere, other local ports are also feeling the ramifications of the Canterbury earthquakes.
LPC’s rebuild, which is expected to take five or more years to complete, is predicted to total over NZ$300m (US$238m).
With insurers stung by the level of earthquake claims, South Port has announced that securing full cover for its NZ$100m assets saw its insurance costs jump “several hundred percent”.
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