Lyttelton Port working to assess quake insurance claim

Friday 3rd December 2010

Lyttelton Port Co says it is still working to determine its insurance claim following the September earthquake, despite media reports the claim could be between $50 million and $200 million.

It did not yet have a clear view on the value of the claim, the company said today.

Damage to the port was extensive, and the company was working closely with its insurers to measure the damage to the assets, and to decide the appropriate next steps for reinstatement.

It had insurance cover for asset replacement to current standards, along with business interruption insurance, it said.

Due to accounting requirements in the recognition and timing of insurance proceeds and related spending, the impact on the profit was extremely difficult to forecast now.

The company wanted to assure its customers and shareholders that it would continue to operate and meet customers' needs while repairs were done.

NZPA

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