CentrePort finalises major insurance payout

CentrePort finalises major insurance payout | Insurance Business

CentrePort finalises major insurance payout

CentrePort Wellington has announced that it has finally finalised its insurance payout from damages caused by the 2016 KaikĊura earthquake.

It secured $472.5 million (net of deductibles) from its port infrastructure claim – in addition to its commercial property portfolio and coldstore claims, totalling $667.2 million net of deductibles.

Derek Nind, chief executive officer at CentrePort Wellington, said the move marks a significant milestone for the port as they plan for the future.

“It has been a great team effort involving CentrePort staff, insurance claim experts, assessors, and engineers. I would also like to thank Vero, its co-insurers, and Aon in assisting in the finalisation through what was a complex and challenging time,” Nind said.

Nind confirmed they will now focus on the port’s regeneration.

“We can now proceed with the development of CentrePort’s regeneration with greater surety. [It] aims to deliver a 21st century logistics asset which is sustainable and brings benefit to the regional economy. It will provide an asset which connects with the communities and regions that we serve,” he explained.

“CentrePort has also accomplished much over the last three years in improving port resilience, undertaking repairs, and freeing up land to create options for long-term development.”