Fletcher Building has finally released an update on its SkyCity convention centre issues, confirming that its insurance would “respond” to the October 22 blaze that damaged the nearly completed project.
Its insurers have confirmed that its contract works insurance policy will respond to the damage and loss resulting from the blaze, while the third party liability insurance policy is expected to respond “where legal liability exists and cases are being reviewed on a claim-by-claim basis.”
“Fletcher Building is working to determine the impact of the New Zealand International Convention Centre (NZICC) fire on the project’s delivery timeline, costs, and cash-flows, and any potential impact on the construction provisions announced in February 2018,” Fletcher Building said. “The company confirms that based on information currently available it remains within these provisions.”
Fletcher Building expects to provide a further update at its half-year results announcement in February 2020.