8 months ago

Selwyn Times: August 09, 2016

Selwyn Times: August 09,

FREE TUESday aUgUST 9 2016 379 7100 Selwyn Times Proudly locally owned and published by Star Media Award winning publishing group Kea (Nestor Notabilis) Authorised by Nina Green, 1 Wedgewood Row, Rolleston. Ladbrooks, Tai Tapu, Leeston, Lincoln, Southbridge, Prebbleton, Halswell, Rolleston, Templeton, Burnham, West Melton, Darfield, Arthurs Pass Southbridge breaks 32 year drought – in the mud CHAMPIONS: Southbridge have broken a 32 year drought winning the Luisetti Seeds Ellesmere division 1’s Coleman Shield 8-6 in a tight contest against Waihora. Running rugby was put aside for a hard fought, mud-caked battle in Lincoln for the title. Story, photos on page 14-15. PHOTO: KAREN CASEY Good news for district’s insurance • By Tom Doudney A NEW insurance policy means cover for Selwyn’s councilowned buildings and other above ground public assets, should disaster strike, has been increased by 780 per cent. The district council’s latest policy, which came into effect last month, has seen cover for above ground assets increased from $30 million to $264 million while cover for underground assets remained the same at $250 million. That’s in spite of premiums only increasing by five per cent from $740,378 to $775,024. The district council had only been able to get limited insurance cover in the years following the earthquakes as insurers perceived the risk in the Canterbury area as too high. It had partially covered that shortfall by creating an $11.5 million self-insurance fund and no decision has been made on whether that money will be retained for insurance purposes. District councillor Grant Miller, who chairs the audit and risk committee, said the new policy was good news and meant it could insure assets it had not been able to in recent years. “What we have found is that the market is starting to ease, the acceptance of risk is more widespread and there is more competition coming back into the market.” District council property and commercial manager Douglas Marshall said the cost of insurance cover for fire had dropped substantially in recent times, allowing the district council to get more for its money. As it stands, in the event of a disaster the Government would cover 60 per cent of the damage to underground infrastructure – but that contribution is under review. “The council is in what it thinks is a good insurance position but it is mindful that the Government is reviewing how it covers its share of natural disaster insurance on underground assets,” Mr Marshall said. “Therefore the council would have to be reviewing again how it structures its insurance cover from July 2017.” At the beginning of September 2010, before the earthquakes, the district council had $143 million of cover for above ground assets and $113 million of cover for underground assets. Mr Marshall said this cover would have been close to the value of the assets at the time. During the last six years, the district council’s above ground assets have risen in value to $264 million while underground assets have lifted in value to $540 million. This increase in value has been due to the amount of new infrastructure built to provide for growth in the district as well as valuation changes. The majority of the district council’s cover is with Vero. Offering ‘reserve front’ sections “More go. Less mow.” When Gordon and Janet retired they downsized from their large acreage to a very generous section in Faringdon and that’s when the good life kicked into full throttle! Luckily there’s less to mow but still enough that Janet agreed to Gordon keeping the ride-on! SECTIONS SELLING NOW! 400m 2 sections priced from $159,000 Visit Rolleston’s fastest selling development Dynes Road, Rolleston. Wed to Sun 12pm to 4pm Call Bruce Harvey on 0800 667 849 or visit STAGE 15 NOW AVAILABLE! 656m 2 sections priced from $179,000 View Gordon and Janet’s story at FRD29105-ST-9x8