Uninsured DCC asset value work

The Dunedin City Council is working to clarify exactly how exposed it is to a repair bill for uninsured infrastructure assets in any future disaster.

The council had previously said it had $2.4 billion of uninsured above and below-ground infrastructure assets, but last month gave a lower figure of $1.6 billion.

Council financial controller Maree Clarke clarified the $800 million drop this week, saying the lower figure was based on the depreciated asset values, even though the assets themselves were insured based on replacement values.

However, Mrs Clarke could not say what the exact value of the council's uninsured infrastructure assets was, because council departments were still working to clarify figures.

Final replacement values would be known nearer to next month's insurance renewal date, and would be used by the council's insurance brokers to seek new cover, she said.

 

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