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.