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Tuesday, September 18, 2012

EQC–collaborative drilling problems with other insurers

EQC yesterday announced on rebuildchristchurch.co.nz that discussions have broken down with other insurers over the sharing of drilling data (here). At this stage it looks as though only Southern Response are prepared to cooperate with EQC (here).

The effect of this? Over-cap properties will be handled by their insurers who will need to source their own drilling equipment and produce their own data. Will it mean delays for over-cap properties? Possibly.

The EQC release reads:

Discussions between the Earthquake Commission and insurance companies have broken down in regards to a joint approach to the drilling and sharing of data.

This decision clears the way for EQC to focus on under cap properties while private insurers will continue with their own drilling programmes.  

The decision will bring certainty to TC3 customers sooner as they know their insurer is managing their claim and repairing their property as well as doing the drilling.

There will be no delay in EQC’s drilling programme and the individual insurers will have more flexibility to manage their own programmes.  All parties are putting considerable resources into their drilling programmes.

This decision does not rule out a collaborative drilling programme for overcap properties in the future.

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