Council says 'years' before insurance is settled

5:47 am on 4 November 2012

Christchurch City Council says it will be years before the council's insurance negotiations over earthquake damage are completed.

The council has so far claimed $557.4 million from its insurers and the Crown and has received a payment of $407.5 million.

Corporate Finance Manager Diane Brandish says before the earthquakes the council's assets were insured for $1.9 billion,a figure based on advice received from valuers in 2010.

The council's financial committee, chaired by Helen Broughton, has asked for more information about how the decision was made on the level of insurance of each major asset.

Ms Broughton says the committee wants to ensure the council gets the full entitlement for each major asset.

Ms Brandish says residents can be assured the council will continue to seek the best insurance deal for the city.