Time running out for councils to get quake insurance

9:11 am on 30 June 2011

Time has almost run out for two Canterbury councils to find new earthquake insurance cover.

The policies held by the Christchurch City and Waimakariri District councils for above ground assets - such as AMI Stadium - expire at 4pm on Thursday.

Civic Assurance - which is owned by local authorities - provided material damages cover for 46 councils in New Zealand.

But it says following the big aftershock in Canterbury on 13 June, it can no longer do so as it has been unable to source reinsurance.

The Waimakariri District Council says it has managed to secure fire cover, but has not been able to get earthquake insurance for either its above ground or below ground assets.

The Christchurch City Council is also still working to find a new insurer, ahead of the deadline.

Both councils have approached the Government for assistance.