Council sets 2023-24 insurance for Buller’s assets

Buller District Council has signed its new insurance policies for the coming 12 months to manage a variety of risks, in the event of claims for damage needing to be made. The new insurance will come into effect on 1 November.  

Insurance is held for a variety of events that may impact on council assets or activities. Such claims could range from fire, flooding, storm and earthquake events.   

Council insures $77 million worth of buildings, $26 million of infrastructure above ground being pump stations, water and wastewater treatment plants, and $138 million of infrastructure underground being pipes, underground pump stations and other assets. 

Chief Financial Officer Douglas Marshall says: “Council also insures against claims for a variety of liability issues, as well as damage to council-owned motor vehicles, port and airport assets.”  

Council’s insurance cost $789,000 for the 2022-23 year. Council’s insurance cost for the coming 12 months is $813,000. The amount budgeted for was $885,000, which has resulted in costs being lower than budget by $72,000.  

Council has saved this money by reducing the dollar value of its underground assets to reflect the replacement value, as currently owned.  

-ENDS- 

For further information please contact: 
Chief Financial Officer 
Douglas Marshall 
Douglas.Marshall@bdc.govt.nz