New Zealand: Insurance deal covers $854.8 million of Dunedin council's assets

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The Dunedin City Council has secured an improved insurance deal that will cover over $1 billion New Zealand ($854.8 million) of previously uninsured council assets in the event of a catastrophe, Otago Daily Times reported.

A report by council group chief financial officer Grant McKenzie said the overall cost of council insurance would increase from $2.18 million New Zealand ($1.8 million) in 2013-14 to $2.25 million New Zealand ($1.9 million) for 2014-15.

Coverage has been extended to include uninsured pipes and other underground assets.

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