I was pleased to read in Saturday’s Press that EQC chairman Michael Wintringham is sighting changes to the current EQC structure. This is definitely music to my ears, and I’m sure it is for you as well. However the crying shame is that we have all had to be the guinea pigs to prove that the current structure is not robust enough to effectively handle such a mammoth event that has taken us all by surprise.
Wintringham says that because of the huge scale of the earthquakes disaster and the costs to the Government and private insurers “there is an incentive for insurers to reduce their own liabilities by shifting costs to the Crown or to other parties”.
Wintringham says the EQC Act needs review. At present the Government is considering the terms of reference of the review.
The Canterbury earthquakes had provided “a reality check” on the workability of the 20-year-old law.
Well I guess hindsight is always a great thing – one always knows how to do it all after the event has transpired. Let’s hope the lessons have been learned and we are all better prepared for future “events” before they arrive.
On the real estate front, having had two properties sell under the hammer last week, it is my perception that both the buying and selling public are relishing the opportunity to transact real estate in such a transparent and professional forum.
If you are off to the races or simply enjoying a bit of family time out over Canterbury’s anniversary week, be sure to enjoy. It’s looking like the traditional good ‘show week’ weather is on its way too.