The EQC Action Group has settled its dispute with EQC. Here is a link to the website that has the settlement terms. There is a joint statement that sets out what is agreed.
- Insurance under the Act insures the house for replacement value, which includes the cost to reinstate a house to substantially the same condition as when new and the cost of complying with any applicable laws;
- EQC’s liability includes the costs to fix undamaged parts where that is affected by remediation of damaged parts;
- If a house has suffered earthquake damage that includes the floor being out of level:
- The fact that the floor level is within the MBIE Guidance criteria is not sufficient reason for the insurance under the Act not to cover the relevelling of the floor; and
- If the insurance covers the relevelling of the floor, the relevelling required is determined by the Act, not by the MBIE Guidance criteria.
- If EQC chooses to make a cash payment rather than replace or reinstate property the payment must be the replacement value of the property and cannot rely on cluase 9(1)(a) in schedule 3 to the Act that provides: (a)
the Commission shall not be bound to replace or reinstate exactly or completely, but only as circumstances permit and in a reasonably sufficient manner;