“Lyttelton’s heritage Timeball Station was under-insured by $3.6m” The Press (Online Article 06.12.2015)

Updated:Heritage New Zealand have issued a Media Release in response to The Press article and it can be found at the following link-

“Heritage New Zealand responds to Timeball Station insurance article” HNZ Media Release

The Press Reported:

"... In 2010, the HeritageNZ board reduced insurance cover on its properties to a maximum of two-thirds, (HNZ national business manager Julie) Rowan said. Later that year, the earthquakes began. ...
"The board considered that any loss greater than two-thirds would reduce the likelihood of a rebuild," she said.
"Where we are able to reduce the premiums we pay, cost savings can be used for areas such as pre-emptive strengthening and maintenance of the buildings we care for," Rowan said. "

"Lyttelton's heritage Timeball Station was under-insured by $3.6m"  The Press

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