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Cabinet Paper CAB-19-SUB-0399: On-sold Canterbury Properties
1. This paper seeks Cabinet agreement to a time-limited opt in package to provide for a timely, fair, and enduring resolution of on-sold over-cap claims resulting from the Canterbury earthquake sequence.
2. The proposed Government support package establishes the scope and nature of Government support to on-sold property owners, [9(2)(h)] The support package would:
2.1. Provide affected property owners a twelve month period to claim the cost of corrective repairs arising from failed or non-compliant EQC building work or damage missed from EQC assessments;
2.2. Payment would be made as a discretionary full and final payment in return for a waiver of rights to take further proceedings against the Earthquake Commission (the “EQC”).
3. This paper also seeks Cabinet agreement to a public education campaign aimed to raise awareness of the intended purpose and limits of EQC insurance assessments and the responsibilities of property owners (ie. claimants) under the Earthquake Commission Act 1993 (the “Act”).