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EQC Increased Flooding Vulnerability

EQC Increased Flooding Vulnerability. CAG overview 22 July 2014. Outline. EQC land cover IFV – what it is and what it isn’t General IFV criteria Flood modelling Assessment process Settlement process Next steps. EQC Land Damage Cover. EQC land cover. Land Under building

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EQC Increased Flooding Vulnerability

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  1. EQC Increased Flooding Vulnerability CAG overview 22 July 2014

  2. Outline EQC land cover IFV – what it is and what it isn’t General IFV criteria Flood modelling Assessment process Settlement process Next steps

  3. EQC Land Damage Cover EQC land cover • Land • Under building • 8m around building & structures • main access within 60m of dwelling • Bridges and culverts in the land above • Retaining walls within 60m of building and supporting the building or land as above

  4. EQC land cover

  5. Increased Flooding Vulnerability IFV is • a physical change to residential land, that is • a result of the earthquakes, which • adversely affects the uses and amenities of that land, by • increasing the vulnerability of that land to flooding events. Changes to the insured land that result in it becoming more vulnerable to flooding as a direct result of the earthquakes are covered by EQC.

  6. Not IFV • Flooding that occurred pre-earthquake sequence, or • Increases in flooding due to changes to offsite drainage due to earthquakes, or • Increases in flooding due to changes in streams and rivers offsite.

  7. General IFV Criteria The flood depth has increased by 200mm or more as a result of the Canterbury earthquake sequence, and The flood depth has increased by 100mm or more as a result of a single earthquake event, and The land has suffered observed damage as a result of the Canterbury earthquake sequence, and The change in flooding vulnerability has caused the value of the property to decrease.

  8. Earthquake Events • 4 September 2010: 7.1M • 22 February 2011: 6.3M • 13 June 2011: 6.4M • 23 December 2011: 6.2M Changes in ground levels Pre-September 2010 LiDAR surveys 5 different sets Cross Section Surveys For priority waterways Post-September 2010 Post-February 2011 Post June 2011 Post-December 2011

  9. IFV Assessment Process

  10. Next steps • Ground truthing • Valuation • Declaratory Judgement • Possible settlement approaches • Diminution of value • Contributing to CCC offsite flood mitigation works.

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