November 25, 2019 / 8:48 PM / 16 days ago

UPDATE 1-SkyCity says insurers confirm coverage for Auckland centre fire damage

(Adds details on insurance coverage, background)

Nov 26 (Reuters) - New Zealand’s SkyCity Entertainment Group on Tuesday said its insurers have confirmed coverage for damage caused by fire to an under-construction convention centre ‍and an adjacent hotel in Auckland.

On Oct. 22, fire broke out at the New Zealand International Convention Centre (NZICC), owned by casino operator SkyCity.

The NZICC project, valued at NZ$703 million ($450.41 million), is reckoned by media and analysts to be the biggest currently underway in New Zealand.

Built by New Zealand’s largest construction firm Fletcher Building Ltd, the project has been plagued by delays.

“...SkyCity’s third party liability insurance policy will respond where legal liability exists and cases are being reviewed on a claim-by-claim basis,” the company said in an exchange filing.

Fletcher is an insured party under both its contract works insurance policy and third party liability insurance policy.

SkyCity said the NZICC site was handed back to Fletcher on Nov. 1. The impact of the fire on the timing of the project’s completion was yet to be determined, it said.

In a separate statement, Fletcher said the impact of the NZICC fire remained within the construction provisions announced in February 2018.

$1 = 1.5608 New Zealand dollars Reporting by Aby Jose Koilparambil in Bengaluru; Editing by Chris Reese and Grant McCool

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