Vero addresses concerns about Lyttelton Ports Company

Vero addresses concerns about Lyttelton Ports Company

"Vero has been in discussions with Lyttelton Port Company (LPC) regarding the expenses incurred by LPC thus far. Vero believes that a significant percentage of the expenses claimed is not indemnified under LPC's material damage or business interruption policies.

"Discussions between Vero and LPC over previous months have indeed highlighted a difference of opinion about the extent to which LPC's assets are covered for reinstatement. However, a critical point is whether some assets are insured at all. There is also debate about some assets, which in Vero's view, were clearly under-insured.

"Vero remains committed to settling this claim and working closely with representatives from LPC as well as our co-insurers. Vero has throughout the claims process acted in good faith and will continue to do so. We encourage LPC to seek any additional advice it feels may be necessary to enable us to successfully negotiate a fair outcome," said Vero CEO Gary Dransfield.

ENDS

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