The Christchurch City Council has reached an agreement with its insurer for a 635 million dollar payout for earthquake damage. The Christchurch City Council has been in a protracted dispute with its insurers, Local Authority Protection Disaster Fund and Civic Assurance, over the value of the insurance payout due to earthquake damage to civic buildings. The council says the agreement is for all of the around 16 hundred above-ground assets claims and for business interruption loses.
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