The Timaru team have been sharing our knowledge with South Canterbury building owners at the recently held seismic assessment information evenings coordinated by Timaru District Council. The team looked into some of the various reasons why you may need to consider getting your property portfolio assessed.
Building (Earthquake-prone Buildings) Amendment Act 2016
The new act, which came into effect on July 1, 2017, aims to ensure the way buildings are managed is consistent across the country and strikes a balance between:
- Protecting people from harm in an earthquake
- The costs of strengthening or removing buildings
- The impact on New Zealand’s built heritage.
During the sessions, our engineers shared practical advice on the process and responsibilities of both the Territorial Authority, and the Building Owner.
Tenants, financiers, and insurers are among some of the interested parties now wanting to better understand the impact to them and their interests, as a result of the expected performance of buildings during an earthquake. The market is seeing a change in behaviour from these groups in response to the strength and resilience of a building. For example; tenants are looking for resilient buildings which safeguard their people and allow for continued operation, buildings which have a strength of greater than one third of the current building code are typically able to be insured for replacement value, and you have the choice to leverage your assets if you choose.