CRICOS No J a university for the world real R Changing (water) landscapes Issues for value(r)s API NSW Country Conference 2014 Rydges Mount Panorama, Bathurst, NSW 2-3 May 2014 Dr Lucy Cradduck 1

CRICOS No J a university for the world real R CONTEXT Water ‘issues’ becoming more prevalent –Small, Newby & Clarkson, 2013 More development in at risk regions –Robson, 2007; Yassin, Bond & McDonagh, 2011; Sheehan, 2012 Valuations need to be current and accurate –Spencer v Cth, 1907 Changing ‘landscapes’ change risks –Diaz-Nieto et al, 2012

CRICOS No J a university for the world real R How to identify property at risk from water?

CRICOS No J a university for the world real R WHAT RISK? Sea River Sky Flood 4

CRICOS No J a university for the world real R Sea 5

CRICOS No J a university for the world real R Sea Rising sea levels –Cradduck & Teale, 2014 Erosion –Zeppel, 2012 More widespread flooding –Strauss, Tebaldi & Ziemlinksi,

CRICOS No J a university for the world real R River 7

CRICOS No J a university for the world real R River Rising levels –Wilby & Keena, 2012 Debris –Austin, 2013 Flooding in previously ‘dry’ areas –Thagunna,

CRICOS No J a university for the world real R Sky 9

CRICOS No J a university for the world real R Sky Storm surges –Harris, 1963 Mudslides –Agence France-Presse,

CRICOS No J a university for the world real R Flood 11

CRICOS No J a university for the world real R Flood Lack of understanding of risk –Cradduck & Teale, 2014 Time lapse –Small, Newby & Clarkson,

CRICOS No J a university for the world real R IDENTIFYING AT RISK PROPERTY Government proscription of information provision –i.e. S.149(2) EPA Act 1979 certificate on development or sale –Eves, 2002 Government information provision –Local government authorities –Federal government data bases –Mapping Online services –Google Maps –OzCoasts –Other geographic information systems (GIS) 13

CRICOS No J a university for the world real R What can change the risk? Development Climate change (un)Reliable data

CRICOS No J a university for the world real R Development More building in coastal regions –Mason, 2011 Impact from upstream events – Walker & Elks, 2010 Development –Yassin, Bond & McDonagh, 2011 Government interventions –Kunreuther, 1984 Public works and changing policies

CRICOS No J a university for the world real R Climate change Storms will become more prevalent –Shephard et al, 2012 Rising levels from climate change –Hu et al, 2013

CRICOS No J a university for the world real R Data Disclaimers –General on website … Council, makes no representation and gives no warranty about the accuracy, reliability, completeness or suitability for any purpose of the information. To the full extent that it is able to do so in law, the Council disclaims all liability … for losses and damages, … caused by or arising from anyone using or relying on the information for any purpose whatsoever… –Paid search Council makes no warranty or representation regarding the accuracy or completeness of this flood enquiry. Council disclaims any responsibility or liability in relation to the use or reliance by any person on the information contained in this flood enquiry. Access to current data

CRICOS No J a university for the world real R OVERVIEW OF INSURANCE ISSUES Lack of understanding of issues –Risk Lack of history –Passage of time Policy wordings Document literacy –ABS, 2013 Effect of exclusion provisions Cradduck & Teale, 2014

CRICOS No J a university for the world real R Insurance issues, cont Cover Cost Responsibility

CRICOS No J a university for the world real R ISSUES FOR VALUE(R)S Data –Currency –Accuracy –Appropriateness –Completeness –Cost v instructions –Insurability Ease of use of systems 20

CRICOS No J a university for the world real R FUTURE CONSIDERATIONS 21 Rising sea levels More sever weather events generally –Wilby & Keenan, 2012 Changing planning provisions –Rainbow Shores, 2013 Acknowledging risks

CRICOS No J a university for the world real R 22

CRICOS No J a university for the world real R Dr Lucy Cradduck Faculty of Law, QUT, Brisbane, Qld Contact Details