23 Dec 2013
BFSL 2007 LIMITED & ORS (IN LIQUIDATION) v STEIGRAD [2013] NZSC 156
- Citation
- [2013] NZSC 156
- Court
- Supreme Court
The statutory charge under s 9(1) attaches on the happening of the event giving rise to the third‑party claim and secures the amount of the insured's liability as it is finally established (subject to the policy limit); defence costs are not within the statutory charge and payment of defence costs prior to judgment that would deplete funds available to meet the charged claim is at the insurer's risk.