13 May 2015
NEW ZEALAND FIRE SERVICE COMMISSION v INSURANCE BROKERS ASSOCIATION OF NEW ZEALAND INCORPORATED [2015] NZSC 59
- Citation
- [2015] 1 NZLR 672
- Court
- Supreme Court
Where indemnity cover combined with excess of indemnity cover results in aggregate cover exceeding the property's indemnity value, s 48(6)(c) governs and the levy is computed on the fair and reasonable indemnity value; s 48(7) excludes only the portion that is in excess of that indemnity value, not entire excess policies which also provide indemnity cover; a collective placement structured as NZPC is for s 48 purposes to be treated as separate contracts/policies per insured party, therefore levies are assessed per insured contract and the declarations below were wrongly made and are set aside.