21 Mar 2019
MYALL v TOWER INSURANCE LIMITED [2019] NZHC 528
- Citation
- [2019] NZHC 528
- Court
- High Court
Absent an express contractual term, an insurer may not deduct use of money interest from interim payments made as present day value or voluntary advance payments; electing to cash settle within the policy does not eliminate the contractual condition that full replacement value is payable only after the insured has incurred the costs of replacement or repair; and a court declaration of the amount representing full replacement value is not a judgment debt for interest purposes until the insured has incurred the qualifying costs.