17 Aug 2017
XU & DIAMANTINA TRUST LTD v IAG NZ LIMITED [2017] NZHC 1964
- Citation
- [2017] NZHC 1964
- Court
- High Court
The plaintiffs cannot recover the replacement benefit from IAG because Bryant is binding: the replacement/reinstatement benefit is personal to the named insured and cannot be assigned where the vendor has not and will not incur reinstatement costs. Condition 2 of the policy, properly interpreted by reference to its heading and s13, only extends cover to a purchaser for events occurring during the period between contract and settlement and does not operate to transfer entitlement to replacement benefit for pre-existing damage.