24 Nov 2017
WELLINGTON CITY COUNCIL v LOCAL GOVERNMENT MUTUAL FUNDS TRUSTEE LIMITED [2017] NZHC 2901
- Citation
- [2017] NZHC 2901
- Court
- High Court
The Council breached express notice obligations in the Protection Wording and Scheme Rules by failing to notify Riskpool of the High Court proceedings as soon as practicable; that obligation was a condition precedent to indemnity; Riskpool was materially prejudiced because it had commuted its reinsurance with Swiss Re shortly after and would not have accepted the commutation on the same terms had it known of the claim; s 9 Insurance Law Reform Act did not apply because the arrangement was not a contract of insurance but a mutual with discretionary indemnity; accordingly Riskpool lawfully decl…