24 Jun 2015
PRATTLEY ENTERPRISES LIMITED v VERO INSURANCE NEW ZEALAND LIMITED [2015] NZHC 1444
- Citation
- [2015] NZHC 1444
- Court
- High Court
The settlement agreement was valid and binding; on the facts the insured did not intend to rebuild so the correct measure of indemnity for the total loss after 22 February 2011 was market value of the property and that market value did not exceed the agreed settlement; insurer's statements were opinions reasonably held and did not breach contract or Fair Trading Act; contractual mistake and lack of consideration arguments fail because the release expressly covered unknown claims and the settlement of an unliquidated claim is supported by consideration.