19 Dec 2013
CRYSTAL IMPORTS LIMITED v CERTAIN UNDERWRITERS AT LLOYDS OF LONDON [2013] NZHC 3513
- Citation
- [2013] NZHC 3513
- Court
- High Court
The Court construed the policy to give effect to the Reinstatement of Sum Insured clause so that, absent timely written notice to the contrary, the sum insured is automatically reinstated from the date of each loss and is available for subsequent insured events; however the doctrine of merger applies so that unrepaired damage from the September earthquake was subsumed into the February total loss such that defendants' liability for September damage is limited to sums already paid before February and thereafter liability is limited to the full sum insured per item; the Average clause valuation…