13 May 2014
NEW ZEALAND FIRE SERVICE COMMISSION V INSURANCE BROKERS ASSOCIATION OF NEW ZEALAND INCORPORATED CA56/2013 [2014] NZCA 179
- Citation
- [2014] 3 NZLR 541
- Court
- Court of Appeal
Appeal dismissed. For the sample split tier policies levies are computed on the sum insured where the contract provides indemnity cover capped below indemnity value and no valid indemnity valuation is furnished; s 48(7) exempts portions of a contract limited to excess over the indemnity value; and the New Zealand Ports Collective policy is a single composite contract (not eight separate contracts) for levy purposes because it contains joint obligations (single premium and joint cancellation), so the levy is computed on the aggregate sum insured declared under that composite policy.