New Zealand Case Law: Decisions & Judgments | LexChat

Topic

Crime insurance

Legal area

Court

26 Sept 2013

MARAC FINANCE LTD v VERO LIABILITY INSURANCE LTD [2013] NZHC 2525

Citation

[2013] NZHC 2525
Court

High Court

Court found that Atkinson engaged in a sustained pattern of concealment and deceit amounting to dishonesty; applying a subjective 'clear intent' test the Court inferred from the evidence that from about mid-2005 Atkinson knew further unauthorised advances would cause Marac loss and intended that outcome; each unauthorised advance after 8 February 2006 gave rise to a direct financial loss within the policy subject to endorsement 4; Vero breached condition 5.9 by refusing to appoint an investigative specialist and caused Marac compensable legal costs; liability on coverage issues is therefore e…
13 Jun 2011

QBE INSURANCE (INTERNATIONAL) LIMITED V PEGASUS GROUP LIMITED COA CA830/2009

Citation

COA CA830/2009
Court

Court of Appeal

Inventory exclusion clauses in QBE and AHA policies do not operate to bar use of stock records where there is independent evidence explaining the discrepancy as physical loss by theft; on the facts independent and corroborative evidence (stock records, surveillance, employee admissions, systemic opportunity and third-party losses) established proximate cause and quantum of loss; accordingly appeals dismissed, cross-appeal dismissed and insurers liable subject to lawful set-off and recoveries.