10 Sept 2014
QBE INSURANCE (INTERNATIONAL) LIMITED v WILD SOUTH HOLDINGS LIMITED AND MAXIMS FASHIONS LIMITED CA776/2013 [2014] NZCA 447
- Citation
- [2014] NZCA 447
- Court
- Court of Appeal
Automatic reinstatement clauses operate to reinstate the cover required to meet a loss immediately upon the occurrence of the insured event that caused it, with the insured concurrently incurring liability to pay any additional premium for which the policy provides; either party may cancel reinstatement by notice but such notice operates prospectively only; the doctrine of marine merger does not displace the indemnity principle under the policies before the Court; measure of indemnity for successive unremedied losses is the insured's actual combined loss (subject to policy limits), and questi…