6 Dec 2022
MOORHOUSE COMMERCIAL PARK LIMITED v VERO INSURANCE NEW ZEALAND LIMITED [2022] NZHC 3260
- Citation
- [2022] NZHC 3260
- Court
- High Court
[2022] NZHC 3260
New Zealand Case Law
Earthquake damage
6 Nov 2019
TOOMEY, SIMPSON and CANTERBURY TRUSTEES (2016) LTD as trustees of the TOOSIM FAMILY TRUST v IAG NEW ZEALAND LTD [2019] NZHC 2882
- Citation
- [2019] NZHC 2882
- Court
- High Court
Court, bound by Xu v IAG, struck out the claim: reinstatement benefit could not be assigned because Short had not incurred reinstatement costs at the time of assignment; Toosim cannot recover reinstatement costs it will incur; indemnity claim fails because Short suffered no financial loss when selling at market value unaware of the damage.
17 Jul 2015
PARKIN v VERO INSURANCE NEW ZEALAND LIMITED [2015] NZHC 1675
- Citation
- [2015] NZHC 1675
- Court
- High Court
Insurer did not breach the policy: under the policy the insured controls reinstatement but insurer's obligation to pay the cost is triggered only when the insured has incurred the costs or a legal obligation to pay (unless insurer validly elects indemnity, which did not occur); placing claim on insurer's cash settlement list was an extra-contractual step not an election to pay indemnity; jack-and-pack remediation for lower level piles is acceptable and meets the policy standard in these circumstances; retaining wall liability and quantum were not proved; no general damages awarded.
27 Aug 2014
RIDGECREST NZ LIMITED v IAG NEW ZEALAND LIMITED [2014] NZSC 129
- Citation
- [2014] NZSC 129
- Court
- Supreme Court
The policy, properly construed, required IAG to pay for damage caused by the earlier earthquakes under clause C1 and for the final earthquake under clause C2, subject to three caveats: no double counting of the same item, each happening gives rise to a separate per-happening limit (which resets), and aggregate recovery cannot exceed the building's replacement cost; the marine merger doctrine does not automatically apply to oust accrued causes of action under this non-marine policy and the indemnity principle only precludes recovery to the extent it would exceed replacement value.
8 Nov 2013
RIDGECREST NEW ZEALAND LIMITED v IAG NEW ZEALAND LIMITED [2013] NZSC 108
- Citation
- [2013] NZSC 108
- Court
- Supreme Court
The Supreme Court granted leave to appeal and formulated an approved question — whether Ridgecrest is entitled to be paid for damage from each earthquake up to the sum insured — permitting all arguments from the High Court and Court of Appeal to be relied on at the appeal hearing.
22 Feb 2013
TJK (NZ) LIMITED V MITSUI SUMITOMO INSURANCE CO LTD HC CHCH CIV-2012-409-2138
- Citation
- openlaw-9f14ef4d_9496_48c5_b903_255d4733f96e.pdf
- Court
- High Court
Extension MD022 must be read as providing both (a) an immediate liability to pay indemnity value (the loss suffered at the time of damage) and (b) reinstatement cover as a separate top-up to be paid as reinstatement costs are actually incurred; insurer is presently liable to pay not less than the indemnity value of Clarendon Tower, subject to proof of loss and credit for sums already paid.