5 Aug 2008
TECHNOLOGY HOLDINGS LIMITED V IAG NEW ZEALAND LIMITED AND ANOR HC AK CIV 2005-404-3450
- Citation
- openlaw-62ed9276_1e48_43b1_b773_e5ddab4cdb85.pdf
- Court
- High Court
There has not been 'loss' as defined (disappearance or physical deprivation). However, 'damage' under the Business Assets policy is not confined to physical damage; damage may exist where flood-affected storage causes the property to be unfit for intended use or creates a material risk of earlier malfunction, including where establishing that risk requires dismantling and inspection of units. If plaintiff proves such consequences it may recover for 'damage'.
- Definition of loss
- Definition of damage
- Business assets insurance
- Flood damage to stored goods