15 Dec 2014
TOWER INSURANCE LIMITED v SKYWARD AVIATION 2008 LIMITED [2014] NZSC 185
- Citation
- [2014] NZSC 185
- Court
- Supreme Court
Where an insured elects to buy another house under cl 2(c) and Tower has elected to 'make payment' under cl 3, the insured (not the insurer) chooses to acquire the other house; Tower's liability is the lower of (a) the cost of the other house and (b) the notional cost of rebuilding the insured house on its present site; clause 4 does not impose a separate requirement that the acquired house be 'comparable' to the insured house as a precondition to payment.