New Zealand Case Law: Decisions & Judgments | LexChat

Topic

Other insurance clause

Legal area

Court

13 Nov 2013

ZURICH AUSTRALIAN INSURANCE LIMITED T/A ZURICH NEW ZEALAND v BODY CORPORATE 398983 CA393/2013 [2013] NZCA 560

Citation

[2013] NZCA 560
Court

Court of Appeal

Clause MD15, read in its commercial context, limited Zurich's liability for natural disaster damage to the net top‑up amount (the difference between the Sum Insured and statutory EQC payments); accordingly the Sum Insured was inclusive of amounts payable by the EQC and Zurich's exposure was the Sum Insured less EQC payments.
15 May 2013

BODY CORPORATE 398983 V ZURICH AUSTRALIAN INSURANCE LTD HC AK CIV-2012-404-002723

Citation

openlaw-b1defce8_9f2b_43e7_828b_77454520d257.pdf
Court

High Court

MD15's reference to 'loss' means the insured's actual loss (dollar amount) so s30(2) alters when Zurich's cover commences but not where it ends; the sum insured is exclusive of EQC payments and the Body Corporate is entitled to the sum insured ($12.95m) in addition to the EQC payment ($6.8m); although ACM's market knowledge was imputed to the Body Corporate it did not displace the plain meaning of MD15.