8 Nov 2012
RIDGECREST NZ LIMITED v IAG NEW ZEALAND LIMITED HC CHCH CIV-2012-409-000295
- Citation
- openlaw-1916bb6c_3def_4aca_8169_dabf21ce5489.pdf
- Court
- High Court
Clauses C1 and C2 are capable of both applying under replacement cover but merger does not automatically apply to general material damage policies; however on the facts the insurer's chosen mode of part-performance (effecting repairs) followed by subsequent insured events that made completion impossible meant that the insurer's obligation to meet the full contractual liability was frustrated — the insured is not entitled to additional payments beyond amounts necessary to effect parts of repairs actually undertaken before the building became irreparable plus the policy limit for the happening…