26 Sept 2013
MARAC FINANCE LTD v VERO LIABILITY INSURANCE LTD [2013] NZHC 2525
- Citation
- [2013] NZHC 2525
- Court
- High Court
Court found that Atkinson engaged in a sustained pattern of concealment and deceit amounting to dishonesty; applying a subjective 'clear intent' test the Court inferred from the evidence that from about mid-2005 Atkinson knew further unauthorised advances would cause Marac loss and intended that outcome; each unauthorised advance after 8 February 2006 gave rise to a direct financial loss within the policy subject to endorsement 4; Vero breached condition 5.9 by refusing to appoint an investigative specialist and caused Marac compensable legal costs; liability on coverage issues is therefore e…