3 Jul 2019
RUIREN XU AND DIAMANTINA TRUST LIMITED v IAG NEW ZEALAND LIMITED [2019] NZSC 68 [3 July 2019]
- Citation
- [2019] 1 NZLR 600
- Court
- Supreme Court
Majority held that under the IAG standard replacement policy the entitlement to replacement benefits in clause 1(a) is conditional on reinstatement by the insured named in the policy and, where reinstatement by the insured has not occurred, that conditional entitlement is not assignable so as to entitle an assignee to reinstate and be reimbursed; condition 2 does not extend cover to purchasers for loss that pre-dated the sale agreement; appeal dismissed.