17 Dec 2012
INSURANCE BROKERS ASSOCIATION OF NEW ZEALAND INCORPORATED V NEW ZEALAND FIRE SERVICE COMMISSION HC AK CIV 2011-404-3468
- Citation
- openlaw-999ef82d_63cb_478f_af4b_957db2b51286.pdf
- Court
- High Court
The court held that s 48(6)(c) "indemnity value" means the value of the loss for which the contract provides (normally the stated sum insured) and that s 48(7) excludes from the levy any insurance cover that is in excess of that indemnity value; consequently split-tier excess-of-indemnity cover is not subject to the levy, and a composite policy (like the Ports Collective policy) is a single policy for levy purposes so one levy is payable computed on the aggregate indemnity sum disclosed in the policy.