27 Aug 2014
RIDGECREST NZ LIMITED v IAG NEW ZEALAND LIMITED [2014] NZSC 117
- Citation
- [2014] NZSC 117
- Court
- Supreme Court
The policy, properly construed, entitled the insured to payment under clause C1 for the damage caused by the earlier earthquakes and to payment under clause C2 for the final earthquake subject to three limits: no double recovery for the same discrete damage, the per‑happening contractual limit ($1,984,000) applies and resets after each happening, and aggregate recovery cannot exceed the building's replacement value; the marine merger doctrine does not automatically apply because causes of action accrued on each happening and the policy's happening‑by‑happening resetting governs the parties' r…