11 Feb 2020
MATHIESON v TOWER INSURANCE LIMITED [2020] NZHC 136
- Citation
- [2020] NZHC 136
- Court
- High Court
The $455,000 warranty is a limit on the sum insured for a policy period (an overall cap within that period), not a per event cap; the Market Value Cap operates as an overall cap on indemnity across the earthquake sequence such that further recovery after renewal is only possible to the extent the property retained residual market value at renewal and total payments cannot exceed the market value measure of indemnity (580,000) less EQC payments.