A recent High Court decision about discovery issues BC398983 v Zurich Australian Insurance Ltd & anor  NZHC 2333 discusses a claim against Zurich for earthquake damage to the Salisbury Park Apartments. At issue is the indemnity limit for replacement value cover. The insurance policy stated the limit was $12.95M. The body corporate says that the limit is $100M. Its position is supported by the insurance broker ACM who supposedly organised the $100M limit. The limit is an issue because reinstatement may cost about $22M. Zurich says that EQC payments received of $6.8M must be deducted from the sum insured. The body corporate says it recovers the EQC payments additional to the $12.95M sum insured. The judgment does not resolve these issues, but makes orders about disclosure of classes of documents.
http://www.grantshand.co.nz/wp-content/uploads/2017/03/logo.png 0 0 admin http://www.grantshand.co.nz/wp-content/uploads/2017/03/logo.png admin2012-09-19 21:51:272015-07-28 02:49:41Body corporate sues earthquake insurer and broker