Ridgecrest New Zealand Limited v IAG New Zealand - SC 76/2013

Summary

Civil Appeal – Insurance – Whether, when more than one insured event occurs during the term of a policy of insurance in materially the same form as the policy issued by the Respondent to the Appellant, the insured may on each occasion recover the cost, up to the amount of the sum insured, of restoring the property to the condition in which it was prior to the event – Whether the Court of Appeal erred by answering a different question than the preliminary question put to it – Whether the Court of Appeal erred by disregarding the agreed facts and substituting other facts.[2012] NZCA 291 CA 811/2012

Result

Leave to appeal is granted.

The approved question is whether the Court of Appeal correct to conclude that Ridgecrest is not entitled to be paid for the damage resulting from each of the earthquakes up to the limit of the sum insured.

11 November 2013

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A The appeal is allowed.
B The preliminary question is answered “yes” but subject to the caveats identified in [62].
C The appellant is awarded costs of $25,000 together with reasonable disbursements to be fixed by the Registrar in relation to the appeal.
D The orders for costs in the High Court and Court of Appeal are set aside and the respondent is to pay the appellant costs in those courts to be fixed by those courts.

27 August 2014

Additional Information

Transcript Hearing date : 10 March 2014

McGrath, William Young, Glazebrook, Blanchard, Tipping JJ.