Lessons from the demise of CBL Insurance

CBL Insurance Limited (in liquidation) (CBLI) generated more than its share of litigation last year. 2018 marked the first occasion on which the High Court has ruled on an application by the Reserve Bank of New Zealand (Reserve Bank) for the liquidation of an insurer, under the Insurance (Prudential Supervision) Act 2010 (Act). The Reserve [...]

February 26th, 2019|Categories: Legal Developments|Tags: , |

Xu and Diamantina Trust v IAG & EQC [2017] NZHC 1964

Seven years on from the September 2010 Christchurch earthquake, the case of Xu & Diamantina Trust Limited v IAG has provided much needed clarification on the assignment of insurance policies. Many residential properties following the earthquakes were sold in their damaged condition with the vendor assigning their insurance policy and claims to the purchaser. Most residential insurance [...]

December 4th, 2017|Categories: Legal Developments|Tags: |

“[T]he same condition and extent as when new”: Myall v Tower Insurance Limited [2017] NZHC 251

This case involved a Christchurch house registered as a historic place, which was damaged in the earthquakes of late 2010 and early 2011. The house was unsafe to enter or repair and had demolished. Tower Insurance proposed to employ modern and cost-effective methods to rebuild the house, rather than using all of the original materials [...]

May 5th, 2017|Categories: Legal Developments|Tags: |