By The Insurance and Risk Team
This edition of the NZ Insurance Bulletin includes an overview of recent cases and developments relevant to the insurance industry.
The Bulletin features the following articles:
By Grant MacDonald and Monique Van
In Trustees Executors Limited v QBE Insurance (International) Limited (HC Auckland, CIV 2009-404-1165), the High Court was asked to interpret the Securities Exclusion in QBE's policy. This decision is a good example of the High Court applying the plain and ordinary meaning of words and not artificially reading down an exclusion clause.
By Crossley Gates and Peter
The Government introduced the Insurance (Prudential Supervision) Bill (Bill) into Parliament in late October 2009. The Bill contained numerous changes arising out of the Reserve Bank consultation process. In this article we look at the key changes, many of which have seen an improvement to the proposed legislation
By Monique Van Bellen and Crossley
In a leading New Zealand authority, the High Court in Technology Holdings Limited v IAG New Zealand (HC Auckland, CIV-2005-404-3450) defined 'damage' in response to the question of whether there had been 'loss or damage' to the property of Technology Holdings Limited.
By Neil Beadle
The strict liability/package limitation regime for domestic carriage in New Zealand limits liability to NZ$1,500 per 'unit of goods'. In Ports of Auckland Limited v Southpac Trucks Ltd  NZSC 112 the Supreme Court has considered the application of the regime under the Carriage of Goods Act 1979 and overturned an earlier decision by the Court of Appeal. As a result, Southpac's recovery of some NZ$60,000 was reversed, to be replaced by the NZ$1,500 package limit.
© DLA Phillips Fox
DLA Phillips Fox is one of the largest legal firms in Australasia and a member of DLA Piper Group, an alliance of independent legal practices. It is a separate and distinct legal entity. For more information visit www.dlaphillipsfox.com
This publication is intended as a first point of reference and should not be relied on as a substitute for professional advice. Specialist legal advice should always be sought in relation to any particular circumstances.