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:

Interpretation of an Exclusion Clause

By Grant MacDonald and Monique Van Bellen
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.

Update on the Insurance (Prudential Supervision) Bill

By Crossley Gates and Peter Leman.
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

What amounts to 'damage'?

By Monique Van Bellen and Crossley Gates
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.

Supreme Court rules on limited liability regime for New Zealand domestic carriers

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 [2009] 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.

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