The Supreme Court has on 27 August 2014 overturned the decisions of the High Court and Court of Appeal in Ridgecrest Ltd v IAG New Zealand Ltd  NZSC 117 and allowed Ridgecrest to recover for multiple events under its insurance policies with IAG. This will enable Ridgecrest to recover in to total more than the sum insured of $1,948,000. Of interest is that the Supreme Court cited with approval US decisions on the issue. The decision is positive for insureds with claims against insurance companies where the insured suffered damage in different earthquakes and has a sum insured policy.
Release Date: 31 July 2014
Canterbury Earthquake Recovery Authority Chief Executive Roger Sutton has announced an extension of almost six months for the owners of eligible Residential Red Zone properties in the Port Hills to consider a Crown offer to purchase their properties.
“Feedback from owners of properties in the Port Hills red zone who have not accepted a Crown offer is that there are a number of evolving issues to consider and they would appreciate more time,” Mr Sutton says.
“There are still insurance issues being worked through and matters to be resolved in the courts, and some property owners in the Port Hills red zone are also awaiting more information from Christchurch City Council on issues like mass land movement.”
“It’s important the owners have the time they need to make an informed decision, and that is why we are extending the deadline for acceptance of the Crown offer from August 31 this year, through to February 27, 2015.”
Of the 475 insured residential red zone properties in the Port Hills known to be eligible for a Crown offer, 132 are yet to accept an offer.
An offer has not yet been made to the owners of uninsured, insured commercial or vacant land properties in the Port Hills red zone.
Letters will be sent to all affected property owners, where their addresses are known, to advise them of the changes. More information is available at cera.govt.nz/port-hills/red-zone, or by phoning 0800 RING CERA (0800 7464 2372).