By the judgment in Firm PI 1 Ltd v Zurich Australian Insurance Ltd & anor [2014] NZSC 147 delivered 15 October 2014 the Supreme Court by a 3:2 majority decided that the sum insured of $12.95M for the Salisbury Apartments included any amounts due from EQC which in this case was $6.8M.  The insured and its broker argued that the sum insured was additional to the amount due from EQC.  The actual replacement cost of the complex was apparently about $25M.  The majority placed emphasis on the sum insured being based upon a replacement valuation and that the insurer had calculated the premium based on the net figure which was known by the broker.