Ridgecrest NZ Ltd v IAG - The Supreme Court considers how an insurance policy responds to multiple events during one policy period.

In Ridgecrest NZ Ltd v IAG the Supreme Court held that an insured party that has suffered losses over multiple events during one policy period, can recover up to the maximum insured limit for each event and is not limited to a single maximum amount.  However, the insured party cannot claim for the same loss twice and is limited to the overall cost to replace the building.  This means that in certain circumstances insured parties who have suffered from damage caused by more than one event, the sum of which is greater than their maximum policy entitlement, may be able to recover more than their maximum policy limit.  If you have a claim that is the result of multiple events and exceeds your maximum policy entitlement we suggest you seek legal advice on how the Ridgecrest decision may have affected your claim.