Ridgecrest NZ Ltd v IAG New Zealand Ltd - [2015] 1 NZLR 40

Insurance — Sum insured — Liability capped in respect of each happening — Liability cap reset after each happening — Liability cap substantially less than replacement cost — Building damaged by successive earthquakes and rendered total loss by final earthquake — Whether insured entitled to payment up to cap in respect of each happening — Whether earlier losses merged with subsequent total loss — Limits of insured’s entitlements.