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New Zealand: Insurer ordered to pay for building damage from multiple earthquakes

August 27, 2014 - 7:14am


Insurance Group Australia Ltd. has been ordered by the New Zealand Supreme Court to pay for damage to a Christchurch building from multiple earthquakes, reported Radio New Zealand.

The building was owned by Ridgecrest NZ Ltd. and was insured for loss or damage of up to $1.98 million New Zealand ($1.68 million) for each claim.

IAG had said it was required to make payout only for the final earthquake out of the four that caused damage.

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