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Insurance Law Monthly

Co-insurance: the nature of composite policies

Co-insurance policies covering the different interests of a number of people are known as “composite”, and are generally taken to mean that each policyholder has a distinct agreement with the insurer. In New Zealand Fire Service Commission v Insurance Brokers Association of New Zealand Incorporated and Another [2015] NZSC 59 the Supreme Court of New Zealand was required to consider whether that analysis was correct or whether there was an alternative possibility that a composite policy contained joint obligations.

The Supreme Court accepted the distinction, but held on the facts that the former was correct. The lengthy judgment contains a detailed analysis of the English authorities on composite insurance, and is critical of them for lack of analysis.

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