Developer gives up case against Vero NZ
A NZ property developer has abandoned its Supreme Court challenge against insurer Vero New Zealand.
The Symphony Group mounted a legal action against Vero to force it to contribute to an estimated $NZ13 million ($10.5 million) repair bill caused by water leaks in an Auckland apartment block.
The company took legal action against seven parties including Vero after defects appeared in the property, which was built in the mid-1990s.
But Vero maintained the defects were excluded under the developer’s liability policy, and a Court of Appeal decision last year upheld that view.
Symphony took its appeal to the Supreme Court, but last week withdrew its third-party application against Vero.
A spokesman for Vero NZ told insuranceNEWS.com.au the terms of the policy clearly stated that the property was insured for defects occurring between July 2002 and July 2004.
“Symphony’s third-party claim against Vero Liability was accordingly fatally flawed,” she said. “Their claims relate to events and damage which occurred well before July 1 2002.”
The Symphony Group mounted a legal action against Vero to force it to contribute to an estimated $NZ13 million ($10.5 million) repair bill caused by water leaks in an Auckland apartment block.
The company took legal action against seven parties including Vero after defects appeared in the property, which was built in the mid-1990s.
But Vero maintained the defects were excluded under the developer’s liability policy, and a Court of Appeal decision last year upheld that view.
Symphony took its appeal to the Supreme Court, but last week withdrew its third-party application against Vero.
A spokesman for Vero NZ told insuranceNEWS.com.au the terms of the policy clearly stated that the property was insured for defects occurring between July 2002 and July 2004.
“Symphony’s third-party claim against Vero Liability was accordingly fatally flawed,” she said. “Their claims relate to events and damage which occurred well before July 1 2002.”