Ninety eight Canterbury homeowners have won a landmark settlement with EQC, following a bid for a declaratory judgement in the High Court.
The settlement clarifies EQC's obligations under the Act, and removes reliance on MBIE guidelines.
Previously EQC has used phrases such as 'pre-earthquake standard' and 'like for like' when describing their obligations which created the impression that the standard EQC had to meet was something less than as when new.
This settlement clarifies that the standard required is higher.
Unlike other group actions against insurers, the group was not seeking damages, rather the aim was to clarify what EQC's obligations are under the Act.
