I don’t hold much faith in insurance companies, especially a certain life company in Carlton Gore Road.

Most insurance companies are weasels and yesterday that was proved out in the High Court.

The Government faces a potential bill of hundreds of million dollars more for the Christchurch earthquakes after a declaratory court judgement found in favour of insurers over the Earthquake Commission.

The judgement was sought to clarify whether the repeated Christchurch earthquakes ?would “reset” the amount of liability covered by the EQC.

The court found that the EQC’s $100,000 cap for buildings and $20,000 cover for contents was continuous cover, so it would be reinstated after each quake.

The court found that, with slight alteration to the wording, it favoured the? proposition that: “Neither the occurrence of, nor the making of a claim for an event of natural disaster damage, reduces the amount of cover available for a subsequent event of natural disaster damage at any time either prior to or on payment of a claim for the first event.”

But the EQC would be entitled, on payment of a claim, to an extra levy payment for the period between the first claim and the date the insurance policy expired.

If I was the government I’d teach these weasels a real good lesson by changing the legislation and placing some very tight controls on their industry. They take billions in premiums, and in the case of AMI they under cut the market, then along comes an event that they are supposed to cover and the pricks run off to the courts to avoid paying out. Weasels.