COLONIAL MUTUAL GENERAL INSURANCE CO. LTD. v. ANZ BANKING GROUP (NEW ZEALAND) LTD.

[1995] 2 Lloyd's Rep. 433

JUDICIAL COMMITTEE OF THE PRIVY COUNCIL

Before Lord GOFF OF Chieveley, Lord JAUNCEY OF Tullichettle, Lord Browne-Wilkinson, Lord Nolan and Lord Hoffmann

Insurance (Fire) - Assignment - Mortgagee interest - Insured took out second mortgage - Condition of mortgage that property to be insured as required by mortgagees and mortgagees alone to have power to settle, compromise and recover claim against any insurance company - Property destroyed by fire - Whether policy assigned to mortgagees - Whether mortgagees could recover under policy.