The plaintiff, Champion Products Corp., sought partial summary judgment for replacement costs under a multi-peril insurance policy following a significant fire.
The parties had entered into two settlement agreements, the first establishing a 24-month deadline for replacement and the second modifying terms for a specific property in Scarborough.
Champion failed to complete the Scarborough transaction and subsequently sought to substitute a Pickering property.
The defendant insurer, Intact, argued that Champion had forfeited its right to recoverable depreciation due to missed deadlines.
The court found that Intact had waived its right to claim forfeiture through its conduct, which included assessing the substitute Pickering property over an extended period.
Champion was awarded $3,000,000 for replacement costs, representing the amount agreed upon in the second settlement, and its request for a further appraisal to determine a higher amount was dismissed.
