Judgment

SARKAR, J. : By a policy dated May. 1, 1947 the respondent insured the appellant as the mortgagee and a firm of the name of Bombay Import and Export Agency as the owner; against loss suffered by the destruction of or damage to certain goods by fire between March 20, 1947 and, March 20, 1948. For the period covered by the policy prior to its date presumably there existed provisional policies but with these, if any, we shall not be concerned. The Insurance was subject to various conditions and stipulations printed in the policy of which cl. 10 was in the following terms :

"10. This Insurance may be terminated at any time at the request of the Insured, in which case the Company will retain the customary short period rate for the time the Policy has been in force. This Insurance may also at any time be terminated at the option of the Company, on notice to that effect being given to the insured, in which case the Company shall be liable to repay on demand a rateable proportion on the premium for the unexpired terms from the date of the concealment."

The word "Company"in this clause refers to the insurer the respondent. Originally the policy did not afford any insurance against los