JUDGMENT

S.B. Sinha, J. - Leave granted.

2. Interpretation of a policy of marine insurance entered into by and between the parties herein covering goods in transit is in question in this appeal which arises out of a judgment and order dated 16th December, 2004 passed by the High Court of Calcutta in APO No. 363 of 2000 whereby and whereunder the appeal preferred by Respondent - Insurance Company herein from a judgment and order dated 3rd December, 1999 passed in C.S. No. 480 of 1992 passed by a learned Single Judge of the said Court was allowed.

3. Appellant herein agreed to purchase 4000 cu. mt. of Sabha Log (logs) at a total price of US $6,00,000/- from a Malaysian firm. 474 pieces of logs were loaded on a vessel known as Indera Pertama (vessel) at the port of Western Sabah, Malaysia for their delivery at Calcutta. The ship left the Malaysian Port with cargo on 16th February, 1988. The logs were insured by Appellant with Respondent Insurance Company for a sum of Rs. 39,90,122/- against the peril and/ or risk of non-delivery of said goods. The policy contained Institute Cargo Clause (C). It also expressly included the risk of non-delivery of even single piece of log.

4. The rele