JUDGMENT :

Uday Umesh Lalit, J.

1. Leave granted.

2. This appeal arises out of final judgment and order dated 16.02.2018 passed by the National Consumers Disputes Redressal Commission (‘the National Commission’, for short) in First Appeal No.182 of 2014.

3. On 27.03.2007 the appellant purchased one Volvo Hydraulic Excavator for a sum of Rs.49,75,000/- with VAT amounting to Rs.1,99,000/-, the total purchase value thus being Rs.51,74,000/-. Immediately after the purchase said Hydraulic Excavator was insured with the respondent vide “Contractor, Plants & Machinery Insurance Policy” bearing number 150719225001168. The insurance policy thereafter stood renewed. For the period 22.07.2009 to 21.07.2010, the sum insured was Rs.46,56,600/- on payment of premium of Rs.33,700/-. The column regarding ‘coverage’ mentioned the ‘year of make’ of said Excavator as ‘2007’. Under the caption – PROVISIONS, the policy contained following stipulations:-

“1. SUM INSURED –

It is a requirement of this insurance that the sum insured shall be equal to the cost of replacement of the insured property by new