ORDER

Mrs. Caroline Collasso, Member - This is a complaint filed by Bicholim Urban Co-Op. Bank Ltd. through its Managing Director against the opposite party National Insurance Co. Ltd., for negligence/deficiency rendered by it in its ordinary course of business.

2. It is the case of the Complainant that they entered into a contract with the opposite party by subscribing to its Banker's Indemnity Policy, bearing No. 270906/99/ 7700001 for a period commencing from 1.4.1999 to 31.3.2000 for a sum of Rs. 75,00,000. In terms of the said policy, the Complainant was insured by the Opposite Party against the loss of money/security suffered by it, on account of fraud, forgery, alteration, dishonesty of its employees. The Complainant after subscribing to the said policy, complied with all the terms and conditions and paid the regular premiums.

3. One Shri Sureshchandra R. Kapdi, the complainant's employee played a fraud on the complainant's bank. However, the Opposite Party refused to indemnify the Complainant and rejected their claim without assigning any reasons. The Complainant states that due to the fraud played, the Complainant Bank suffered a loss of Rs. 50,52,614.50 which included furthe