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RAM SURAT RAM MAURYA
Motilal Oswal Securities Ltd. – Appellant
Versus
New India Assurance Co. Ltd. – Respondent
ORDER
Heard Mr. Saurajay Nanda, Advocate, for the complainant and Mr. Amit Kumar Singh, Advocate, for the opposite parties.
2. Motilal Oswal Securities Ltd. (the Insured) has filed above complaint for directing The New India Assurance Company Ltd. (the Insurer) to pay (i) Rs.7972500/- with interest @18% per annum from six months after the loss till the date of payment towards EMIC claim, (ii) Rs.1647305/- with interest @18% per annum from six months after the loss till the date of payment towards Durga Chemical claim, (iii) Rs.4114765/- with interest @18% per annum from six months after the loss till the date of payment towards Morgan Stanley claim, (iv) the costs of the litigation and (v) any other relief, which is deemed fit and proper, in the facts of the case.
3. The facts, as stated in the complaint and emerged from the documents attached with the complaint, are as follows:—
(a) The Insured was a stock broker on the Bombay Stock Exchange (with SEBI Registration No. INB 011041257) and National Stock Exchange (with SEBI Registration No. INB231041238) and provides services to the investors in stock market. The New India Assurance Company Ltd. (the Insurer) is a public sector insu
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1) Well settled that since upon issuance of an insurance policy, the insurer undertakes to indemnify the loss suffered by the insured on account of risks covered by the policy, its terms have to be s....
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(1) Appellant/Insurer did not disclose the name of the officer, who had settled the claim nor adduced any evidence in this respect.(2) Although the stock of spare parts as submitted by the Appellant/....
Timely and accurate declarations for consignments are critical in marine insurance policies; failure to comply can validate an insurer's repudiation of claims.
Insurer's repudiation of claim based on non-disclosure of prior claims was illegal, as warranties were not binding and material facts were not concealed.
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