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RAM SURAT RAM MAURYA, INDER JIT SINGH
Shree Ganesh Natural Fibres – Appellant
Versus
New India Assurance Co. Ltd. – Respondent
ORDER
Heard Mr. Suresh Tripathy, counsel for the complainant. Nobody appeared for the opposite parties.
2. This complaint has been filed for directing the New India Assurance Company (opposite party) to pay Rs.47669567/- as insurance claim.
3. The complainant stated that it was a registered partnership firm and engaged in the business of ginning cottons and manufacturing cotton bales from raw cotton. The complainant had 24 ginning machines and one cotton baling press at its factory premises situated at Pulgaon Road, Arvi, district Wardha, Maharashtra. Raw cotton and finished goods are stored in factory compound, in the sheds and open places both. The complainant obtained Standard Fire and Special Perils Policies mentioned below for total sum of Rs.95000000/-:-
| Policy No. and Validity | Interest | Sum Insured
|
| 16060011160100000923 (Validity:28.10.16 to 27.10.17) | On the Stock of Kappas &/or Loose Cotton &/or F.P.Cotton Bales &/or Cotton Seed &/or etc property assured whilst store | |
Insurers must substantiate their claim settlements and cannot rely on acceptance of prior inadequate offers without fully disclosing material information.
(1) Surveyor Report – Surveyor Report is an important piece of evidence and it has to be given due weight, though it is not sacrosanct and it can be displaced by leading a cogent evidence.
Underinsurance assessed by Surveyor is arbitrary.
Insurance claims must be processed fairly, with surveyor assessments upheld unless compelling evidence suggests otherwise.
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