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NATIONAL CONSUMER DISPUTES REDRESSAL COMMISSION, NEW DELHI
Ram Surat Ram Maurya, Presiding Member and Dr. Inder Jit Singh, Member
M/s. Shree Ganesh Natural Fibres – Complainant
versus
New India Assurance Co. Ltd. – Opp. Party
Consumer Case No.624 of 2018
Decided on 21.3.2023
Counsel for the Parties:
For the Complainant:Mr. Suresh Tripathy, Advocate
For the Opp. Party:Mr. K.K. Bhat, Advocate
Headnote:
Consumer Protection Act, 1986 – S.12(1)(a)[Consumer Protection Act, 2019 – S.35(1)(a)] – Services – Insurance - Standard Fire and Special Perils Policies – Repudiation of Claim – Interest for delayed payment – if Entitled to - The opposite parties have not given any cogent reason for taking opinion on the report of the surveyor dated 12.07.2017 – Also, Under Regulation 9 of Insurance Regulatory and Development Authority (Protection of Policyholder’s Interest) Regulations, 2002, six months maximum time from the date of report of loss has been provided to the Insurer to settle the claim. If it is not settled within that period, then the Insured is entitled to interest, 2% above the market rate of the interest. Loss has occurred on 15.03.2017. Six months expired on 15.9.2017. There is no allegation that the Insured caused delay in supplying evidence/papers - The opposite parties are not liable to pay interest after 10.04.2019 - In the result, the complaint is partly allowed with cost of Rs.50000/. The opposite parties are directed to pay Rs.35812857/- along with interest @9% per annum from 15.09.2017 till the date of payment, within two months from the date of this judgment. [Paras 8 to 10].
Result: Complaint partly allowed.
Act Referred
INSURANCE REGULATORY AND DEVELOPMENT AUTHORITY PROTECTION OF POLICYHOLDERS INTERESTS REGULATION : Reg.9
ORDER
Heard Mr. Suresh Tripathy, counsel for the complainant and Mr. K.K. Bhat, Advocate, for the opposite parties.
2. M/s. Shree Ganesh Natural Fibres (the Insured) has filed above complaint has been filed for directing New India Assurance Company (opposite party) to pay Rs.47669567/- as insurance claim and any other relief, which is deemed fit and proper in the facts of the case.
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 machine 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 stored &/or lying in anywhere in the compound &/or in Pala House &/or godown of insured factory situated at Pulgaon Road, Arv. | Rs.5000000/- |
| 16060011160100001014 (Validity: 22.11.16 to 20.06.17) | On the Stock of Kappas &/or Loose Cotton &/or F.P.Cotton Bales &/or Cotton Seed &/ or etc property assured whilst stored &/or lying in any where in the compound &/or in Pala House &/or godown of insured factory situated at Pulgaon Road, Arv. | Rs.10000000/- |
| 16060011160100001101 (Validity: 05.12.16 to 30.06.17) | On the Stock of Kappas &/or Loose Cotton &/or F.P.Cotton Bales &/or Cotton Seed &/ or etc property assured whilst stored &/or lying in anywhere in the compound &/or in Pala House &/or godown of insured factory situated at Pulgaon Road, Arv. | Rs.10000000/- |
| 16060011160100001117 (Validity: 09.12.16 to 30.06.10.17) | On the Stock of Kappas &/or Loose Cotton &/or F.P.Cotton Bales &/or Cotton Seed &/ or etc property assured whilst stored &/or lying in anywhere in the compound &/or in Pala House &/or godown of insured factory situated at Pulgaon Road, Arv. | Rs.10000000/- |
| 16060011160100001247 (Validity: 12.01.17 to 30.05.17) | On the Stock of Kappas &/or Loose Cotton &/or F.P.Cotton Bales &/or Cotton Seed &/ or etc property assured whilst stored &/or lying in anywhere in the compound &/or in Pala House &/or godown of insured factory situated at Pulgaon Road, Arv. | Rs.10000000/- |
| 16060011160100001304 (Validity: 20.01.17 to 30.06.17) | On the Stock of Kappas &/or Loose Cotton &/or F.P.Cotton Bales &/or Cotton Seed &/ or etc property assured whilst stored &/or lying in anywhere in the compound &/or in Pala House &/or godown of insured factory situated at Pulgaon Road, Arv. | Rs.10000000/- |
| 16060011160100001316 (Validity: 24.01.17 to 01.06.17) | On the Stock of Kappas &/or Loose Cotton &/or F.P.Cotton Bales &/or Cotton Seed &/ or etc property assured whilst stored &/or lying in anywhere in the compound &/or in Pala House &/or godown of insured factory situated at Pulgaon Road, Arv. | Rs.10000000/- |
| 16060011160100001329 (Validity: 27.01.17 to 30.04.17) | On the Stock of Kappas &/or Loose Cotton &/or F.P.Cotton Bales &/or Cotton Seed &/ or etc property assured whilst stored &/or lying in anywhere in the compound &/or in Pala House &/or godown of insured factory situated at Pulgaon Road, Arv. | Rs.10000000/- |
| 16060011160100001408 (Validity: 13.02.17 to | On the Stock of Kappas &/or Loose Cotton &/or F.P.Cotton Bales &/or Cotton Seed &/
| Rs.10000000/- |
4. In the intervening night of 14.03.2017/15.03.
