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V. P. PATEL, R. N. MEHTA
Thakkar Exim – Appellant
Versus
Tata AIG Gen. Insurance Company Limited – Respondent
ORDER
R.N. Mehta, Member—The present complainant has filed this complaint under Sec. 12 read with Sec. 17 of The Consumer Protection Act, 1986 (herein after referred as “Act” or “The Act”) and prayed that the opponent be directed to pay US $ 31733 equivalent to INR Rs.20,40,432/- with interest @18 % p.a. from 3/2/2014 till realisation, cost of litigation and Rs. 1,00,000/- towards compensation for harassment and hardship caused to the complainant.
2. That the complainant is a proprietorship firm engaged in the business of export and import whereas the opponent is a licensed insurer company regulated by IRDA, carrying on general insurance business in India. That the complainant had availed Open Marine Policy vide Policy No. 0830012116 for the period from 25/4/2013 to 24/4/2014 to cover annual turnover of total consignment value of Rs.7,00,00,000/- with a condition of reinstatement of sum insured utilisation or depletion of sum insured. That the policy so obtained was All Risk Policy with SRCC & War and basis of valuation was CIF/FOB/C&F + 10% on agreed value basis. That it is general practice in Open Marine Policy, where the insured declares consignment and value in advance using /
Marine Cargo Specific Voyage Policy – Insurer cannot be held liable for any loss or damage to insured cargo on account of negligence or fault of Master of ship.
Timely and accurate declarations for consignments are critical in marine insurance policies; failure to comply can validate an insurer's repudiation of claims.
Insurable interest – surveyor has given the reason of fatigue failure, which cannot be considered to be sufficient reason in such case and in the circumstances for the damages caused to the vehicle t....
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