Back
A. P. SAHI, INDER JIT SINGH
Gautam Solar Pvt. Ltd. – Appellant
Versus
Oriental Insurance Co. Ltd. – Respondent
ORDER
The complainant is aggrieved by the non-settlement of the insurance claim under a Standard Fire and Special Perils Policy covering the loss which the petitioner had claimed for an incident of fire in the basement of the premises on 25.02.2014. The complainant alleges that the entire stocks stored were gutted in the said fire which deserves to be indemnified as per the insurance policy duration whereof is from 25.01.2014 to 24.01.2015 and the total sum insured was Rs.10 crores. The complainant also had a second policy with regard to the plant and machinery and other accessories insured for a sum of Rs.6 Crores.
2. The case is a bit peculiar on facts inasmuch as the insurance company did not communicate any repudiation nor did they settle the claim on the plea that the complaint had already been filed before this Commission where they have already filed their response. All these facts were noticed and it also emerged that the surveyor report dated 15.01.2015 had not been shared with the petitioner and after orders were passed by this Commission, that the surveyor report surfaced through the evidence affidavit of the insurance company that has been placed on record. There were i
Insurance Policy – Standard Fire & Special Perils Policy – Surveyors report is a valuable document based upon which Insurance company have to take final decision on the claim.
Surveyor's report on loss assessment is definitive unless credibly challenged; insurer's actions were not deemed deficient.
Insurance claims must be assessed justly, with surveyor reports not being conclusive and subject to scrutiny.
Approved Surveyor’s report may be foundation for settlement of claim by Insurer but such report is neither binding upon insurer or insured.
Assessment - In absence of details relating to stage of production of items, the Surveyor was justified in considering the semi-finished cost rate at 50% of finished cost rate on an average of 50% co....
Insurance claims must be substantiated by sufficient evidence; the insurer’s assessment is valid if conducted thoroughly.
The execution of a full and final settlement under duress does not preclude a claimant from pursuing legitimate compensation.
(1) Hearsay – No documentary evidence in regard to financial stress of the insured has been brought on record and this assertion is merely a hearsay.(2) Sampling – A mere sampling of some bills canno....
An indispensable Tool for Legal Professionals, Endorsed by Various High Court and Judicial Officers
Please visit our Training & Support
Center or Contact Us for assistance
Scan Me!
India’s Legal research and Law Firm App, Download now!
For Daily Legal Updates, Join us on :
Back to top
