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R. SUBBIAH
KTV Health Food P. Ltd. – Appellant
Versus
National Insurance Co. Ltd. – Respondent
ORDER
R. Subbiah, President—Alleging service deficiency against the OPs herein/Insurance Company that it had unfairly repudiated their admissible insurance claim arising from the Marine Open Cover Policy by resorting to unfair trade practice and in clear deviation of the IRDAI Regulations, the Insured/Company have come up with this present Complaint, seeking to direct the OPs to pay to them a sum of Rs. 23.11.058 with interest 15% on the said amount from 25.04.2014 till 15.05.2017 that comes to Rs. 33,70,979 along with future interest at the same rate from 16.05.2017 till realization and another sum of Rs. 50,000 for transportation & other charges incurred by the Complainant and Rs. 1 lakh towards compensation for the mental agony caused by the OPs, besides a sum of Rs. 15,000 towards litigation expenses.
2. In brief, the case of the Complainant is as follows:
The Complainant is doing the business of importing edible oils from overseas to India and manufacturing/selling the finally refined product in the Southern States. For coverage of Import/Export of Edible Oil and Fats, after being approached by the 1st OP, the Complainant took Marine Open Cover Policy (in short MOC Policy) bear
Mixed up figures – Commission was not in a position to issue any positive direction in favour of the Complainant based on mixed up figures that also embrace the consignment belonging to one another u....
(1) Adverse Claim – The law mandates that a party confronted with an adverse claim must voice its opposition; failure to do so results in a deemed acceptance of the allegations or facts asserted agai....
“In no case a Surveyor shall take more than six months from the date of his appointment to furnish his report.”
Timely and accurate declarations for consignments are critical in marine insurance policies; failure to comply can validate an insurer's repudiation of claims.
Insurance companies must provide substantial proof when denying claims; unjust repudiation leads to enforceable obligations to pay agreed amounts.
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