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INDER JIT SINGH, PRESIDING MEMBER, SUDHIR KUMAR JAIN
Muthoot Finance Ltd. – Appellant
Versus
New India Assurance Co. Ltd. – Respondent
ORDER
Inder Jit Singh, Presiding Member—The present Consumer Complaint (CC) has been filed by the Complainant against Opposite Party (OP) as detailed above, inter alia praying for directions to the OP to:—
(i) Direct the respondent to immediately process the claim of the complainant pertaining to ‘Package Policy in line with Bankers’, Indemnity Insurance Policy’.
(ii) Direct the Respondent to ‘disburse the claim amount of Rs.5,30,36,408/- to the complainant Company alongwith interest @ 18% p.a. with monthly rest, w.e.f. 11.10.2013 till realization.
(iii) Award a sum of Rs.1,00,00,000/- as compensation / damages on account of harassment, agony, loss of reputation.
2. Notice was issued to the OP(s). Parties filed Written Statement/Reply, Rejoinder, Evidence by way of an Affidavit and Written Arguments/Synopsis etc.
3. Brief facts of the case, as emerged from the pleadings of the parties and other case records are that Complainant obtained a Package Policy in line with Banker’ Indemnity Insurance Policy’ from the OP. The period of insurance cover obtained vide the said policy was w.e.f. 12.01.2013 till 11.01.2014. The said policy secured various branches of the complainant. An amount
Insurance Company cannot travel beyond grounds mentioned in repudiation letter.
Violation of terms and conditions – FIR Annexure ‘K’ was registered only on 02.09.2011 about two weeks after discovery of loss of jewellery – Therefore the complainant has failed to comply with the t....
Coercion – Mere allegation is not sufficient to constitute that the Complainant was coerced.
Insurance claims must adhere strictly to policy conditions regarding prompt notification of incidents; failure to act can lead to claim repudiation.
1) Neither employees carrying the gold took any step for its recovery after theft nor did the petitioner, who was informed on telephone asked them to take any step for recovery of the theft good; thu....
Transit clause – The arrangement of steel cupboard with an internal locker or a steel safe as referred to in the warranty clause of Section II indicates positioning and custody at some fixed place an....
Exclusion Clause – Complainant/Respondent is at no fault and the contention of the Appellant that the Complainant/Respondent left the money unattended which falls under the Exclusion Clause hold no w....
1) Fundamental principle of insurance law that utmost good faith must be observed by the contracting parties and good faith forbids either party from non-disclosure of the facts which the parties kno....
Insurer should not repudiate claim of insured merely on ground of short delay.
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