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A. P. SAHI, BHARATKUMAR PANDYA
Time Technoplast Limited Company – Appellant
Versus
United India Insurance Co. Ltd. – Respondent
ORDER :
A.P. Sahi, President—This complaint which is an original petition has been filed complaining deficiency in service on the part of the Insurance Company by not indemnifying the full claim as covered under the policy and for not making the payment of interest for the delay in respect of the payments that were made by it against the claim.
2. The petitioner- company is in the business of Plastic Moulded furniture under the name and style of “Regal” that was established way back in 1997-98. One of its factories was insured with the United India Insurance Company Limited, the opposite party no. 1 herein and the manufacturing plant unfortunately was engulfed in a fire that broke on 02.12.1999. The same resulted in a total loss and accordingly the complainant dispatched a letter intimating about the said incident to the Insurance Company. There is no dispute about the fire having taken place or the loss suffered. The survey was carried out and a survey report was tendered. The Insurance Company on being satisfied with the loss initially released a sum of Rs.5,20,00,000/- on 10.04.2000 as a part release of the amount as against the total coverage of Rs.11,60,00,000/-. There were thr
(1) The Surveyor’s Report Threshold: Once a surveyor submits a final report and the insurer accepts it, any further delay in disbursing the funds constitutes a deficiency. The insurer cannot hold ont....
Discharge vouchers Discharge vouchers were signed and tendered on 22.01.2004 and 04.02.2004. This subsequent act of discharge, therefore, disentitles the claimants for any interest as claimed.
(1) A person engaged in commercial activities can buy goods or avail services for his personal use and is within the scope of Consumer Protection Act.(2) Insurance service falls within inclusion clau....
The judgment clarified compensation assessment principles in insurance claims, including salvage deductions and interest for delays.
Insured is entitled to interest at 9% for delays beyond stipulated time frames following an accepted insurance claim settlement.
1) Mere reading shows that Violation of Policy Conditions written in surveyor’s report are patently ambiguous and incoherent.2) Nothing prevented the insurance co.’s surveyor to confirm from relevant....
Insurance companies cannot avoid liability by citing external compensations, and second surveyors must be appointed with regulatory oversight.
(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....
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