Sasidharan Nambiar, J.

1. Whether the acceptance of the premium and the proposal for an insurance policy by themselves create a concluded contract? Whether the loss of the insured boat, without proving that the loss was due to one of the perils insured against, will enable the insured to claim the insured sum?. These are the questions to be resolved in the appeal.

2. Plaintiff in O.S.No.63/92 on the file of Principal Sub Court, Kochi is challenging the dismissal of the suit in this appeal. Respondents are the defendants. The fishing boat by name ‘Kadalthuruthu’ was insured with first respondent New India Assurance Company Limited for the period 28.10.88 to 27.4.89 under Ext.A2 policy. The policy was not renewed before the expiry of the period. Appellant submitted Ext.B2 proposal on 11.5.89. Under Ext.A2 policy the boat was insured for Rs.2,00,000/-. Under Ext.B2 proposal, appellant claimed the sum assured at Rs.2,50,000/-. A premium of Rs.4,168/- was paid on 18.5.89 for which Ext.A1 receipt was issued by first respondent. For the purpose of issuing a fresh policy, the value of the boat has to be assessed. DW1 the approved surveyor inspected the boat and prepared Ext.B4 va