Sathish Ninan, J.

The suit for money under a contract of insurance, was dismissed by the trial court. The plaintiffs are in appeal.

2. The plaintiffs are two partnership firms. The second plaintiff is stated to be a sister concern of the first plaintiff. The plaintiffs are represented by its common Managing Partner. The firms are engaged in seafood processing business. Plaintiffs 1 and 2 had entered into contracts of insurance with the first defendant Insurance Company for ₹ 1.20 Crores and Rs.70 lakhs respectively. The second defendant is the Bank from which the plaintiffs had availed credit facilities on hypothecation of the stock in trade. The plaintiffs had a common storage facility. On 22.07.1994, there C. R. occurred a major fire in the storage room, resulting in huge damage. Immediately, the incident was intimated to the defendants. The first defendant, through its surveyor, estimated the loss of the first plaintiff at Rs. 51,62,498/-, and of the second plaintiff at Rs. 36,72,091. Though the claim of the plaintiffs were for a higher amount, they acceded to the assessment. However, the Insurance Company repudiated the entire claim. Hence the suit was filed for realisat