ORIENTAL INSURANCE COMPANY LTD Vs. OZMA SHIPPING COMPANY

JUDGEMENT

(1.) This appeal is directed from the judgment dated 25th April, 2001 passed by the National Consumer Disputes Redressal Commission, New Delhi in Original Petition No. 79 of 1995.

(2.) The brief uncontroverted facts in nutshell are as under: Respondent No. 1, M/s Ozma Shipping Co. is the owner of a sailing vessel. The same was insured on 14.12.1987 for a sum of Rs. 21,50,000/-. A total premium of Rs. 40,832.50 was paid for the period covering 14.12.1987 to 13.3.1988. The insurance was extended from 14.3.1988 to 13.6.1988 by paying a premium of Rs. 30,383/-.

(3.) It may be pertinent to mention that before issuing the policy the Surveyor appointed by the appellant Insurance Company thoroughly inspected the vessel and issued a valuation certificate. The Surveyor after inspecting the vessel certified that the market value of the vessel was Rs. 21,50,000/-. The Surveyor gave a very comprehensive report and took note of the fact that a major over-hauling of the engine and accessories and reconditioning and painting of the Hull had been carried out during 1987. It may be pertinent to mention that the Surveyor had considered all relevant factors in its report.