NATIONAL INSURANCE COMPANY LIMITED Vs. AIRTECH PVT LTD

JUDGEMENT

(1.) ADMITTEDLY the respondent insured his vehicle for Rs. 5,51,169.86 covering risk of damage due to accident and theft. The vehicle was stolen during the subsistence of the policy. The appellant settled the amount at Rs. 5,00,000 by assessing the market value and paid the same. The respondent filed the instant complaint before District Forum for recovery of the balance amount of Rs. 51,165.

(2.) VIDE order dated 19.12.2007, the complaint was allowed in the following terms:

(3.) THROUGH this appeal the impugned order has been assailed mainly on the ground that the concept of market value being assessed at the rate of insurance amount was not there when the policy was issued as well as the vehicle was stolen and as such the report of the surveyor assessing the market value was accepted.