NEW INDIA ASSURANCE CO. LTD. THROUGH ITS MANAGER & ORS. Vs. M/S. JAKARDO PRINT GRAPHICS PVT. LTD. THROUGH ITS PARTNER.

JUDGEMENT

(1.) This revision petition has been filed by the insurance company wherein the order passed by the State Commission has been called into question. The complainant, M/s. Jakardo Print Graphics Pvt. Ltd., made a claim in the sum of Rs.34,79,781/- with the petitioner, Insurance Company, due to loss of goods on account of flood, on 26.07.2005. The insurance company partly sanctioned the claim in the sum of Rs.20,08,904/-. Thereafter, the complaint was filed before the District Forum with the prayer that the remaining amount be directed to be paid to the complainant. The District Forum dismissed the claim. However, the State Commission accepted the appeal filed by the complainant, wherein it ordered that the remaining amount in the sum of Rs.14,76,427/- be paid to the complainant along with interest @ 9% p.a. from the date of complaint, i.e. 09.01.2007, till its realization.

(2.) We have heard the learned counsel for the petitioner. He has invited our attention towards the insurance policy. The relevant portion of the insurance policy runs as follows:-

(3.) This is an indisputable fact that the Surveyor recommended Rs.34,79,781/- for the above said loss. The counsel for the petitioner vehemently argued that the raw material was covered and the process stock was not covered under the above said policy. The State Commission mentions that as per proposal form amount of insurance cover of Rs.35,00,000/- was sought for stock and stock in process . The learned State Commission rightly held that terms of policy clearly covered both stock and stock in process and as such the plea raised by the Insurance Company that process stock was not covered cannot be accepted.