THE NATIONAL INSURANCE CO.LTD.THROUGH ITS BRANCH MANAGER & ANR. Vs. SHREE SHYAM COLD STORAGE THROUGH ITS DIRECTOR

JUDGEMENT

(1.) THE complainant M/s Shree Shyam Cold Storage (hereinafter referred as Cold Storage) have taken a fire insurance policy for Rs. 1,50,00,000/ -. The risk covered under the policy is as follows : S.No. Particular Sum insured 1. Building Rs. 70,00,000/ -

(2.) PLANT and Machinery Rs. 30,00,000/ -

(3.) STOCK (including Potatoes) Rs. 50,00,000/ - Total 1,50,00,000 2. It is the say of the complainant that at about 7 p.m. on 28.5.2003 during the currency of the policy the cold storage building caught fire and information was given to the fire brigade immediately. A team from fire brigade, Jaipur reached the spot and as the fire was severe and dreadful the team could control and extinguish the fire only at about 3 a.m. on the next day with the help of 5 to 6 fire extinguishers. This is evident from certificate dated 7. 7.2003 issued by the Commissioner, Fire Nagar Nigam, Jaipur. 3. The information about the accident of fire was given to the police station Sanganer, Jaipur and also to the insurance company on 29.5.03. The insurance company appointed M/s. R.K. Singhal and Co. Pvt. Ltd., New Delhi as the surveyors to assess the loss suffered by the complainant. After inspecting several times requisite information and evidence on record, the surveyor submitted a final report on 1.8.03, assessing the loss at Rs. 27,56,384/ - (Rs. 1,54,757/ - towards building and Rs. 26,11,627/ - towards stock of potatoes). The insurance company approved the claim of the complainant for Rs.1,44,757/ - towards building only, but it repudiated the claim for loss of stock of potatoes for Rs. 26,11,627/ -. Through their letter dated 7.1.2004 the insurance company asked the complainant to sign the voucher for this paltry amount. The complainant filed a complaint stating that he had taken the insurance cover for the stocked potatoes insured for Rs. 50 lakhs and the surveyor has assessed the loss at Rs. 26,11,627/ - which was the minimum he should get.