WIMPLAST LTD Vs. ORIENTAL INSURANCE CO. LTD

JUDGEMENT

(1.) The complainant company, which is engaged in manufacturing plastic furniture and crates as well as in manufacturing plastic sheet fabrication, obtained two insurance policies from the OP, namely, Oriental Insurance Co. Ltd. One was Standard Fire and Special Perils Floater policy bearing No.171803/11/2012/348, whereby the plant and machinery of its factory at 7 Kachigam Village, Kachigam Swami Narayan, Gurukul, RD-Daman was insured to the extent of Rs.7.25 crores, the building and compound wall was insured to the extent of Rs.2.50 crores, furniture and fixtures were insured to the extent of Rs.10 lakhs crores and the computer equipment to the extent of Rs.5 lakhs. The second policy being No.171803/11/2012/347 was obtained in respect of plastic goods manufacturing stock to the extent of Rs.20 crores and in respect of plastic goods to the extent of Rs.10 crores.

(2.) During subsistence of the aforesaid two insurance policies, a fire broke out in the factory of the complainant on 23.4.2012 leading to damage to the building, plant and machinery as well as the stock of goods. Separate claims were lodged by the complainant with the insurer under the policies which had taken from them. M/s P.D. Desai were appointed as the first surveyor followed by the appointment of M/s Krij Consultants. An investigator, namely, M/s V.N. Associates were also engaged by the insurer to investigate the claim.

(3.) The surveyors M/s Krij Consultants, vide their final report dated 19.8.2013, opined that the loss sustained by the complainant due to fire which occurred on 23.4.2012 appeared to be genuine. The loss to the complainant in respect of building, plant and machinery etc. was assessed by the surveyor at Rs.5513756/- whereas the loss to the complainant on account of damage to the stock was assessed at Rs.6086766/-. The claim, however, was not paid despite the report of the surveyor. Being aggrieved, the complainant approached this Commission by way of two separate consumer complaints instituted on 19.6.2014.