SILVER GINNING INDUSTRIES Vs. ORIENTAL INSURANCE COMPANY LIMITED

JUDGEMENT

(1.) The complainant took a loan of Rs.4 crore from OP-2 which is a cooperative bank. He also took a Standard Fir and Special Perils Policy from OP-1 Oriental Insurance Co. Ltd. for the period from 20.11.2014 to 29.11.2015 which was later renewed for the period from 20.11.205 to 29.11.2016. The insurance policy covered the plant and machinery as well as the building of the complainant. The insurance policy provided STFI Cover, Fire Basic Cover and Earthquake Cover to the complainant. It was stated in the insurance policy that it was subject to conditions, clauses, warranties and endorsements as per the form attached. The complainant has also placed on record the coverage under the policy as well as the terms and conditions forming its part. The aforesaid document to the extent it is relevant, reads as under:- Forest Fire.

(2.) The case of the complainant is that the land on which its building stands has been acquired by the Central Government under the provisions of Section 3A the National Highways Act, 1956.

(3.) On acquisition of the land underneath the building, the complainant lodged a complaint with the insurer which was repudiated vide letter dated 6.9.2018 which to the extent it is relevant, reads as under:-