ELITE LEASING LTD. Vs. NEW INDIA ASSURANCE CO.LTD.

JUDGEMENT

(1.) THE counsel appearing for the parties have filed written submissions and they were also heard on the issues involved in this complaint. In this case, it is not necessary to refer to the facts in greater detail as the facts speak for themselves through the police record, report of V.J. Nathan, investigator, report of M/s Thapar, Srinivasan and Kapoor Pvt. Ltd, surveyors and Loss Assessors, legal opinion of Chiramal & Co. and letter dated 28.3.2001 of Senior Divisional Manager to the complainant.

(2.) THE complainant is primarily engaged in manufacturing and export of leather garments and has been taking insurance policy in respect of the said goods from the opposite party which is renewed from time to time on yearly basis. Accordingly, the complainant got the insurance policy renewed for the period 13.2.1998 to 12.2.99 and policy No.4631020104889 was issued by the opposite party for a sum of Rs.1,25,00,000 in respect of all kinds of leather goods, garments, shoes, finished, semi -finished or in process while lying or stored in the factory premises. The insurance policy covered the risk of fire, theft and burglary.

(3.) ON the intervening night of 6 -7 March, 1998 a burglary took place in the factory premises and a complaint to that effect was lodged with the police promptly. The information of burglary was also given by the complainant to the opposite party in writing on 7.3.1998 itself. The opposite party appointed investigator/surveyor and the executive team of the opposite party visited the factory premises. By letter dated 18.3.1998 the complainant informed the investigator appointed by the opposite party that quantity involved in the burglary was to the tune of Rs. 21,29,755.45p. According to the complainant the investigating officer took away the broken locks and it was observed both by the police and also the investigator appointed by the opposite party that the hooks of store room from where the goods had been burgled was tampered with. The complainant repeatedly made representations for settlement of the claim but the same was not settled as a result of which the complainant approached this Commission for directions to the opposite party to pay Rs. 21,29,755.45p. being the value of the goods burgled with18% interest thereon from 3.8.1998 onwards. Besides, this, the complainant has also sought directions to the opposite party to pay a sum of Rs. 5,00,000 on account of estimated business losses suffered on account of non -receipt of the claim amount.