NEW INDIA ASSURANCE COMPANY LTD Versus GENUS POWER INFRASTRUCTURE LTD

IN THE SUPREME COURT OF INDIA

CIVIL APPELLATE JURISDICTION

CIVIL  APPEAL NO. 10784 OF 2014 @

SPECIAL LEAVE PETITION (CIVIL) NO.24652 OF 2013

NEW INDIA ASSURANCE COMPANY LTD …. Appellant

Versus

GENUS POWER INFRASTRUCTURE LTD. …. Respondent

The respondent has a manufacturing unit for which it had purchased a Standard Fire and Special Perils Policy (‘policy’ for short) from the appellant on 17.04.2009, which policy was for a period of one year and the total sum assured was Rs.91 crores and 10 lacs only. On 29.10.2009 there was a fire explosion in the adjoining Indian Oil Corporation Terminal causing extensive damage to the manufacturing unit of the respondent. On being notified, the appellant appointed a category “A” Licensed Surveyor and Loss Assessor in compliance of Section 64 UM of the Insurance Act, 1938 to assess the damage. In the assessment of the respondent and as per the claim lodged by it, the loss caused to its plant and machinery, buildings fixtures and furniture and stocks was to the tune of Rs.28.79 crores. It appears that the Surveyor submitted his final report on 27.07.2010 and assessed the loss at Rs.6,09,77,406/-. It is contended by the appellant but denied by the respondent that the final survey report was duly communicated to the respondent on 01.11.2010….read more