Skip to main content

Insurance claim for damage due to tsunami struck down as it was triggered by earthquake

Insurance can’t be claimed for tsunami triggered by an earthquake, ruled the National Consumer Disputes Redressal Commission while dealing with a case of submergence of a dredger (equipment used for excavation in water bodies to remove sediments  from the floor) due to tsunami at Krishnapatnam port in Nellore. The commission ruled in favour of United Insurance stating that the loss is caused due to earthquake, which is an excepted clause.

The  port had sought Rs 1.53 crore compensation The case had begun in 2006, and the final judgement was given on January 30, 2015. The dredger taken on hire had gotten submerged in the sea on December 26 in 2004, due to the tsunami that hit India. The company’s insurance claim was turned down. The insurance firm said since the damage was solely due to the earthquake, the claim was admissible under the policy.

 Article referred: http://www.deccanchronicle.com/150211/nation-current-affairs/article/insurance-claim-damage-due-tsunami-struck-down

Comments

Post a Comment

Most viewed this month

The recovery of vehicles by the financier not an offence - SC

Special Leave Petition (Crl.) No. 8907  of 2009 Anup Sarmah (Petitioner) Vs Bhola Nath Sharma & Ors.(Respondents) The petitioner submitted that  respondents-financer had forcibly taken away the vehicle financed by them and  illegally deprived the petitioner from its lawful possession  and  thus,  committed  a crime. The complaint filed by the petitioner had been  entertained  by  the Judicial Magistrate (Ist Class), Gauhati (Assam) in Complaint Case  No.  608 of 2009, even directing the interim custody of the vehicle (Maruti  Zen)  be given to the petitioner vide order dated  17.3.2009.  The respondent on approaching the Guwahati High  Court against this order, the hon'ble court squashed the criminal  proceedings  pending   before  the  learned Magistrate. After hearing both sides, the Hon'ble Supreme Court decided on 30th...
7 comments
Read more

Winding-Up Petition Can’t Be Used If Bona Fide Payment Disputes Pending

The Karnataka High Court, in the case of M/s Uttam Industrial Engineering Ltd vs  M/s Shree Basaveshwar Sugars Ltd, has held that a winding-up petition has serious  ramifications on the financial standing of a company and cannot be used in cases  where there is a bona fide dispute regarding the amount owed by one party to the  other and in such cases the company court should relegate the matter either to the  civil court or arbitral tribunal. In this case, Uttam Industrial Ltd entered into a contract with Basaveshwar Sugars Ltd  to provide machinery and equipment for a sugar plant. Article referred:  http://www.livelaw.in/remedy-winding-petition-cant-relied-upon-bona-fide-payment-disputes-karnataka-hc/
Post a Comment
Read more

A liquidator must pay GST on sale of assets of a defunct company

The West Bengal Authority of Advance Ruling has ruled that a National Company Law Tribunal appointed liquidator must have the GST registration till all liabilities cease to exist and that the liquidator must pay goods and services tax (GST) on sale of assets of a defunct company under liquidation, as the sale is effectively supply of goods. 
Post a Comment
Read more