Insurance company told to pay Rs 15 lakh

Tribune News Service

Jalandhar, August 16

The Permanent Lok Adalat has directed the New India Assurance Company Limited to pay Rs 15,01,500, along with the interest rate of 10 per cent per annum from the date of filing of application till the date of payment.

The application was filed by Surinder Singh, a resident of Chuharwali village against the New India Assurance Company Limited. Surinder Singh in his application said he had insured his truck LPT 3118, bearing registration number PB08-CB-4813 with the Insurance Company for a period one year - from July 26, 2013 to July 25, 2014.

He said the truck that was insured for Rs 20.06 lakh was, however, stolen by some unknown persons on May 21, 2014, when it was parked in Bhagwanpur area, Roorkee, Haridwar. After the theft, the applicant sought his claim with the insurance company and the payment of the insured amount as per terms of the insurance policy.

Subsequently, the insurance company appointed a surveyor, who assessed the total value of the vehicle as Rs 22,35,000 (Rs 19.15 lakh as per purchase invoice and Rs 3.2 lakh as the expenditure spent on the fabrication of the body). The surveyor after deducting 20 per cent of the amount as depreciation being the second year policy had assessed the value of the vehicle as Rs 17.88 lakh.

The respondents in the written statement said that claim of the applicant stood repudiated by a letter dated July 31, 2017 for the reason that the applicant had not deposited any ignition key of the truck, but the applicant said the truck had met with an accident and one ignition key got destroyed in 2013.

The company also raised the issue that the FIR regarding theft was not lodged immediately on May 21, 2014 but on June 7, 2014, but the complainant proved that he had lodged the complaint with the police in time and that the police took its own time to register the FIR.

The court thus entitled the complainant 75 per cent of the insured amount of Rs 20.06 lakh which comes to Rs 15.01 lakh, along with 10 per cent rate of interest on the amount.

Respite to the complainant

The truck that was insured for Rs 20.06 lakh was stolen. The applicant sought his claim with the insurance company and the payment of the insured amount as per terms of the insurance policy. The company appointed a surveyor, who after deducting 20 per cent of the amount as depreciation assessed the value of the vehicle as Rs 17.88 lakh. But the court later entitled the complainant 75 per cent of the insured amount of Rs 20.06 lakh which comes to Rs 15.01 lakh, along with 10 per cent rate of interest on the amount.