Insurance
Aman
(Querist) 05 June 2013
This query is : Resolved
My warehouse caught fire in which the goods kept in the ground and the first floor were completely destroyed. My goods were insured by a Pvt. Bank on my behalf with an Insurance Company. My warehouse maintained 'first floor' of the building as the correspondence address and the same was filled in by the bank officials in the 'address section' of the insurance policy.
Now when I approached the insurance company to reimburse for my losses they denied the claim by providing reason that they were only liable to pay the damages suffered in the first floor and not the ground floor(most of the goods were stored in the ground floor only)as the address mentioned in the insurance policy essentially provided the address as the 'first floor' of the building.
Now do I have any relief in law? as the whole building is owned by me and this trivial error I guess should not be made a ground to repudiate my claim and furthermore the error was made by the bank officials and not me.
So please do provide me some legal precedents or provisions which can substantiate my claim.
Thanks
ajay sethi
(Expert) 05 June 2013
the insurance company is not bound to reimburse you for damages caused to your warehouse if the ground floor had not been insured . it is not a trival error as mentioned by you . when you had taken insurance it was your duty to cross cehck whether entire warehouse was covered and not merely first floor
V R SHROFF
(Expert) 05 June 2013
Insurance premium must have been charged at low cost, considering First Floor storage.
It is costly mistake on your part ,not to verify/ confirm insured area.
You may try consumer forum, but success is remote!!
Rajendra K Goyal
(Expert) 05 June 2013
Insurance Company can not pay claim for the loss when they have not charged premium and not mentioned in the policy. If the copy of policy was not received by you and was kept at the Bank, and you decide to claim through DCRForum or otherwise, in your claim you may include Bank also a party. Again chances of success are bleak.
Aman
(Querist) 05 June 2013
Actually the bank got the goods insured without my knowledge so I couldn't get the particulars entered into the policy crosschecked and verified. Moreover I till now haven't received the copy of the policy. Now does this increase my chances of getting the desired claim?
Aman
(Querist) 08 June 2013
Please do provide your much anticipated legal advice
Sudhir Kumar, Advocate
(Expert) 29 June 2013
who will believe that you were not aware of the terms of insurance. You might have signed proposal otherwise they will not accept premium
