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2.3 It is further submitted that during the existence of the policy on 2.8.2009 at about 4.00 p.m. the dumb barge - SEA GLOARY sunk at Rozi Anchorage and the same was immediately informed to the opponent. The final loss report was prepared on 17.6.210 by the surveyor of the opponent. In the said survey report, surveyor has confirmed that complainant has already applied for transfer of his ownership with the Mercantile Marine Department. The surveyor has also confirmed that the harbor craft license was also granted to the complainant and cargo boat license was also issued in favour of the complainant. After verifying all the documents surveyor has considered the loss as constructive total loss and held that the same is covered under the policy. The surveyor has also vide letter dated 12.12.2011 informed the opponent about their query of non-transfer of ownership and clearly informed that complainant has an insurable interest. However, opponent vide letter dated 21.11.2012 repudiated the claim of the complainant on the ground that complainant may not be considered as owner and he does not have insurable interest.

Further, in our opinion salvaging this barge was not on economically viable proposition."

It is also stated at page 45 as under:

"In view of above and considering sizable repair costs involved after its recovery, the total costs of recovery and repairs far exceeds the Insured Value, hence this loss can be considered as CONSTRUCTIVE TOTAL LOSS (CTLO). In our opinion, salving of the barge then repairing it to bring the barge in cargo working condition, was not an economically viable proposition.