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Showing contexts for: sum insured in M/S. Boghara Polyfab Pvt. Ltd vs National Insurance Company Ltd on 27 November, 2012Matching Fragments
3 On 22.9.2003, first endorsement as and by way of Duplicate Schedule bearing No.67308 was carried out to the Policy whereby an additional godown as specified was added to the Policy and the sum insured was also increased by Rs.3 Crores. The sum insured under the Policy stood increased to Rs.6 Crores. With this endorsement the said Policy was converted into a Floater Policy. The additional premium of Rs.40,409/- was charged to the Petitioner on pro-rata basis for the period of 317 days i.e. between 22.9.2003 (date of the endorsement) and 3.8.2004 (date of the expiry of the Policy).
arp804-09.sxw 15 The Surveyors allowed the claim of the Petitioner; albeit on a reduced basis, on the goods lying in all the four godowns on 3.8.2004 and as covered by the third endorsement dated 27.5.2004 (as corrected on 28.5.2004); while on the other hand, the Surveyor proceeded on the basis that the third endorsement (on account of and as a result of which goods lying in the four godowns were covered under insurance in the first place) ought to be ignored as a result of which the endorsement increasing the sum insured by another Rs.6 Crores (total Rs.12 Crores) had expired on 26.7.2004 itself and the Policy accordingly covered a sum of Rs.6 Crores only.
44. In all cases where the insurers cancel the policy, the refund will be on pro-rata basis.
11. Mid-term revision in sum insured shall be allowed subject to the following :
Increase in sum insured : On pro-rata basis Decrease in sum insured : On short- period scale
45. The tariff has given simple rules for revision in the sum insured. The additional premium to be charged for the increased amount of sum insured will be on pro-rata basis for the balance period of policy.
46. Wherever there is a decrease in the sum insured, the premium that has to be retained on the decreased value of sum insured will be on short period scale."
33 The Insurance Regulatory and Development Authority (Protection of Policyholders' Interests) Regulations, 2002 issued under Clause (zc) of Sub-Clause 2 of Section 114A of the Insurance Act, 1938 (4 of 1938) of Sub-Section 14 and 26 of the Insurance arp804-09.sxw Regulatory and Development Authority Act, 1999 (41 of 1999).