that the insurer
undertakes to indemnify the insured on the happening of the specified event,
and in consideration of the above, the insured undertakes ... insured or would otherwise affect him adversely.
Lr. Author further says that :
In third party
insurance, the assured also has an insurable
interest
prejudice from its destruction."
The right to insure goods, the buyer has an insurable interest
when the goods have been identified, and the seller ... affected by the contemplated peril as to directly
demnify the insured.
Insurable interest is a special requirement of a contract of
insurance. A valid contract
records of Government Departments. The insurer had taken the stand that the
Complainant Haji Daud had no insurable interest as the vessel continued ... paid the premium by getting insured his vessel.
He could not have done this, if he had no insurable interest in the said
property
date of theft complainant
res.no.1 was not having any insurable interest. Thereafter the
present complaint was filed.
A
reply was filed ... registered owner as well as insured person on the date of
theft. Thus he was having insurable interest in the vehicle on the
date
insured with the O.P. was booked by the complainant and the
complainant is consignor and consignee, therefore, he has insurable
interest / right ... insured articles were booked by the
complainant. The complainant is not owner of the said articles,
therefore, he has no insurable interest or right
insured vehicle prior to the alleged accident thus as per All India
Motor Tariff formulated by IRDA you have no insurable interest in this
claim ... insurer for claim settlement process as vehicle was
sold out by insured to his friend.
So in this claim there is No Insurable Interest
owner of vessel and the said vessel is insurable property
and complainant is having insurable interest in the said vessel therefore,
the policy was issued ... insured and policy was issued on the name of the insured. It was held
that the purchaser has insurable interest. The insurance company
cannot repudiate
considered by the ld. District Commission.
That the complainant was no insurable interest on the date of
accident.
5.3 It is further argued that ... been sold
before 2 months (As per Sale agreement). Hence the Insurable
Interest does not exist.
M. B. Desai A-21-299 Page
complainant failed to transfer insurable claim within 14 days
from the date of registration, transferee had no insurable interest at the time of
accident ... appellant
(complainant) has not become insured of the respondent (O.P.) therefore,
the appellant (complainant) was not having insurable interest in the
vehicle in question
insurance. There is no liability cast on insurer to entertain claim considering absence of insurable interest, which forms the basis for any insurance contract. Investigation ... pertaining to transfer of vehicle. Insurer has no surviving liability toward insured in the absence of insurable interest of insured, after transfer of vehicle
