insurer, located outside
India. According to the learned DRP with prior permission from
the government, the foreign insurer can also insure properties in
India ... Adidas AG to insure goods that it did
not own directly. This was because the German company had no
insurable interest in those goods under
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
preservation of insurance property. If the insured would suffer loss or derives benefit he would be having insurable interest in the subject matter ... insurance. The service which the insurer offers is with reference to the goods and the insurable interest has to be in respect of the goods
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
insurable interest of the respondent / complainant in the insured property.
14. The insurable interest has been defined under section 7 of the Act as under ... every person has an insurable interest who is interested in a marine adventure.
(2) In particular a person is interested in a marine adventure where
Petitioner/Insurance Company and also because the Respondent had no insurable
interest on the date of the accident, Petitioner/Insurance Company closed the
case ... contention of
the O.P. that the complainant had no insurable interest in the vehicle is
arbitrary and illegal.
The District Forum therefore directed
