Insurance Claim Must Be Calculated On Reinstatement Value Basis When Terms Of Policy Provide For Same: NCDRC
1 month, 1 week ago

Insurance Claim Must Be Calculated On Reinstatement Value Basis When Terms Of Policy Provide For Same: NCDRC

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The National Consumer Disputes Redressal Commission bench presided by Justice Sudip Ahluwalia and Rohit Kumar Singh has directed “New India Assurance Co. Ltd.” to re-calculate the insurance claim of the Complainant based on the Reinstatement Value as per the terms of the insurance policy. The primary contention was that though the Insurance policy was on a Reinstatement Value Basis, the surveyor of the Insurance Company still assessed the claim on a depreciated basis which was in violation of the terms and conditions of the insurance policy. The bench held that there was no necessity of appointment of another surveyor by the Complainant since the report of the Surveyor appointed by the Insurance company was not completely disregarded. Hence, the Insurance Company was directed to re-calculate the claim amount on the reinstatement value basis.

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