Insurance company will give Rs 37 lakh in Muthoot Finance robbery case, order of National Consumer Disputes Redressal Commission

Mala Dixit, New Delhi. The insurance company will pay a compensation of Rs 37,05,373 for the robbery and looted gold and cash in June 2013 at Muthoot Finance’s Buxar branch. The National Consumer Disputes Redressal Commission (NCDRC) has ordered insurance company New India Insurance to pay the amount in three months. The insurance company will also have to pay simple interest at the rate of nine per cent on the amount. Apart from this, the commission has also asked the insurance company to pay Rs 25,000 litigation expenses to Muthoot Finance.

Insurance cover of Rs 102 crore was

These orders were given by a bench of members of the commission Ramsurat Ram Maurya and Dr. Inderjit Singh on September 29, while disposing of the complaint of Muthoot Finance Ltd. In fact, Muthoot Finance Limited, a non-banking financial company (NBFC), had taken a package policy from New India Assurance Company Limited on 12 January 2013 for its branches across the country. This policy had an insurance cover of 102 crores.

Insurance company had risk cover

The policy had a risk cover for the period from January 12, 2013 to January 11, 2014. According to the complaint of Muthoot Finance, on June 11, 2013, at 2.10 pm, armed dacoits raided the branch of Muthoot Finance located on PP Road near Alka Cinema in Buxar and looted all the goods. The looted items included 2123.90 grams of gold and Rs 1,94,894 in cash.

Information given to the insurance company

Along with filing a report of robbery at Durgapur police station, the insurance company was also informed about it. Muthoot Finance made a compensation claim of Rs 66,99,342 lakh from the insurance company for the loss caused in the robbery. The insurance company appointed a surveyor to assess the damage caused by the robbery.

Total loss of Rs 43,05,373

In the report given by the surveyor to the insurance company of the total loss in the settlement settlement, it was said that the total loss in cash, gold and all other losses was Rs 43,05,373, out of which a total of 37, 37, on deducting Rs 6 lakh under the access clause, There was a loss of Rs 05,373 which should be compensated.

Demand for compensation of Rs 66,99,342

Although the insurance company offered to pay only Rs 17,04,024 after deducting money for many things, which the complainant Muthoot Finance refused to take and filed a complaint with the commission demanding compensation of Rs 66,99,342. Muthoot Finance also said that there was too much delay by the insurance company in offering this amount. However, the insurance company opposed Muthoot Finance’s complaint in the commission and raised several questions on the claim.

The complainant is entitled to the amount recommended by the surveyor

The Commission, after hearing both the parties and perusing the evidence and records produced, in its judgment held that the offer made by the insurance company to pay less than the amount of compensation given in the surveyor’s report is not correct. The complainant (Muthoot Finance) is entitled to the amount of compensation recommended in the surveyor’s report. The commission has said in the order that if some amount has already been paid by the insurance company, then that amount will be adjusted in the total amount.

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