I.C. Sharma vs The Oriental Insurance Co. Ltd. - Supreme Court Important Judgment

 I.C. Sharma vs The Oriental Insurance Co. Ltd. - Supreme Court Important Judgment 2018 - 

 On 10th January, 2018, in the case of I.C. Sharma v. The Oriental Insurance Co. Ltd. [Civil Appeal No. 3167 of 2017], the issue for consideration was “under-insurance” and the effect thereof. It was held that “when a group of items is insured under one heading and only some of the items and not all items are lost/stolen then the principle of underinsurance will apply. However, if all or most of the items of value covered under the policy are stolen, then the insurance company is bound to pay the value of the goods insured.”

It was further held that “once the insurance company itself changed its policy from ‘as per list policies’ to ‘policies for consolidated amounts’, then an insured is not expected to give the item-wise details along with the valuation.” Also, “if the insurance company desires that item-wise valuation should be given for items over and above a certain value then it is the duty of the insurance company to advise the insured at the time of issuing the first policy of insurance and at the time of each renewal. The insurance company must at the time of accepting the premium advise the policy holder properly. The insurance company cannot accept the premium without asking for any details and later deny its liability on the ground that such details were not given.” 


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