Insurance Company liable to pay reinstatement value of insured property if it is unable to repair it: Supreme Court

The Court was hearing an appeal against the decision of the National Consumer Disputes Redressal Commission which had held that the insurance company shall be liable to pay only deprecated value of the property insured.
Justice MR Shah and Justice CT Ravikumar
Justice MR Shah and Justice CT Ravikumar

The Supreme Court on Friday observed that the insurance company would be liable to pay the reinstatement value of the insured property if it is unable to reinstate or replace the damage or destroyed property [M/s Oswal Plastic Industries v. Manager, Legal Deptt N.A.I.C.O. Ltd.].

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