Supreme Court of India
The New India Assurance Company Limited v. M/s Louis Dreyfus Commodities India Pvt Ltd
INSC stands for INDIAN SUPREME COURT. A neutral citation scheme assigned by the Court itself, so a judgment can be cited without depending on a commercial law reporter. INSC is the neutral citation scheme assigned by the Supreme Court, so a judgment can be cited without depending on a commercial law reporter.
What the Court ordered
For the reasons recorded in the main judgment, assumption or continuation of the additional risk required compliance with Section 64VB, an agent cannot, by invoking actual or ostensible authority, confer upon the insurer a capacity which the statute itself withholds.
Judgment, page 25
In brief
The respondent commodities trader held a Marine Cargo Annual Turnover Policy from the appellant insurer for an expected turnover of INR 1200 crores (half-yearly INR 600 crores) for 01.01.2010 to 31.12.2010, with premium payable in two half-yearly instalments and a special condition that premium was subject to and chargeable on actual turnover. In response to a broker's query, the insurer's Divisional Manager emailed on 17.05.2010 assuring that after payment of the second instalment all transits were covered till policy expiry even if turnover crossed INR 1200 crores.…
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