Insurers must reimburse Customs under marine policy

The National Commission ordered the insurer to pay the Rs 16.65 cr together with interest at 9% per annum from January 1

Suzuki Powertrain India, which got merged with Maruti Suzuki, had taken a Marine Cargo Open Declaration Policy from National Insurance to cover the purchase of plant and machinery from vendors in Japan.

One of the consignments, which was packed in 31 containers under three bills of lading, was despatched in May 2008 on the M.V. Nagato from Japan to Kandla.

According to the declaration submitted under the policy, it was covered from April 11, 2008, to the midnight of April 10, 2009, until it reached its destinations of Manesar and Gurgaon. The value of the consignment was a little over Rs 447