Insurance should not be misused for unfair gains

The National Commission observed that Aryan Exports' recovery of US $59,180 exceeded the consignment's value and concluded that further claims would amount to unjust enrichment

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The insurer argued that the insured goods had neither been lost nor damaged, so the claim was not maintainable

Jehangir B Gai

3 min read Last Updated : Nov 26 2023 | 9:56 PM IST

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Aryan Exports was engaged in the export of handmade carpets and rugs. It received an order from Atlanta Rugs in America for the supply of handmade carpets. It entrusted various consignments of carpets on different dates to Niranjan Shipping Agency.

The total value of the goods was $41,157.41. The goods were insured under a Marine Policy issued on May 6, 1994, by Oriental Insurance. The policy covered risk from “warehouse to warehouse” or “godown to godown”.

All the documents pertaining to the order were sent through Overseas Bank with instructions to deliver these to the importer’s representative. State Bank

Disclaimer: These are personal views of the writer. They do not necessarily reflect the opinion of www.business-standard.com or the Business Standard newspaper

Topics : Trade exports exports imports Carpets America Indian Overseas Bank

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