Complaint Details

Status	:	Closed
Complaint No	:	0087097/2016
Category	:	Insurance
Date	:	22-09-2016
Subject Line	:	Claim under Marine Policy 221800/21/07/02/00000129: United India Insurance Co. Ltd.
Complainant	:	METENERE LIMITED
Address	:	A-1 GHAZIPUR, GHAZIPUR MAIN ROAD
Complainee	:	United India Insurance
Address	:	24, whites house

Complaint Details
With reference to the captioned subject matter we are given written you the mail after lots of follow-ups with insurer (United India Insurance Co. Ltd.) for the settlement of our most awaited marine claim which was repudiate by insurer on whimsical grounds. We are writing you regarding deficiency in the service by United India Insurance Co. Ltd. DO-18 NOIDA (U.P.)
Our claim was repudiate by saying that we were having negative balance as on the date of claim by calculating the declarations as per CIF+10% which was the basis of evaluation in the policy.
Marine Insurance is an Agreed Value Policy & we had taken the policy at CIF+10% basis, just in case if we incur any incidental charges in the transit then it will be declared and claimed accordingly in the event of a loss to the maximum of 10% above CIF value. Accordingly we have lodge the claim only for CIF value and not for additional 10%. Moreover, additional 10% is not a part of invoice value. It is over and above invoice value only if we incur the same.
We had made declarations on CIF basis as there were no incidental charges incurred by us, so we are entitled to get the claim up-to the value of CIF only. United India Insurance has repudiated our claim by saying that we needed to declare the value as per contract binding at CIF +10%. We have been regularly sending the declarations statements with CIF value to the United India Insurance Co. but they never objected regarding the declarations prior to the date of loss.
United India Insurance has adjusted the enhanced premium with the previous negative balance which is not allowed marine insurance “The open policy expires either on the date of expiry or the day the balance in the policy exhausted”. But the insurer accepted the endorsements even after the exhaustion, which means the acceptance of risk on the same terms & conditions.
As we already mentioned in above that Marine is an agreed value policy which means whatever amount we declare for transit is payable in totality in event of any claim.
United India has erred by denying their liability on illegal grounds.
We are also attaching the previous communication letters for your reference.
Looking forward for your kind support & guidance to settle our most awaited claim.

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