Court : Kerala
Decided on : Jan-08-2015
..... with proper notice to him.12. apposite would be a reference to the decision in oriental insurance co. ltd. v. meena variyal [(2007) 5 scc428:- "ordinarily, a contract of insurance is a contract of indemnity. when a car belonging to an owner is insured with the insurance company and it is being driven by a driver employed by the insured, when it meets .....Tag this Judgment!
Court : Delhi
Decided on : Jan-20-2015
..... consequential loss and/or in the alternative the said reasons are not in consonance with the fundamental policy of law of insurance which is that the insurance contract is always a contract of indemnity and the insured cannot benefit out of the payments made towards the indemnification. i find that merely because the value of sum to be recompensed to the ..... relies on the tariff advisory committee s (tac) general regulation 1 on consequential loss (fire) insurance section 1 which reads as under: policy to constitute contract of indemnity: every policy shall constitute a contract of indemnity only. the tariff advisory committee was formed under section 64u of the insurance act, 1938 to prescribe the terms/conditions/premium rates and wordings of insurance ..... 22 & 23. c) mr. kaul argued that the impugned award passed by the arbitral tribunal is also against the fundamental policy of law which is that the contract of insurance is contract of indemnity. the impugned award though states that the intent of the policy is to indemnify the respondent for the losses suffered it but proceeds to adopt an approach which ..... basis. further, the learned arbitral tribunal also rejects the submissions of the petitioner herein/ respondent therein in paragraph 69.5 that the business interruption insurance/ flop policy is a contract of indemnity by observing that it is not acceptable in law . likewise on the facts of the case, the claimant s surveyor/ mr. r. srivatsan/cw3 during his cross examination .....Tag this Judgment!
Court : Mumbai
Decided on : Jan-20-2015
..... on the part of the purchaser to pay off the previous encumbrance on the property sold. under section 124 of the indian contract act "a contract of indemnity" is a contract by which one party promises to save the other from loss caused to him by the conduct of the promisor himself, or ..... rulings of the chancery courts. this has not wiped off the common law cause of action vested in a promisee under an indemnity contract for enforcement of obligation on the indemnity contract itself by seeking a direct decree against the promisee (promisor?). to such decree he was entitled at common law only upon ..... sheodeni singh and venkatanarayaniah v. subramania iyer. . 5. it was then contended by mr. b. c. misra that even if there was a contract of indemnity the cause of action for the plaintiff arose on february 4, 1937, when the final mortgage decree was passed and not on february 25, 1943 when ..... : air1940bom161 , which both cases are referred to in the judgment of the learned judge. in my view, on a true construction of the contracts of indemnity admitted between the parties, it was permissible for the plaintiff to call upon the defendants to pay the amounts claimed in the order dated february 28 ..... no dispute between the parties that in respect of the goods sold and delivered by the plaintiff to the defendants during the above period a contract of indemnity in the terms contained in the above letters existed. 4. in connection with the sales tax relating to the goods sold by the plaintiff .....Tag this Judgment!
Court : Mumbai
Decided on : Mar-11-2015
..... to in section 23a. 14. the first respondent was and is therefore entitled to retain the amounts in a suspense account and to treat the same as payment under the contract of indemnity only in the event of it ultimately being unable to recover the amounts from the debtor's. 15. mr. patwardhan reiterated that in the event of the first respondent ..... admitted position that the premium had been debited to the loan accounts and had not been paid by the first respondent. 9. in a contract of indemnity the indemnity holder is not bound to sue the indemnifier. the indemnity holder may sue only the debtor or only the indemnifier or both. in law there is nothing that prevents an agreement or arrangement between an ..... the first respondent is now barred from recovering the same amount over again from the appellant's and the other respondents. he submitted that the contract between the first respondent and the dicgc is a contract of indemnity and to the extent that the first respondent is reimbursed by the corporation the benefit to the extent thereof must be passed over to the ..... be enforced. in particular we do not find anything that prohibits arrangement whereby the indemnifier pays the amount due under the contract of indemnity subject to the condition or on an understanding between the indemnity holder and the indemnifier that the indemnity holder will continue to pursue its remedies against the debtor and in the event of it recovering the amounts from the debtor .....Tag this Judgment!
Court : Delhi
Decided on : Apr-13-2015
..... to cover losses in the form of bank charges on account of delayed receipt of payment from the foreign banks. what the indemnity clause covers is losses on account of any default on the ..... specific clause in the contracts relating to this subject. he placed reliance upon the indemnity clause as well as the general scheme of the contract. the contracts are the main documents which contain the right and liabilities of the parties. in the absence of any provision in the contract, indemnity clause cannot be stretched ..... transferred to the suppliers, all bank charges would have been incurred by them directly. it has also been stated that as per the export contracts, all the bank charges outside algeria were to be borne by the supplier and accordingly the amount pertaining to the claimant was deducted/recovered ..... to the mpec and the supplier the performance of all obligations, responsibilities and liabilities of the stc under or by virtue of the export contract and the mpec and the supplier have agreed to accept and fulfil the said obligations/responsibilities and liabilities so far as the export of soyabean ..... part of mpec and/or the supplier in the discharge of their obligations under the contract. the above amount was unjustly deduced by the stc. 18. .....Tag this Judgment!
Court : Mumbai Goa
Decided on : May-07-2015
..... % of the same has to be reduced from gross total income. ? this court in pfizer ltd. (supra) has further in para 11 thereof held as under: ??a contract of insurance is a contract of indemnity. the insurance claim in essence indemnifies assessee for the loss of the stock in trade. the indemnification that is made to the assessee must stand on the same .....Tag this Judgment!
Court : Kerala
Decided on : May-20-2015
..... indemnify, says that a master is bound to indemnify his servant for all expenses incurred or loss sustained in obeying his lawful orders. it is also mentioned that no express contract of indemnity is required; the law will presume, from the relation of master and servant, an obligation to hold the latter harmless from the consequences of sa no.1028/2001 17 ..... loss is sustained by the latter persons, during the course of their employment. however, the question that crops up for decision, in the absence of any specific contract, is whether the appellant could claim indemnity against the board for the loss sustained by a third party on account of the act of an elephant owned by the board and kept by the ..... context, following principles will have to be remembered. it is true that mutual rights and obligations between master and servant depend on the terms of the contract of employment. although right of indemnity generally arises by a contract, express or implied, it has been said to exist whenever the relationship between the parties is such that either in law or in equity there ..... invoking the said provision. the tortfeasor claiming exemption from paying contribution to the other tortfeasor, based on the principle of indemnity contained in the section, should establish a legal right to make such a claim based either on a statute or a contract or common law principles. in this case, the salient features prompting me to hold so are that the master .....Tag this Judgment!
Court : Mumbai Aurangabad
Decided on : Jul-27-2015
..... was appropriately proved, particularly in absence of payment of additional premium? d) the insurance-company straight-away cannot be held responsible for payment of compensation as the contract of insurance is always a contract of indemnity and primarily the insured is required to be held responsible and not the insurance company? 8. so far as the appeal at the behest of the owner ..... the liability of the insurance company to pay the compensation straight way holding it to be responsible is concerned, it is required to be noted that the contract of insurance is always a contract of indemnity. the order of the labour court appears to have held responsible both, i.e. the vehicle owner and the insurance company responsible for payment of the amount .....Tag this Judgment!
Court : Kolkata
Decided on : Oct-16-2015
..... , in essence, exceptionally stringent contracts of indemnity. they are contractual undertakings, normally granted by banks, to pay, or repay, a specified sum in the event of any default in performance by the principal debtor of some ..... give notice of a claim if there is reasonable cause. the bank or other financial institution which grants a performance guarantee will, of course, demand a counter-guarantee or indemnity from the customer at whose request the guarantee is granted. as the customer will be liable to reimburse the bank on their payment under the guarantee, and as he ..... invocation of the guarantees was in terms thereof. the bank had no defence to the claim of the plaintiff and the same should be decreed. he relied on chitty on contracts, 25th edition on passage 4407 regarding performance guarantees as is reproduced below: performance guarantees. a number of cases have involved discussion of the nature of performance guarantees . which are ..... other contract with a third party, the creditor. an unusal feature of several modern cases has been that the bank s liability arises on mere demand by the creditor, notwithstanding .....Tag this Judgment!
Court : Delhi
Decided on : Dec-11-2015
..... , delay and lack of transparency in sharing the documents and information by the insurance company and persons appointed by insurance company, we have been denied an actual amount of indemnity under the contract of insurance under this policy, since we claimed an amount of rs.126951063.00 and substantiated the same whereas we have been given rs.56232959.00 only. we hereby ..... , compulsion and coercion. relevant portion of para 52 is reproduced hereunder:- 52. some illustrations (not exhaustive) as to when claims are arbitrable and when they are not, when discharge of contract by accord and satisfaction are disputed, to round up the discussion on this subject are: xxx xxx xxx (iv) an insured makes a claim for loss suffered. the claim is ..... are as under: 9. claim procedure in respect of a general insurance policy (1) an insured or the claimant shall give notice to the insurer of any loss arising under contract of insurance at the earliest or within such extended time as may be allowed by the insurer. on receipt of such a communication, a general insurer shall respond immediately and ..... full and final settlement before release of admitted claim amounts to coercion and undue influence as defined in sections 15 and 16 of the contract act and such contracts are voidable under section 19 and 19a of the contract act. 7.2. the withholding of the admitted amount by the insurance companies unless complete discharge is given, amounts to deficiency in service within .....Tag this Judgment!