Business Standard

National Insurance to pay for loss


The Supreme Court has set aside the judgment of the Allahabad High Court in an insurance matter, observing that an arbitratio­n award should not to be lightly interfered with by appellate courts. In this case, Vishnu Bhagwan vs National Insurance Company, jute stocks of a firm in Lucknow was damaged in a fire. The firm invoked the insurance policy but there were difference­s over the valuation. The two arbitrator­s gave opposing views. The umpire gave a third view which was rejected by both the district judge and the high court. However, the Supreme Court upheld the umpire’s decision which required no review of facts.

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