New India Assurance v. Agarwal
National Consumer Disputes Redressal CommissionR.P. No. 3725 of 2017Bench: Dr. Inder Jit Singh (Presiding Member), Dr. Sudhir Kumar Jain (Member)
Insurance compensation should match the real value of the goods on the date of the loss, not assumptions or notional values. The insurer is liable to pay compensation based on the actual market value of the insured goods at the time of loss.