Supreme Court rules insurer not liable for risk beyond sum assured unless premium paid in advance

The case concerns a dispute between an insurer and a commodity trader regarding whether the insurer is liable for a fire loss when the insured's turnover exceeded the sum assured and the additional premium was paid after the incident. The Supreme Court is reviewing the National Consumer Disputes Redressal Commission's order that held the insurer liable.

Appellants: The New India Assurance Company Limited & Ors.; Respondents: M/s Louis Dreyfus Commodities India Pvt. Ltd.; Bench: Justice Sanjay Karol.

• The Court heard arguments from counsel for both parties.
• The Court noted the specific statutory provision Section 64VB of the Insurance Act, 1938, which states no insurer shall assume risk unless premium is received in advance.
• The document provided is truncated and does not contain the final judgment, operative directions, or relief granted by the Court.

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