Budgam: In a significant ruling, the Consumer Commission Budgam has mandated Bajaj Allianz General Insurance Company Ltd. to pay a sum of Rs. 3,88,431 to the complainant, Syed Yunus Pervaiz, along with 9% interest per annum from 11-10-2012 (three months from the date of receipt of the survey assessment report) until the final payment. Additionally, the insurance company is instructed to bear the litigation costs of Rs. 10,000.
The District Consumer Disputes Redressal Commission (DCDRC) Budgam, headed by Noor-ul Amin Bhat (President) and Rukhsana Farooq (Member), issued the order on 27-12-2023 while disposing of a consumer complaint lodged by Syed Yunus Pervaiz, a resident of Kaitch Razgeer Budgam and proprietor of M/S Sahil Communication.
The complainant had faced the repudiation of his insurance claim concerning insured stocks by the insurance company even before the receipt of the survey-assessment report. The commission, after due deliberation, directed Bajaj Allianz General Insurance Company Ltd. to fulfill the claim and pay the awarded amount, including interest, within six weeks.