M/S. Peacock Plywood Pvt. Ltd vs The Oriental Insurance Co. Ltd

The Supreme Court interpreted the marine insurance policy under which the appellant insured logs against non-delivery. The Court held that the exclusion clauses in the policy, particularly regarding unseaworthiness and insolvency, were applicable, thus denying the claim for loss of goods. The judgment of the High Court was upheld, affirming that the insurer was not liable due to the specific terms of the insurance contract.