Oriental Insurance Co. Ltd vs M/S. Ozma Shipping Company & Anr

The Supreme Court held that under Sections 29 and 68 of the Marine Insurance Act, 1963, the value fixed by a valued policy is conclusive between the insurer and the assured, barring fraud. The Court found that the insurance company was liable to pay the insured amount of Rs.21,50,000/- as the vessel was a valued policy and had suffered a total loss. The appeal was dismissed, affirming the National Consumer Disputes Redressal Commission's order to pay the full insured amount with interest.