ORIENTAL INSURANCE CO. LTD. vs M/S. OZMA SHIPPING COMPANY

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 affirmed the National Consumer Disputes Redressal Commission's decision to award the full insured amount of Rs.21,50,000 to the respondent, rejecting the insurer's claim that the vessel's value was only Rs.15 lacs. The Court emphasized that the insurer's reliance on the Surveyor's valuation was unfounded as the policy's terms were clear and binding.