VISHNU BHAGWAN AGRAWAL PROPREITOR vs NATIONAL INSURANCE CO. LTD. THROUGH ITS REGIONAL DIRECTOR

The Supreme Court upheld the Umpire's Award in favor of the appellant, determining that the insurance policy's coverage had effectively increased to Rs.25,45,121.70 despite the absence of an endorsement letter prior to the fire incident. The Court emphasized that the Insurance Company could not retract its commitment based on procedural delays, thus affirming the principle that acceptance of increased coverage can be inferred from correspondence. The judgment reinforced the binding nature of arbitration awards under the Arbitration and Conciliation Act, 1996, leading to the dismissal of the appeal against the Umpire's decision.