Sumit Kumar Saha vs Reliance General Insurance Company ...

The Supreme Court addressed the interpretation of insurance policy provisions under the Consumer Protection Act, specifically regarding the indemnity clause in the context of a claim for a Volvo Hydraulic Excavator. The Court held that the insurer is liable to pay the actual value of the item immediately before the loss, deducting proper depreciation, as per the policy's terms. The judgment emphasized that the insured must ensure the sum insured reflects the replacement cost to avoid underinsurance, affirming the National Commission's decision in favor of the appellant.