Standard Fire & Special Perils policy – Once it is proved that there is a deficiency in service and that insurance company knowingly entered into a contract, notwithstanding the exclusion clause, the consequence would flow out of it HELD per the common law principle of acquiescence and estoppel, insurance cannot be allowed to take advantage of its own wrong, if any. It is a conscious waiver of the exclusion clause by insurance company.
SUPREME COURT OF INDIA DIVISION BENCH M/S TEXCO MARKETING PVT. LTD. — Appellant Vs. TATA AIG GENERAL INSURANCE COMPANY LTD. AND OTHERS — Respondent ( Before : Surya Kant and…