Property can only be insured locally

The National Commission noted that claim was for loss of goods as well as for loss of profits. The local policy covered claim for loss of goods only, while the global policy covered loss of profits

Jehangir B Gai 

Jehangir B Gai

Levi Strauss (India), a subsidiary of Levi Strauss (USA), which is in the business of manufacturing apparels and jeans, had appointed Safexpress for warehousing, distribution, and logistics management. Levis USA had taken two Global All Risks Property Policies from Allianz Global.

Levi’s India had additionally obtained a Standard Fire & Special Perils Policy from United India Insurance because the General Insurance Business (Nationalisation) Act prohibits property in India to be insured with a foreign insurer without prior permission of the central government. When a fire ...

Note: Subscription will be auto renewed, you may cancel any time in the future without any questions asked.

Total Amount
Rs. 149.00
Requires personal information

What you get?

ON BUSINESS STANDARD DIGITAL

  • Unlimited access to all the content on any device through browser or app.
  • Exclusive content, features, opinions and comment – hand-picked by our editors, just for you.
  • Pick 5 of your favourite companies. Get a daily email with all the news updates on them.
  • Track the industry of your choice with a daily newsletter specific to that industry.
  • Stay on top of your investments. Track stock prices in your portfolio.
  • 18 years of archival data.
  • Requires you to share personal information like date of birth, income, location amongst other fields. This information alongwith your contact information will be shared with the partners associated with this program, who contribute towards subsidizing the offer. By subscribing to this product you acknowledge and accept that our Partners may choose to contact you with offers of their products and services.
  • This is an optional offer - Not comfortable with sharing personal data - please opt for the full price offer which requires you to share minimal information
Read our full coverage on property deals
First Published: Wed, August 07 2019. 22:13 IST