Insurance

TOPIC: Concepts Defined (Contract of Insurance) MAYER STEEL PIPE CORPORATION and HONGKONG organization SUPPLIES DEPARTMENT vs. COURT OF APPEALS, SOUTH SEA SURETY AND restitution CO., INC. and the CHARTER INSURANCE CORPORATION G.R. No. 124050 June 19, 1997 FACTS: Petitioners: Hongkong baffleed with Mayer to establish and make out various steel pipes and fittings.Mayer shipped the pipes and fittings to Hongkong as prove by measure. prior(prenominal) to the shipping, petitioner Mayer the same against all risks with private answerings sulphur sea Surety and Insurance Co., Inc. (South Sea) and Charter Insurance Corp. (Charter). The pipes and fittings cover by Invoice Nos. MSPC-1014, 1015 and 1025 with a total amount of US$212,772.09 were ascertain with respondent South Sea, while those covered by Invoice Nos. 1020, 1017 and 1022 with a total amount of US$149,470.00 were ascertain with respondent Charter. Petitioners, jointly appointed Industria l Inspection (International) Inc. as third-party quizzer to examine whether the pipes and fittings are manufactured in harmony with the specifications in the contract. International certified that all are in bang-up order condition before they were loaded in the vessel.

Nonetheless, when the goods reached Hongkong, it was ascertained that a substantial portion thereof was damaged. A pack against private respondents for indemnity under the insurance contract was filed. responsive Charter paid petitioner Hongkong the amount of HK$64,904.75. Petitioners demanded fee of the end of HK$299,345.30 representing the cost of repair of the damaged pipes. close respondents ref! used to profits because the insurance surveyors report allegedly showed that the damage is a milling machinery defect. On April 17, 1986, petitioners filed an action against private respondents to recover the sum of HK$299,345.30. Respondents: Private respondents averred that they devour no obligation to pay the amount claimed by petitioners...If you emergency to get a full essay, order it on our website: BestEssayCheap.com

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