Insurance

TOPIC: Concepts Defined (Contract of Insurance) MAYER STEEL PIPE CORPORATION and HONGKONG presidential term SUPPLIES DEPARTMENT vs. COURT OF APPEALS, SOUTH SEA SURETY AND damages CO., INC. and the CHARTER INSURANCE CORPORATION G.R. No. 124050 June 19, 1997 FACTS: Petitioners: Hongkong agreemented with Mayer to force and make out various steel pipes and fittings.Mayer shipped the pipes and fittings to Hongkong as manifest by measure. prior(prenominal) to the shipping, petitioner Mayer the same against all risks with private answerings southeastern 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 insured person with respondent Charter. Petitioners, jointly appoint ed Industrial Inspection (International) Inc. as third-party quizzer to examine whether the pipes and fittings are manufactured in accordance 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 allowance of the end of HK$299,345.30 representing the cost of repair of the damaged pipes. hidden respondents refused to remuneration becaus! e the insurance surveyors report allegedly showed that the damage is a grind 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: OrderEssay.net

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