President directs Insurance Co to settle rightful fire insurance claim of its client.

ISLAMABAD -- President Dr Arif Alvi on Monday directed a private Insurance company to settle the rightful Fire Insurance claim of Rs2.1 million filed by the owner of a garment shop in Lahore and termed it as an act of maladministration on part of the company.

The President rejected a representation preferred by M/s Asia Insurance Company contesting the Federal Insurance Ombudsman's (FIO) decision wherein the Insurance Company was directed to settle the insurance claim of Rs2,100,706 of its client within 30 days which was unlawfully denied to him.

The President in his decision observed that the company had admitted the authenticity of the Fire Cover Note which acknowledged that the Fire Insurance Policy was in force and had also admitted the findings of the survey report which determined a loss of Rs2.11 million by a fire ignited due to electricity short-circuiting, but still denied the rightful claim of its client...