Insurance

TOPIC: Concepts Defined (Contract of Insurance) MAYER stain PIPE CORPORATION and HONGKONG authorities SUPPLIES DEPARTMENT vs. COURT OF APPEALS, mho SEA SURETY AND defiles CO., INC. and the CHARTER INSURANCE CORPORATION G.R. nary(prenominal) 124050 June 19, 1997 FACTS: Petitioners: Hongkong contracted with Mayer to manufacture and kick in out various trade name pipes and fittings.Mayer shipped the pipes and fittings to Hongkong as evidenced by measure. prior(prenominal) to the shipping, supplicant Mayer the same against each risks with private answerings South sea Surety and Insurance Co., Inc. (South Sea) and c in all for Insurance Corp. (Charter). The pipes and fittings covered by visor Nos. MSPC-1014, 1015 and 1025 with a sum nitty-gritty of US$212,772.09 were hold with responsive South Sea, patch those covered by Invoice Nos. 1020, 1017 and 1022 with a total amount of US$149,470.00 were insured with respondent Charter. Petitioners, jointly appointed industrial Inspection (International) Inc. as third-party tester to examine whether the pipes and fittings are construct in accordance with the specifications in the contract. International certified that all are in damage order condition out front they were loaded in the vessel.

Nonetheless, when the goods reached Hongkong, it was discovered that a substantial muckle thereof was disgraced. A take in against private respondents for indemnity beneath the indemnification contract was filed. responsive Charter paid petitioner Hongkong the amount of HK$64,904.75. Petitioners demanded makement of the intercept of HK$299,345.30 representing the cost of repair of the damaged pipes. Private respondents refused to pay because the insurance surveyors report allegedly showed that the damage is a factory defect. On April 17, 1986, petitioners filed an action against private respondents to bump the sum of HK$299,345.30. Respondents: Private respondents averred that they refine no obligation to pay the amount claimed by petitioners...If you arrest to get a broad(a) essay, order it on our website: Ordercustompaper.com

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