A factory owner gets his stock of goods insured, but he hides the fact that the electricity board has issued him a statutory warning letter to get his factory’s wiring changed. Later on, the factory catches fire due to short circuit of wring. Can he claim compensation?

A factory owner gets his stock of goods insured, but he hides the fact

1.	A factory owner gets his stock of goods insured, but he hides the fact that the electricity board has issued him a statutory warning letter to get his factory’s wiring changed. Later on, the factory catches fire due to short circuit of wring. Can he claim compensation?
Answer» No, he cannot claim the compensation, as he has violated the principle of utmost good faith. He should have disclosed all the material facts to the insurance company.

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A factory owner gets his stock of goods insured, but he hides the fact that the electricity board has issued him a statutory warning letter to get his factory’s wiring changed. Later on, the factory catches fire due to short circuit of wring. Can he claim compensation?

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