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.... ....   Home  |  Cover Stories  |  National Newsreel  |  Politics  |  Business  |  Sports  |  World  | Contact  | Advert Rates  Towards a better life for the people Search The Archives   Cover Stories National News South West Niger Delta South East North Politics Business Sports World Viewpoints Features   Printing firm drags Niger Insurance to court over breach of contract By Chimaobi Nwaiwu Monday, September 13, 2004 NNEWI—AN Onitsha company, Fortune Printing Industries Limited has taken Niger Insurance Company Lagos to court  claiming N2.4 million for breach of contract.The company is claiming that the insurance company underpaid it when fire gutted it.  In a statement of claim filed by their lawyer Mr. Ikenna Egbuna, the company is asking the insurance Comapny to pay it the sum  of N2,467,800 being the under payment sum under the Insurance policy. The Company is also asking the insurance Company  to pay it the sum of N261,599,40 being the sum paid to the loss adjuster. But the Insurance company in its statement of defence claimed that the plaintiff was paid N7 million as full and final settlement of  all her claims relating to the fire incident. The Insurance Company said that Fortune Industries Limited was making unfounded  claims because they did not understand the technicalities of insurance transactions. According to the plaintiff's lawyer, “the company took insurance policy with Niger insurance in 1993 against risk by fire, and in  February 2000 the factory was gutted by fire which it notified the insurance company. “The industry made claims of  N14,266,780 out of over N18 million they insured their company”. “In line with insurance practice the insurance company  appointed City Loss Adjusters Nigeria Limited to investigate and verify the extent of the loss which it did and fixed at N9, 467,  800, the plaintiff said.” The plantiff also alleged that the defendant hid the fact of the outcome of the loss adjusters investigation from them and paid them  N7, million only and later went to claim in a National Daily that it paid them N7, 261, 599, 40.  They also accused the insurance  company of taking part of their money to pay the loss adjusters contrary to insurance practice which stipulates that it is the  insurance company that supposed to pay for the service of the loss adjusters. The plaintiff said they are not only demanding for the sum of N2, 729, 399, 40, but also 21 percent per annual interest rate on  the amount from 27, July 2000 until judgement is delivered.   Home  |  Cover Stories  |  National Newsreel  |  Politics  |  Business  |  Sports  |  World  | Contact  | Advert Rates © 1998- 2004. Vanguard Media Ltd.

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