Article
Bar On Extension Of Insurance Cover Without Premium: The Supreme Court On The "Statutory Embargo" Under Section 64VB In New India Assurance Co. Ltd. Vs. Louis Dreyfus Commodities India Pvt. Ltd.
The Supreme Court, in the case of New India Assurance Co. Ltd. & Ors. vs. M/s Louis Dreyfus Commodities India Pvt. Ltd. (2026 INSC 876) ('New India Assurance vs. Louis Dreyfus'), has held that where an insurance policy covers turnover on a running annual basis, the insurer cannot be held liable for a loss that occurs after the insured's actual turnover has exceeded the turnover for which premium has already been paid, even where the policy itself is expressed as an annual turnover based cover.
King, Stubb & Kasiva
