In Brief
A consumer purchased export credit insurance from ECGC Ltd. against payment default by a foreign buyer. The insurer initially paid 79.5% of the claim instead of the contractually agreed 90%. The consumer forum awarded 90% with interest from July 2002. Disputes arose over the exchange rate for converting Euros to rupees: whether to use the date of shipment (April 2002) or the date of payment (April 2013). The Supreme Court held that the insurance contract's explicit Clause 17 required conversion at the date-of-shipment rate. The payment made at that rate satisfied the decree, and no further amount was due. The appeal was dismissed."
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