September 4, 2013 1:41 pm
why is it necessary for fmcg sellers to insure their goods for havind limit from the banks and under which sec or rule is it mandatory
Dear Nitish, bank is not at all liable to insure the collateral. It’s the responsibility of the owner of the collateral to insurer it properly.
Even in case of home loans, banks ask us to purchase adequate property insurance, even though property is mortgaged with bank.
dear ashal we had cash credit account in a bank. or limit what it is generally called. it was of 3.00 lakhs. we dealt in food items and used to supply them to the market. the manger assured that he will insured our goods as the bank has entered into a tie up with a insurance company and we no longer need to insure our goods. he didn’t insured and we suffered a huge loss. i wanted to know the act under which it is mandatory for banks to insure the colaterals. so i can pursue my case in court.
Dear Nitish, what’s the query? I’m unable to understand. Can you explain it?
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