75% of insurance for Tagore's stolen Nobel medal can be paid

SANTINIKETAN: The National Insurance Company, that insured the Nobel medal of Rabindranath Tagore, is awaiting the final report of the investigating agencies, the CBI and West Bengal police, for settling the claim of its theft with the Viswa Bharati.

An NIC official said here although Viswa Bharati authorities wanted the insurance amount for the stolen Nobel medallion and other items to be paid immediately, the insurance authority could pay only a portion.
   
This was because the investigating authorities had not submitted the final report mentioning that the stolen items were lost forever or that the investigation was closed, he said.
   
In this situation, NIC could pay only 75 per cent of the sum assured as ad hoc payment, the official said.
   
The Nobel Medallion and other items were insured with the NIC, Suri branch. The sum assured for the year 2003-04 was around 3.59 crore and the annual premium was fixed at Rs 98,000.
   
After the theft, the estimated claim by the university authority was Rs 2.39 crore, but the surveyor engaged by NIC valued it at Rs 95.89 lakh only.
   
The Nobel medal of Rabindranath Tagore was insured for burglary and fire and not as an antique item, the NIC official said.

The theft of the Nobel medallion and other artifacts from Rabindra Bhavan museum in Santiniketan was detected on March 25, 2004.

The NIC official said "We pay insurance on the basis of the report of the surveyor. The Nobel medal and the basket was valued at the time of insurance for Rs one crore. The other stolen items were covered under the remaining amount of the sum insured.

"The box in which the medal was kept was not stolen. The antique value of the medal was not under writing of the policy. As the investigation is still going on we can pay only 75 per cent of the amount valued by the surveyor," he said.
   
He said there was a meeting recently with Viswa Bharati authority to settle the claim, but consensus could not be reached. The entire matter was referred to the higher authorities for a final decision.
   
Rabindra Bhawan director Swapan Mazumdar said, "I have not yet received any communication from the insurance company on the amount of insurance payment. Recently we had a discussion with the insurance company where we asked them to make the payment as early as possible. If the insurance amount offered by NIC is found unsuitable, then the university authority will decide what is to be done."
   
Sabujkali Sen, a former director in charge of Rabindra Bhawan said, "We will stick to the estimated claim. We had several meetings with NIC officers and tried to convince them about the emotional value of the stolen items."
   
A highly placed Viswa Bharati official said "We have told the insurance company that we will not continue the policy if the settlement of Nobel theft claim is not made immediately."
   
Meanwhile, NIC Chief regional manager K Banerjee told in Kolkata, "There is no dispute. We are waiting for the report of the investigating agency following which the claims will be settled."