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Insurer loses lawsuit over missing gold bars

A local insurance company was ordered to pay about 210,000 yuan (US$33,021) to a client whose insured gold bars were lost during delivery, the Huangpu District People's Court said today.

The court heard that Shanghai Jinwang Cultural Communication Company sent the gold bars valued at about 210,000 yuan through FedEx to a customer in Hebei Province on November 25, 2010 after having them insured by a local branch of PICC (People's Insurance Company of China).

However, the customer received an empty package with scratches, indicating it had been opened, the court heard.

PICC argued in the court that the gold bars, packed as gifts, were not lost during the delivery and refused to pay the compensation.

Jinwang showed judges a surveillance video footage to prove that the package was picked up by a FedEx courier and sent on route.

The court ruled that PICC should compensate Jinwang as evidences showed the gold bars were lost during delivery.


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