of the learned counsel for the respondent that he will confine the claim Rs. 39,09,92,828/-, this issue need not detain us any further. 16. Analysis: Insurance is a contract of indemnification, being a contract for a specific purpose1, which is to cover defined losses2. The courts have to read the insurance contract strictly. Essentially, the insurer cannot be asked to cover a loss that is not mentioned. Exclusion clauses in insurance contracts are interpreted strictly and against the insurer as they have the effect of completely exempting the insurer of its liabilities.3 17. In Texco Marketing P. Ltd. v. TATA AIG General Insurance Company Ltd.,4 while dealing with an exclusion clause, this Court has held that the burden of proving the applicability of an exclusionary clause lies on the insurer. At the same time, it was stated that such a clause cannot be interpreted so that it conflicts 1 Oriental Insurance Co. Ltd. v. Sony Cheriyan, (1999) 6 SCC 451. 2 United India Insurance Co.