“The facts of the case are that Keziah Njambi Maingi (“Keziah”) and her late husband Samuel Maingi Kibe trading as Arrivals & Textile Shop (“the Borrower”) applied for a business loan in the sum of Kshs. 16,000,000 from the respondent for the purposes of purchasing an owner/occupier residential house... The Borrower provided an irrevocable standing instructions to the respondent authorizing their account no. [particulars withheld] to be debited on the 20th day of each month with the monthly installments of Kshs. 329,627/-. The respondent was also instructed to debit the account with the monthly premiums of Kshs. 106,256/- for the Mortgage Loan Life Protection Cover and Fire Insurance Cover. They were referred to Kenya Alliance Insurance Company Ltd, the respondent’s insurer, for a medical examination so as to complete a proposal for the mortgage protection assurance, and on 12th July 2012, the Borrower was found eligible for the Group Mortgage Protection Policy for an assured sum of Kshs 16,000,000/- by the respondent’s insurer. On 6th August 2012 an equitable charge was executed over the charged property in favour of the respondent, and once the securities were registered on 13th August 2102 the loan was disbursed to the Borrower and payment to the respondent commenced on 21st August 2012... Samual Maingi Kibe died on 1st September 2012 following an accident on the Tigoni property, and by this time, Keziah, being of the belief that, the respondent was fully insured under the Mortgage Loan Life Protection Cover and Fire Insurance Cover, with regular remittances of the monthly premiums being made to the insurer by the respondent, did not expect to make any further payments in respect of the loan advanced since, the risk insured had crystalized upon the demise of her husband. She pursued the expeditious processing of the mortgage life assurance cover in respect of her late husband..” Following an accident on the Tigoni property.....Interesting narrative...!!!!!!
Posted on: Mon, 24 Nov 2014 08:06:54 +0000
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