10. INSURANCE

(a) Pursuant to an amendment to the Insurance Act Cap 487, the Borrower is hereby informed of their rights under S. 71A (I) of the said Act of their right to choose an Underwriter or Broker from the list of Underwriters of Brokers licensed by the Insurance Regulatory Authority (IRA) and the option to forfeit the right to choose an Underwriter or Broker(s) licensed by the IRA .

(b) In consideration of clause (a) above, the Borrower hereby forfeits the right to choose an underwriter or Broker(s) licensed by the IRA.

(c) The Bank may require the Borrower(s) to take insurance cover to cover death and or disability through the Bank’s approved insurance plan. The Bank may enter into separate arrangements with insurers to cover the risk.

(d) The Borrower undertakes to pay the insurance premiums stipulated by the Bank from time to time); and

(e) The Borrower also understands and accepts that in the event of default on the facility(ies) or delay in payment of the insurance premiums, the insurance may not be valid and the Borrower will continue to be liable for repayment of all monies due to the Bank

(f) The Borrower also understands and accepts that not all types of disability or death may be covered by insurance. The Borrower will continue to be liable for any shortfall in the amount received from the insurers.

(g) The Borrower shall give written notice to the Bank within 48 hours of any occurrence which gives rise, or might give rise, to a claim under the policy of insurance and except with the prior written consent of the Bank, the Borrower shall not agree to settlement of any such claim.

(h) All proceeds received by the Bank in respect of any claim made under the insurance will be applied by the Bank in repayments of the facility. Any surplus after such application will be paid to the Borrower’s account