TXTLIGHT POWER SOLUTIONS LIMITED v. AIICO INSURANCE PLC
COURT OF APPEAL
LAGOS DIVISION
(EKANEM; OBIORAH; BASSI, JJ.CA)
FACTS
TXTLight Power Solutions Limited (the Appellant) and AIICO Insurance PLC (the Respondent) entered into an Industrial All-Risk Insurance Policy under which the Respondent agreed to insure the Appellant’s stock of solar power systems and panels situated in various locations across Nigeria. The policy provided insurance cover in the sum of ₦7,370,531,840.49 against risks including fire, explosion, burglary, and theft.
Pursuant to the insurance arrangement, the Appellant agreed to pay a prorated premium of ₦2,552,626.32. One of the conditions of the insurance policy was contained in Memo 13, which required that documents relating to the contract be maintained in physical form. Notwithstanding this provision, the parties did not strictly comply with the requirement, as the Appellant continued to maintain some of the documents electronically while the Respondent continued to receive premiums and transact
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