Be.Well Insurance Premium Financing Terms


In consideration of the Lender agreeing to consider the Borrower’s application and/or request for finance of the Premium Amount as set out herein, the Borrower represents to the Lender as follows:

  1. No credit facilities availed to the Borrower from any Lender have been recalled and/or no legal action has been initiated by any Lender against the Borrower for non-payment of any such credit facilities availed thereof.

  2. The Lender is irrevocably authorised at its sole discretion and without prior notification to the Borrower to:
    1. Carry out credit checks and obtain financial or other information pertaining to the Borrower from any credit reference bureaus and/or credit scoring agencies and/or other competent authority or body for purposes of evaluating the Borrower’s credit application.
    2. Disclose the information to credit reference bureaus, credit scoring agencies and/or other legally authorised persons or entities without legal recourse against the Lender.

The Borrower acknowledges that such disclosure by the Lender shall not amount to breach of confidentiality or otherwise on the Lender’s part and further shall indemnify and keep the Lender indemnified against any claims, damages and/or expenses suffered or incurred by the Lender pursuant to such access use and/or disclosure of the information. Further in consideration of the Lender agreeing to advance to the Borrower the Premium Amount due to the Insurer (as defined in the Policy Schedule) by the Borrower being the amount payable to the Insurer under the Policy:

  1. The Borrower hereby:
    1. Agrees to pay the Lender punctually and without any prior demand or deduction or set off whatsoever the consecutive monthly instalments specified in the schedule hereto and in the manner therein and herein set out. Provided that the first instalment shall be paid on the signing of this agreement, and the subsequent instalments shall be payable monthly in advance, and over a maximum period of 10 months.

    2. Agrees to pay to the Lender in addition to the applicable instalment interest on any instalment(s) or part instalment which remains unpaid after becoming due at a margin of 10% over the Lender’s Base Rate or at such other rate of interest as the Lender may specify at its sole discretion (within the limits permitted by law and without seeking the Borrower’s approval thereof). Such interest shall accrue from the day to day (after as well as before any judgment) until repaid in full.

    3. Agrees and acknowledges that the outstanding balance on the Account shall be payable on demand AND shall be payable forthwith without demand together with interest and all other monies owed by the Borrower to the Lender upon the happening of any one or more of the following Events of Default:-

      1. Termination of the Policy/IPF contract by the Lender;
      2. If any one or more of the Cheques is dishonoured on presentation;
      3. If the Borrower breaches any of his obligations under this Agreement;
      4. If Receivers and Managers or Liquidators shall be appointed over the Borrower being a corporate body or if the Lender shall receive any notice of an intention to appoint any such Receiver and Manager or Liquidator as aforesaid;
      5. If a petition for Bankruptcy is filed or apprehended in regard to the Borrower being an individual;
      6. If the Borrower or the Insurer shall for any reason cancel any Policy of insurance issued hereunder or pursuant hereto;
      7. If a petition for bankruptcy is filed or apprehended in regard to the Borrower;
      8. If it becomes illegal for the Lender or the Borrower to continue with the present arrangement;
      9. If there are circumstances which in the sole opinion of the Lender may have an adverse effect on the ability of the Borrower to perform;

    4. Warrants to the Lender that the Policy is valid and the Borrower covenants to the Lender that the policy shall remain valid throughout the course of the Borrower’s indebtedness with the Lender and to give effect thereto the Borrower undertakes not to cancel the policy without the Lender’s prior consent or do any act or commit any default whereby the Policy may become void or voidable or whereby an increased premium or charge may become payable (unless the Borrower promptly pays the additional charge or premium to the Insurer) provided that in case of default by the Borrower on any of the Borrower’s obligations herein it will be lawful but not obligatory for the Lender to do whatever it may deem necessary to make good such default and any money expended by the Lender in that behalf with interest shall be repaid by the Borrower on demand.

    5. Authorizes and instructs the Insurer through the signing of this Agreement to register the Lender’s interest in the Policy as a financier as well as the Lender’s right under the power of attorney granted hereunder to terminate the Policy and to receive a refund of the Premium Amount and the Borrower further covenants with the Lender that the Borrower shall procure that the Insurer complies with the aforesaid authorization and in any event the Borrower confirms that the Borrower shall hold any monies paid to the Borrower under the Policy by the Insurer in trust for the Lender and shall immediately upon receipt surrender such monies to be credited to the Account. This obligation shall subsist until the Lender confirms in writing that the Account has been redeemed in full.

    6. Appoints the Lender to be the Attorney of the Borrower and in the name and on behalf of the Borrower to execute and do any assurances acts, and things which the Borrower ought to execute and to do under the policy including without limitation, the power to terminate the Policy and to give good receipt and discharge thereof for the refund of any premium amount or part thereof received by the Borrower on such termination or for such settlement paid under the Policy and the Borrower hereby ratifies all acts or deeds done by the Lender in the exercise of the power herein conferred and absolved from blame any and all parties giving effect to such power and the Borrower further confirms and agrees that any premium or part thereof refunded as aforesaid or any settlement paid to the Lender will first be applied towards redeeming the Account and the balance (if any) released to the Borrower.

    7. Undertakes to pay all stamp duty and other duties and taxes (if any) to which this agreement or any other document executed pursuant to this agreement may be subject to.

    8. Undertakes to reimburse the Lender on demand all expenses including legal expenses incurred by the Lender in the negotiation and preparation of this Agreement and all expenses incurred by the Lender in suing for or recovering any sum due to the Lender under this Agreement or otherwise in protecting or enforcing its rights under this Agreement.

    9. Undertakes that if the Lender shall so request, the Borrower shall execute in favour of the Lender by way of security, a legal assignment, or mortgage over the policy or cede the policy to the Lender and the Borrower undertakes to meet all costs and expenses, including the legal fees payable as a result.

    10. Confirms that no failure or delay by the Lender in exercising any right power or privilege under this Agreement shall impair the same or operate as a waiver for the same nor shall any single or partial exercise of any right power or privilege preclude any further exercise of the same or the exercise of any other right power or privilege.

    11. The lender may at any time and without notice the borrower’s combine or consolidate all or any of the borrower’s accounts in or towards satisfaction of any monies obligations or liabilities of the borrower to the lender whether those liabilities be present, future, actual, contingent, primary, joint or several an the borrowers expressly waive off any rights to set off that he may have, so far as is permitted by law, in respect of any claim which he may now or anytime have against the lender.

    12. Undertakes to provide any and all documentary and/ or information required by the Lender for the purposes herein and/or connected to the Customer’s application and/ or any other purpose related to maintaining a relationship with the Lender and/or any other lawful purpose.

    13. Warrants to the Lender that the Borrower has the power to enter in to the transaction contemplated by this Agreement and that neither the execution hereof nor the performance or observance of the Borrower’s obligations hereunder will conflict with or result in any breach of any law regulation mortgage agreement or other instruments whatsoever.

  2. The Insurer (being the Guarantor)
    1. Covenants with the Lender that the Policy is validly in existence and that the details set out in the Schedule regarding the Policy or policies are correct.

    2. In consideration of the said Premium amount being paid to the insurer by the Lender, the Insurer hereby irrevocably and unconditionally guarantees as primary obligor that on the request of the Lender, the Insurer shall forthwith refund directly to the Lender with or without formal demand and in any event no later than seven (7) days from the first demand, the pro rata refund (refundable premiums) of the amount due to the Lender without any deduction or set off whatsoever on failure by the Borrower to meet any or all monthly payments and/or credit charges in respect to the insurance premium collectable from the Borrower together with interest or charges thereof.

    3. The Refundable Premium shall be computed on a pro rata basis as follows: The Premium Amount (365 - number of days from the date of premium payment by the Bank to date of demand) / 365 days.

    4. The right of the Lender to the refundable premium and its interest as a financier or assignee shall be noted on the Policy or by way of an endorsement to be issued in respect thereof following the execution of this Agreement and the Insurer shall provide the Lender written proof of compliance with this sub-clause upon demand.

    5. Warrants that the right to cancel the policy and to pay the refundable premium shall override and prevail over any conflicting provisions in the Policy and the refundable premium shall be deemed to be refundable notwithstanding that a claim has arisen or payment has been made under the policy unless the payment is made to the Lender.

    6. Upon the cancellation of the policy hereunder the Insurer shall comply with all statutory and common law obligations resulting from such cancellation and including without limitation the provision of notice to any third party of such cancellation where required.

    7. Undertakes that a certificate under the hand of an officer of the Lender as to the amounts payable hereunder shall be conclusive evidence that such amounts are due and shall be binding upon the Insurer and confirms that no failure or delay on the part of the Lender to cancel or terminate the agreement due to default by the Borrower shall impair the rights or privileges of the Lender.

  3. This guarantee:
    1. Shall not be affected, discharged or diminished by any act or omission which would but for this provision have exonerated a guarantor but would not have affected or discharged the Insurer’s liability had it been a principal debtor.

    2. Shall continue in force until all the amount due to the Lender on premium financed has been paid when all liability hereunder shall cease save to the extent the Lender shall previously have called upon the Insurer in writing to pay specified moneys payable then remaining outstanding.

    3. Does not extend to liabilities incurred after the date of receipt by the Lender of notice of termination by the Insurer and on service of such notice the Insurer shall be at liberty to pay-off any moneys or liabilities guaranteed by the Insurer and to provide cash cover in respect of any contingent liabilities guaranteed.

    4. Shall be governed and interpreted in all respects in accordance with the Laws of Kenya and the parties hereto irrevocably submit to the non-exclusive jurisdiction of the Court in Kenya.

    5. The undertakings contained in this guarantee shall override any other undertakings given by the Insurer in any other documents.

  4. Consent
    1. The undertakings contained in this guarantee shall override any other undertakings given by us in any documents. In connection with this application and/or maintaining a credit facility with the Lender, We authorize the Lender to carry out credit checks with or obtain our credit information from a credit reference bureau. In the event of the account going into default, we consent to my name, transaction and default details being forwarded to a credit reference bureau for listing.

    2. The Borrower acknowledges that this information may be used by banking institutions and other credit guarantors in assessing applications for credit by me, associated companies, and supplementary account holders and for occasional debt tracing and fraud prevention Purposes.

  5. Disclosure of Information
    1. The Borrower agrees and consents that the Lender may disclose any information in the possession of the Lender relating to this application and or account to any third party (including other institutions licensed under the Laws of the Republic of Kenya and Credit Reference Agencies) if in the Lender’s opinion such disclosure is necessary for the purpose of evaluating any application made to the Lender by the customer(s) maintaining an account with the Lender or for other purposes but within the strict confinements of the Laws of Kenya.

    2. The Borrower agrees and consents that the Lender may disclose any information in the possession of the Lender relating to the Borrowers account details to any and all agents used by the Lender in the course of the operation of the account including but not limited to agents appointed by the Lender to manage the account.

    3. The Borrower agrees and confirm that the Lender may disclose any information in the possession of the Lender relating to this account details of the account holder to any third party (including other institutions licensed under the Banking Laws of the Republic of Kenya and Credit Reference Agencies) for the purpose of evaluating the applicant(s) credit worthiness or for any other lawful purpose.

    4. The Borrower agrees and consents that the Lender may obtain any information relating to the applicant from any third party including Credit Reference institutions licensed under the Laws of the Republic of Kenya if in the Lender’s opinion such disclosure is necessary for the purpose of evaluating any application made to the Lender by the Borrower or for any other purpose as may be prescribed by under the law.

AND IT IS HEREBY AGREED THAT any notice or demand shall be deemed to have been properly served on any party hereto if delivered by hand or sent by registered post telex or facsimile at the address shown in the schedule hereto or at the registered offices or the physical address shown on the schedule hereto and in the absence of any evidence of earlier receipt any notice or demand shall be deemed to have been received if delivered by hand at the time of delivery or if sent by registered post three (3) days after the date of posting (notwithstanding that it is undelivered or returned undelivered) or if sent by telex or facsimile on the completion of the transmission AND IT IS ALSO AGREED that this Agreement shall not take effect and shall not be binding on the Lender unless and until it is signed by the duly authorized officer of the Lender and other parties hereto AND IT IS ALSO AGREED THAT if the Borrower is more than one person then all obligations on the part of the Borrower shall be joint and several AND IT IS FURTHER AGREED THAT any dispute or difference arising between the parties to this Agreement for or in connection with this Agreement or its performance construction or interpretation shall be referred to arbitration by a single arbitrator in accordance with the provisions of the Arbitration Act Number 4 of 1995 or any amendments or replacements thereof whose decision in relation to any such dispute or difference shall be final and binding on the parties hereto.

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