EDOZIE, JCA (Delivering the Leading Judgment): This appeal arose from a case of indemnity under an insurance policy in respect of which the insured property was destroyed in a fire outbreak.
The respondent, a Judge of the Borno State High Court was the plaintiff while the appellant his bankers was the 1st defendant in the court below. Sometime in 1986, the appellant bank granted to the respondent a credit or overdraft facility of N8,013 presumably to be repaid instalmentally over a given period. As a collateral, the respondent mortgaged his dwelling house situate opposite Verago Hotel off Mubi Road, Yola to the appellant bank by depositing his title deeds with the bank. As if that was not enough, the respondent was required to and he did insure the mortgaged property with the Leadway Assurance Company Limited (company for short) the 2nd defendant in the court below. The property consisting of a bungalow and its boy's quarters was insured against tornado, fire outbreak etc. for the sum …