Insurance

If the borrower is incapacitated or dies, or if an asset is damaged in a way that stops the business from operating, the debt will remain. This affects the borrower, next-of-kin and persons providing third party guarantees. For this reason, insurance that is ceded to the Bank for the duration of the loan is mandatory, and will include:

• Life insurance
• Asset insurance (including the building)
• Liability cover
• Professional liability (where applicable)