YADIS LTD.V GNIC LTD

Issue:

This suit was instituted at the Lagos State High Court in suit No. LD/960/93. The dispute between the parties in this appeal arose out of the operation and enforcement of an insurance contract entered into between the parties on 8th October, 1992 by which the Appellant insured against fire, the Appellant's stock and materials in trade comprising of tyres contained in the shop forming part of a building occupied as a business premises by the Appellant at No. 32 Enu-Owa Street, Lagos for the sum of N3,500,000.00. After executing the contract, the Appellant decided to move the insured stock-in trade from the insured shop at No. 32 Enu-Owa Street, Lagos to Block 3, Ijegun Road, Ikotun-Egbe, Lagos without first obtaining the approval of the respondent which was required to endorse the change of premises on the contract document namely the Insurance Policy executed by the parties. When the Appellant's stock and materials insured were completely destroyed by fire at the new premises to which they were moved to and the Appellant sought to invoke his right under the policy to be compensated for the loss in accordance with the insurance contract, the Respondent declined liability resulting in the Appellant heading to the Lagos State High Court of Justice as a Plaintiff for redress. At the end of the trial, the High court dismissed the plaintiff/Appellant's claims. The Appellant's appeal to the Court of Appeal was also dismissed. Hence this appeal to the Supreme Court.