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Stats: 2,663,117 members, 6,255,925 topics. Date: Friday, 23 April 2021 at 09:48 AM
|What You Should Know About Insurance 1 by Teajayz(m): 5:04pm On Jan 25, 2019|
Insurance is the protection against financial loss. It is a risk-transfer mechanism that ensures full or partial financial compensation for the loss or damage caused by event(s) beyond the control of the insured party. Under an insurance contract, a party (the insurer) indemnifies the other party (the insured) against a specified amount of loss, occurring from specified eventualities within a specified period, provided a fee called premium is paid.
Why Would You Insure Your Assets?
Why would anyone concern themselves with the variety of insurance types available to them if they happen to believe it to be a waste of hard earned money and just not a justifiable expense?
For example, why would anyone spend even one naira on life insurance if they have no intention of dying anytime soon? After all, life insurance is for the elderly, is it not?
And why on earth would one insure a vehicle if he/she is a good responsible driver who has never had a vehicle collision ever before? Why waste money on vehicle insurance?
And what about home insurance, surely that is a huge waste of money especially if one has the best security systems and features in place to protect all valuables?
Why would an importer waste money on marine insurance when his goods always arrive safely at the port of destination?
Why would anyone on earth waste money on an unemployed insurance policy if he/she is in permanent employment and has been for years.
All of the above might seem realistic and true, but only for those who live in a perfect world without crime, natural disasters and unforeseen events. If one takes one natural disaster such as a fire as an example, it will automatically give justifiable reasons to all of the above and confirm the necessity of insurance rather than a waste of money.
And yes, life insurance might not be to your immediate benefit now, but accidents do happen, and should anything happen to you, you will at least have ensured that your loved ones are not burdened with your funeral costs, debts etc.
And even though you might be a responsible good driver, another vehicle driver might not be and collide into your vehicle by accident or even you might find yourself in the situation those affected on Otedola bridge found themselves and you run to save your life and forget to save your car and other things inside. This is why vehicle insurance is of such importance to have, so much so that it is enforceable by law in many instances
Also, you might be lucky that your goods are loaded safely at the port of departure and arrive safely at the port of destination. what if your life investment (container) fall inside sea one day. where do you intend to start from.
Now you see why insurance is necessary. Don't procrastinate, take action today.
|Re: What You Should Know About Insurance 1 by Insuranceman(m): 4:10pm On Sep 05, 2020|
Human life can never be without risks. The best wa1y to deal with risks is to get insured. Buy Insurance; if not for yourself, for your family.
Take an Insurance Policy today to avoid premium tears.
|Re: What You Should Know About Insurance 1 by Insuranceman(m): 10:40am On Oct 25, 2020|
What is Insurance and why do I need it?
Insurance has many forms and functions but really just for one purpose to ‘’Provide Peace Of Mind’’.
How does insurance work?
When you buy an insurance policy, you make payment to the insurance company for the amount of risk cover that you seek. Insurance companies pool the money paid like this by individuals and entities and then use them to compensate for the losses and damages arising out of insured events.
Reasons to Insure:
Reduce worry, help to prevent loss and to free up capital because insurance protects your assets in case of future losses.This security applies to individual and businesses.
Taking an insurance policy today!
|Re: What You Should Know About Insurance 1 by Insuranceman(m): 1:24pm On Oct 27, 2020|
Insurance jargons (Terminology)
Insurer: Insurer is the party in the insurance contract who underwrites an insurance risk or the one who provides you with the financial coverage during an unforeseen event.
Insured: Insured is the party in the insurance contract whose interests are protected by the policy.
Insurable interest: Insurable interest is the prerequisite for every insurance policy. A person or entity seeking insurance has an insurable interest in the subject matter when any damage or loss would impact in financial hardship.
Beneficiary: An individual who is eligible to receive the insurance proceeds if the insured person dies.
Sum insured: Sum insured is the maximum amount that the insurance company will pay you if the insured event takes place.
Excess: Excess is a fixed amount or a percentage of the claim amount that insured needs to pay before the insurer compensates the remaining.
Deductible: Deductible is the pre-decided portion of the loss that is paid by the insured.
Types of Insurance
There are various insurance products available in the market. List of insurance types is non-exhaustive. However, insurance policies are broadly categorised as follows:
1. Life Insurance
2. General Insurance (Non-Life)
3. Halal Takaful (Islamic Insurance)
|Re: What You Should Know About Insurance 1 by Insuranceman(m): 12:21pm On Oct 28, 2020|
What is Life Insurance?
Life insurance is an insurance contract wherein the insurance company promises to pay a designated beneficiary a sum of money (sum assured) in exchange for a premium in the event of insured’s death. The life insurance plan provides coverage for a specific period. Apart from term insurance, which is a pure form of insurance, there are many variants in life insurance that also come with savings element attached to it.
Importance of Life Insurance
Life insurance is one of the most important financial products in your portfolio. Following are some of the major reasons for which you need life insurance cover.
1. To avail future financial security for your loved ones even when you are not around.
2. To secure your children’s future educational and other needs.
3. For your family to deal with unpaid debts in your absence.
4. To save for your golden years through pension plans.
5. To achieve your long-term financial goals by way of disciplined investments into an endowment or unit-linked insurance plans.
6. To avail tax benefits under Section 33(4d) of the Personal Income Tax Act (PITA), 2011.
Advantage of Life Insurance
Life insurance products come with numerous benefits depending on the policy that you avail. Here are the key benefits offered by life insurance plans or investments:
Safety and security: Death is unavoidable. But, unfortunate events like death can have a financially devastating impact on dependants. Life insurance provides the needed protection during the demise of the family of the insured. The lump-sum amount can help the family achieve financial stability. Ultimately, by protecting the loved one’s life insurance gives you peace of mind.
Wealth creation: Life insurance plans like money back plans, endowment plans and unit-linked investment plans come with ‘investment’ component attached to it. This helps you in building wealth for you and your family’s future.
Tax benefits: Life insurance is one such financial product that gets favourable tax treatment. The premiums you pay towards life insurance policy qualifies for tax deduction under Section 33(4d) of the Personal Income Tax Act (PITA), 2011 thus help you save tax. Lump-sum proceeds of life insurance are free from income tax.
|Re: What You Should Know About Insurance 1 by Insuranceman(m): 7:49am On Oct 31, 2020|
Auto Insurance covers all types of automobiles for both private and commercial uses. Also covered are motorcycles and tricycles.
Auto insurance is one of the compulsory insurance classes and anyone using a motor vehicle on the public highway must have it.
Auto insurance which is the most common of all the known classes of insurance is designed to protect the insured for loss of or damage to his/her vehicle, damage to Third Party property including bodily injury and death to Third Party caused by an accident whilst using their vehicle.
Why do I need auto insurance?
1. It is compulsory; it is the Law! (Road Traffic Act,1950).
2. Provides replacement cost of damage or theft of your car.
3. To provide financial support for you when you damage other people’s property.
4. Re-imbursement of litigation cost
Types Of Auto Insurance
Third Party Auto Insurance
This policy covers death, accidental bodily injury and damage to the property of a third party.
Comprehensive Auto Insurance
The Comprehensive Auto Insurance plan covers the loss or damage to insured vehicles as a result of fire, theft, vandalism, accidental damage or collision. Coverage also includes Legal Liability for death, bodily injury or damage to the property of 3rd parties arising out of the use of insured vehicles.
|Re: What You Should Know About Insurance 1 by Insuranceman(m): 12:28pm On Nov 01, 2020|
Fire and Special Perils Insurance
Small sparks or power surges could lead to a raging flame that could consume a building costing a fortune. It’s not worth the risk.
Fire & Special Perils policy will indemnify the insured against any material damage, loss or destruction to the property due to a fire disaster or any other insured peril.
Virtually all tangible material ranging from buildings, plant & machinery, furniture, household & office content as well as factory stock are insurable items.
The cover under this class of insurance can be extended to include the allied perils of flood, burst, leaking or overflowing water pipes, apparatus & tanks, storm damage, riots & strikes, including malicious damage.
Standard perils covered are:
4. Storm, flood and landslides
5. Impact damage by vehicles / animals / aircraft
6. Riots and strikes
7. Bursting of pipes/water tanks, sprinkler leakage
Scope of the Cover
2.Contents – furniture, household & office.
4. Plant and machinery.
5. Rent loss.
Who can buy this cover?
Government, Corporate organizations and every individual.
|Re: What You Should Know About Insurance 1 by Insuranceman(m): 9:01am On Nov 02, 2020|
Travel insurance is designed to provide cover for risks associated with traveling temporarily outside your country of residence. The available covers are: Schengen, Worldwide Plans, Student Plan, and Pilgrimage Protection (Hajj & Umrah).
1. Provides worldwide coverage
2. Provides cover for accidental demise, health and property
3. 24 Hours assistance services
4. Group discount available
5. Maximum insurable age is 81 years and above with exceptions
WHAT DOES IT COVER?
1. Medical expenses and hospitalization abroad during the period of cover.
2. Emergency medical evaluation.
3. Unlimited transport or repatriation of family member traveling with insured.
4. Compensation for in-flight loss of checked-in baggage.
5. Location and forwarding of personal effects.
6. Compensation for delayed departure.
7. Compensation for hijacking in means of public transport.
8. Trip cancellation expenses.
9. Repatriation of mortal remains.
The premium varies depending on the country of destination and the number of days to be covered.
1. It's advisable to take out travel insurance, regardless of where you're travelling to.
2. All the Schengen countries have mandatory travel insurance as a requirement.
3. Embassies only recognize/accept Travel Insurance from few selected insurance companies, so don’t just go & pick up travel insurance from unacceptable insurance companies. The client can be refused visa for that.
|Re: What You Should Know About Insurance 1 by Insuranceman(m): 10:48am On Nov 03, 2020|
This is a form of life assurance that offers a basic guaranteed sum assured payable on the death of the policy holder within a fixed number of years (specified term). The sum assured is made payable to the beneficiaries as a lump sum to help protect the beneficiaries against financial hardship that may occur as a result of the death of the policyholder.
1. It could serve as additional security to secure loan.
2. It gives peace of mind to the life assured.
3. Affordable and cheap form of insurance for every member of the family.
4. 24 hours life assurance protection for policyholder.
5. To relieve the family of financial commitments associated critical illnesses and death.
6. Prompt disbursement of benefits.
7. To help protect the beneficiaries against financial hardship.
|Re: What You Should Know About Insurance 1 by Insuranceman(m): 12:03pm On Nov 07, 2020|
Don't buy a 'fake third party insurance' from "agents" with ur hard-earned #5000 whereas you can get a valid cover (that you can make a claim of #1,000,000) at the same amount from any insurance company of ur choice. Be informed!
Choose the Motor Policy that you want:
1. Third Party: provides cover if one of your vehicles is involved in an incident in which third party property is damaged, or if someone is injured or dies in the incident.
2. Third Party Fire and Theft: provides cover if one of your vehicles is damaged by fire or is stolen. This policy also covers third party damages and liabilities.
3. Comprehensive: provides cover if one of your vehicles is damaged by fire, theft, vandalism, accidental damage or collision, or is stolen. This policy also protects you against legal liabilities if one of your vehicles is involved in an incident in which third party property is damaged, or someone is injured or dies in the incident.
Sharing is Caring!
|Re: What You Should Know About Insurance 1 by Insuranceman(m): 2:26pm On Nov 08, 2020|
CHILDREN EDUCATION FUND (CHEF)
This is mainly a savings plan that assists in providing a lump sum over a period of time for the education of one’s children/dependants. However, if the policy holder dies during the agreed period, the account fund balance plus the sum assured on the plan (outstanding premium as at date of death) is paid to the named beneficiary; but if there is no death, the policy holder gets his total contribution with accrued interest at the expiration of the agreed period.
FEATURES & BENEFITS
1. Policy can be surrendered after a minimum of one year in force, subject to policy terms and conditions.
2. Policy loan, subject to a maximum of 70% of the fund balance after a minimum of one year in force.
3. Policy can be tendered as collateral with any financial institution.
4. Minimum annual contribution of N60,000.00
5. Flexible payment of contribution (monthly, quarterly; half yearly and yearly).
6. Tax exemption on contribution
7. Minimum policy period is five years
|Re: What You Should Know About Insurance 1 by Insuranceman(m): 3:31pm On Nov 14, 2020|
7 COMPULSORY INSURANCE POLICIES IN NIGERIA.
Did you know that there are seven compulsory insurance policies in Nigeria? Yes, the Federal Government has made it compulsory for individuals and businesses in the country to be protected by a few insurance policies. Here they are:
1. Motor Third Party Insurance: People who have been caught by law enforcement agents while driving, for not having insurance, may be able to relate to this. To ensure the safety of road users, the government has made it compulsory for citizens and residents to have motor insurance before plying public roads. It protects you against your legal liability to other road users for (i) Property damage (ii) Death or injury.
2. Employee Group Life Insurance: Are you an employer of labour? This is for you. The employee group life insurance requires that every employer of labour with five or more employees must take out a life insurance policy on each of these employees. The sum is at least three times the annual total compensation for the employee and applies to employees in the private and public sectors.
3. Health Care Professional Indemnity: As a patient, are you aware that every licenced health care provider must obtain insurance before treating you? Health care professionals are required to obtain insurance that will protect their patients in case of accidents or fatalities resulting from professional negligence. A health care provider comprises any registered government or private healthcare practitioner, hospital or maternity centre.
4. Insurance of Public Buildings: Did you know that your favourite shopping mall and hangout spot ought to be insured? The law provides that every public building must be insured against liability in the case of loss, damage to property, death or bodily injury that may be caused by collapse, fire, earthquake, storm or flood. A public building refers to any building accessible to people for educational, medical, recreational or commercial purposes.
5. Insurance of Buildings under Construction: Site workers’ lives matter! This is why the owner or contractor of any building under construction with more than two floors, must undertake insurance from the construction stage. The purpose is to guard the public against construction risks that may be caused by negligence on the part of the contractor; resulting in bodily injury, loss of life or property damage.
6. Aviation Third Party Insurance: Fly with cover! Aircraft operators in Nigeria are not permitted to operate without first undertaking this insurance policy. The policy involves three parties namely; the aircraft operators, the insurance company and the third party i.e. passengers, employees and the public at large. The aim is to provide cover in the case of accidental injury, death or property damage to third parties caused directly by the aircraft.
7. Marine Insurance (Cargo): If you’re planning on starting your own container shipping business, this is for you. Individuals and organisations that regularly engage the use of marine transportation are required to obtain marine insurance. It covers for losses that may occur as a result of marine adventures, from the use of vessels and yachts as a means of transportation.
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|Re: What You Should Know About Insurance 1 by Insuranceman(m): 12:37pm On Nov 17, 2020|
Contractors’ All Risk Insurance
This type insurance covers civil construction projects, such as residential/commercial buildings, theatres, factory sheds, warehouses, roads, bridges, dams, reservoirs, tunnels, oil/gas pipelines, water/sewage disposal works, etc.
The cover applies during the construction period and can be extended to the maintenance period. Most contract agreements lays on the contractor for losses, damage or injury. It is solely the contractors’ responsibility to ensure that adequate insurance in place for the following:
1. Damage to the works and to the properties at the site (owner’s or contractor’s), against “all risk” of physical loss of damage both to the work itself (under construction or completed), and for your plants and equipments as well as for material destined to be incorporated into the works.
2. Loss or damage from a cause occurring prior to the commencement of the period of maintenance and for any loss or damage occasioned by the contractor in the course of any maintenance operations.
3. Damage to property or persons. Clauses do not refer to legal liability but simply asks for indemnity against any damage, loss or injury, which may occur to any property.
It is often recommended that the policy should be extended to cover:
1. Transit from storage area to site
2. Overtime, airfreight and emergency charges to speed up replacement work consequences of faulty workmanship, defective materials or faulty designs.
|Re: What You Should Know About Insurance 1 by Insuranceman(m): 11:58am On Nov 18, 2020|
Consequential Loss or Loss of Profit Insurance
This covers the financial loss to your company, resulting from reduction in earnings or increased cost of working following damage by an insured perils covered under Fire/Special Perils Insurance.
What is covered?
1. Net profit which would have accrued if the fire incident/special peril had not happened.
2. Fixed charges as interest, rents rates etc. which are compulsorily payable although no business activities is taking place in the premises again. These are called standing charges in the policy.
3. Expenses which will help to facilitate the resumption of normal business and minimize loss of net profit e.g. hiring of temporary premises, engaging the services of extra staff or working overtime. This is called increased cost of working.
4. Wages of staff whose services will have to stop immediately due to the fire damage – retained wages of skilled employees whose services are needed/for quick return of the business activities of the company.
5. Auditors’ fee of the Auditors employed to prepare any claim under the policy.
This cover is always arranged to cover an agreed sum under the following headings:
1. Gross profit
3. Auditors Fees
|Re: What You Should Know About Insurance 1 by Insuranceman(m): 10:17am On Nov 20, 2020|
The burglary/theft policy covers the insured against loss or damage to the insured property consequent upon actual, forcible and/or violent entry into or exit from the premises, or damage to insured property or to the premises as a result of theft or any attempt threat including armed robbery/hold-up.
Types of insured properties are:
1. Any person of business with property to the insured whilst kept in the premise that required coverage for stock-in-trade belonging to the insured.
2. Goods held in trust or on commission for which the insured is responsible
3. Furniture, fixture, fittings and utensils
4. Household goods and personal effects
1. Damage occasioned by fire or explosion
2. Theft by insured, members of his family and employees
3. War, strike, riot, civil commotion and kindred risks
4. Radioactive contamination
|Re: What You Should Know About Insurance 1 by Insuranceman(m): 10:45am On Nov 23, 2020|
Annuity Plan (Pension)
Annuity is a program where the retiree transfer his/her pension fund to an insurance company for them to pay him/her monthly, bi-annually or quarterly.
In annuity program, payment is made to the retiree for life (that's till the person dies) irrespective of the fund transferred to the insurance company and also at a higher interest rate of return.
Its basically for retired people who have been notified that their pension is available for collection.
At this point, the retiree has two options to either go for Programmed Withdrawal or Annuity in which a particular amount would be paid to him/her either per month or bi- annually or quarterly as chosen by the retiree for life.
Annuity product is designed to pay retirees' for the entire duration of their life, no matter how long they live.
Annuity is very secure and easy to do. No story, no terms and conditions when its time to collect their money because it would be sent to their account every month like salary.
The goal of annuity is to provide a steady stream of income during retirement.
You have to choose between programmed withdrawal and Annuity on retirement.
|Re: What You Should Know About Insurance 1 by Insuranceman(m): 11:08am On Jan 05|
Five Steps To Utilize Your 3rd Party Insurance When An Accident Occurs
In this article, you will learn five steps to utilize your 3rd party insurance, but first, let me tell you about my experience.
Sometime last year, someone hit my car from the back. The impact was so bad that my fan belt pulled off. The boot was badly damaged. I was not in the car when the accident occurred, so naturally, I was called.
The person who drove my car was furious.
” I was very careful”, he insisted. “I don’t even know what the boy was thinking about!”, he fumed.
I asked to speak with the person who hit my car. Immediately the young man got on the phone, he began to beg. He was almost in tears. He pleaded with everything he held dear and asked to be forgiven. Calmly, I asked him if he had any Insurance. To my shock and surprise, he said no.
“Are you sure?” I asked. “How have you been escaping from the police without having Insurance?” I asked.
“Ma, I just have normal papers” he responded. “The one they gave me with my license”
I asked him to take pictures of the documents he had and send them to my WhatsApp number.
Immediately he sent the documents, I quickly scanned through them and saw that he had a 3rd party Insurance policy with an Insurance company. I then typed the policy number on the NIID Portal to see if it was genuine. I was pleasantly surprised when his details popped out. He had valid 3rd Party Insurance!!
I just asked him to take a snapshot of his driver’s license and then write a small note for me, admitting that he had caused the accident. Then I told him that he was free to go home.
Everyone at the scene seemed surprised. How did I let him go just like that?
You can now imagine my shock when I was woken up early the next morning by his call. It was around 6am or so. I could tell that he did not sleep. It was a Saturday morning.
“Ma, please I beg you in the name of God” he pleaded. “I am the son of a widow, I don’t have any money on me, the accident was a mistake. Please don’t report the case to the police”.
It was my turn to be shocked.
“Police? I asked. “Who said anything about the police?”
“You took pictures of my driver’s license and made me admit that I caused the accident”
I could not help laughing.
Then I calmly explained to him that my car was comprehensively insured and that I only took his details to enable my Insurance company to claim their subrogation rights from his Insurance company. This way, even though my Insurance Company would pay for the damage to my car, they would recover the money from the Insurance company which insured his own car.
A few days later, my car was fixed.
Most drivers in Nigeria have 3rd party Motor Insurance policies but very few of them ever read the policies to know the extent of their protection.
It usually baffles me to see drivers exchanging words (and sometimes blows) anytime there’s a car accident. And then I keep wondering if neither of them has a 3rd party insurance.
In Nigeria, once a driver has a 3rd party Insurance and an accident occurs the driver at fault, his Insurance Company will be liable to compensate the 3rd party, up to a maximum of N1,000,000 (One Million Naira).
The Insurance company would usually engage the services of a loss adjuster, who would assess the damage and advise the company of the appropriate amount to be paid for repairs.
So next time someone hits your car, take these 5 steps:
1. Take pictures of the two cars at the scene of the accident.
2. Ask for the Insurance policy of the person who caused the accident.
3. Log in the policy number on the NIID Portal via www.askniid.org. This is a database set up by the government for confirming the genuineness of all Motor Insurance Policies. Then take a picture of the Insurance policy and his/her driver’s license.
4. Ask the driver to write a note for you, admitting that the accident occurred.
5. Check the website of the Insurance company and call them to lodge your complaint.
Once the Insurance company is reputable, your car would be fixed in a matter of days.
Do stay safe.
|Re: What You Should Know About Insurance 1 by Insuranceman(m): 7:44pm On Mar 18|
The importance of retirement plan. Get one today!!!
|Re: What You Should Know About Insurance 1 by Insuranceman(m): 11:13am On Mar 19|
Motor Insurance saves you cost of repairs or buying another car. It also gives you peace of mind which is paramount.
Take one today!!!
|Re: What You Should Know About Insurance 1 by Insuranceman(m): 3:25pm On Apr 04|
GROUP PERSONAL ACCIDENT (GPA)
GPA is a group scheme accident insurance policy that provides members of the insured group with 24-hour, all-year-round insurance cover against accident. The policy pays for: death, permanent disability, temporary disability, and medical expenses resulting from an accident.
|Re: What You Should Know About Insurance 1 by Insuranceman(m): 12:16pm On Apr 06|
FIRE AND SPECIAL PERILS INSURANCE
This product provides cover for business premises against loss or damage to property, injury or death to persons caused by fire and related perils such as flood, storm, tempest, riot and strikes, malicious damage, explosion, burst water pipes.
|Re: What You Should Know About Insurance 1 by Insuranceman(m): 5:02pm On Apr 08|
GOODS IN TRANSIT INSURANCE
This policy provides cover for goods against loss/damage or theft whilst in transit by road or inland waterways. It also covers the goods while loading or unloading, and while being temporarily garaged in the course of the transit. Two types of cover are available:
a) All Risks Cover pays for loss/damage caused by accident, fire or theft, while
b) Restricted Cover pays for loss/damage caused only by accident.
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|Re: What You Should Know About Insurance 1 by Insuranceman(m): 3:16pm On Apr 09|
OIL AND GAS INSURANCE
This provides cover for assets, liabilities and personnel of companies in both the upstream and downstream sectors of the Oil & Gas industry. This also includes oil servicing companies and support services.
Sharing is Caring
|Re: What You Should Know About Insurance 1 by Insuranceman(m): 8:18pm On Apr 10|
(a) Cover for Goods: Marine insurance policy provides cover for goods transported by sea from the port/warehouse of embarkation to the port/warehouse of disembarkation. It pays for the goods lost/damaged by accident while in transit.
(b) Cover for Hull: Marine policy also covers ships, boats, or large vessels owned by insured.
|Re: What You Should Know About Insurance 1 by Insuranceman(m): 4:46pm On Apr 11|
Life insurance is the cornerstone of financial plans. Life insurance plans vary and are largely dependent on the requirements of the insured.
Life insurance policies typically pay out a sum of money either on the death of the insured person or after a set period.
|Re: What You Should Know About Insurance 1 by Insuranceman(m): 5:07pm On Apr 12|
Aviation Insurance provides cover against claims and losses arising from the ownership, maintenance, or use of aircraft, hangars, or airports including damage to aircraft, personal injury, and property damage.
|Re: What You Should Know About Insurance 1 by Insuranceman(m): 1:06pm On Apr 13|
CONTRACTORS ALL RISK INSURANCE
This policy protects any building or civil engineering project against unforeseen accident resulting in physical damage to or destruction of works-in- progress and works after completion, during the maintenance period and third party liability arising out of the execution of the building or structure.
|Re: What You Should Know About Insurance 1 by Insuranceman(m): 11:42am On Apr 14|
PROFESSIONAL INDEMNITY INSURANCE
The policy is to protect a professional such as: doctors, pharmacists, nurses, lawyers, engineers, architects, brokers and other professions against legal liability to pay damages to persons who have sustained loss arising from professional negligence or that of their employees in the conduct their business.
|Re: What You Should Know About Insurance 1 by Insuranceman(m): 2:26pm On Apr 17|
Fidelity Guarantee Insurance
Fidelity Guarantee Insurance indemnifies an employer for the loss of money or property sustained as a direct result of acts of fraud, theft or dishonesty by an employee in the course of employment.
|Re: What You Should Know About Insurance 1 by Insuranceman(m): 6:49pm On Apr 21|
A Bond is a guarantee issued by Insurance companies to a Contractor for which the sum insured (an agreed sum of money) will be paid in the event of the contractor’s default.
Insurance companies issue four types of bonds: Bid/Tender Bond, Performance Bond, Advance Payment Bond, Retention bond.
|Re: What You Should Know About Insurance 1 by Insuranceman(m): 10:52am On Apr 22|
PUBLIC LIABILITY INSURANCE
This policy takes care of legal liabilities of the insured due to the activities of his business (excluding liabilities from products) for bodily injury or death of third parties or loss or damage to their properties. It also covers the cost of litigation.
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