When a danfo driver hits your car Versus When you hit a danfo driver's car. ������ You drive in Lagos and say Motor Insurance is not necessary? Ah!!! Terrible mistake.

Get covered today and have peace of mind when you drive anywhere in Nigeria.
Send a mail to customercare@lawunioninsurance.com or call 014540073 or 09036000066.

Insurance is a risk-transfer plan that ensures full or partial financial compensation for the loss or damage caused by event(s) beyond the control of the insured party.

It helps you protect yourself against risks like a house fire, car accident or burglary. You can also get insurance that pays you money if you get too ill to work or to provide for your family if you die.



How does insurance work?
With insurance, you choose what you want to be protected against.

Then your insurer calculates the risk that the events to be insured will happen and the insurance provider or insurer will determine the price you will need to pay (your premium).

These are the three main steps:

Choose a policy – This is a document that lists exactly what you are or aren’t protected against. For example, a travel insurance policy might say that it’ll cover your medical bills if you injure yourself abroad – but not if you were doing something dangerous, like bungee jumping or skiing.
Pay the premium. The premium is the amount you pay each month, yearly or like for travel insurance just once. The amount you pay depends on the risk and on the value of the events you’re insuring. For instance, if you drive an expensive car, your motor insurance premium will be more because repairs will probably cost more. Also, an inexperienced driver is more likely to have an accident and so might be expected to pay more.
Make a claim. If something happens that’s covered by the policy, you can claim on your insurance. You tell the insurance company what happened, they check that it’s covered under your policy, and if the claim meets with what you’re protected against then they pay you as agreed.


Do you need insurance?
There are lots of different types of insurance – you can cover almost anything, from your wedding to your pets. Some insurance is compulsory – you can’t drive a car without at least a third-party car insurance. Also, you can’t get a mortgage on your house without buildings insurance.

After compulsory insurances, the most important thing is to protect yourself and your family.

The types of insurance that you need will depend on what you need to protect.

Ask yourself what’s important to you:

If you’re travelling abroad, get travel insurance to help pay your hospital fees and other expenses if you get injured or sick.
If you have kids, what would happen to them if you died unexpectedly? Life insurance would help make sure they’re looked after financially.
If you have a big mortgage, what would happen if you became too ill to work? Income protection insurance could help cover your payments.


Conclusion

It is very important to have the right amount of insurance cover, but surprisingly many Nigerians don’t own a policy at all. Even those who do have insurance don’t always have the right amount for their current situation.

Think it over and look at prices – then you can start to decide what you want and what you can afford.

No matter how big or small your business is, without sufficient insurance coverage you are vulnerable to unnecessary loss. The popular saying that ‘Knowledge is Power’ is true especially when it comes to insurance as most people do not know that with the right insurance cover and company they can guard themselves as well as their companies from risks like lawsuits, accidents, and natural disasters.

This post will help you become familiar with the commonly used terms and jargon of the insurance industry and also a reference page when you read through quotes or policies to make sure you’re clear on what your provider is offering.


Broker
A broker is a specialist who can help you find the most appropriate insurance products to suit your needs. They understand the market well, so on your behalf, they can get and compare quotes, read the fine print, negotiate deals and explain what it means for you.

Certificate of Liability Insurance
A Certificate of Liability Insurance is an official document that states the dates that your policy becomes active. It can be used to prove you have insurance coverage if a client requires proof of such coverage. [url=lawunioninsurance.com]Law Union & Rock’s[/url] online application process makes it possible to receive a Certificate of Liability Insurance within hours of submitting your application.

Claimant
Anyone who makes a claim on your insurance policy. This insurance industry term may refer to you or a third-party when requesting payment from an insurance company. The type of claimant differs depending on how comprehensive your insurance coverage is.

Duty of Disclosure
When you apply for an insurance policy or renew or extend your existing policy, it is expected of you to tell your insurance company everything about you and your situation that is relevant or could reasonably be expected to be relevant to the insurer’s decision to insure you. You don’t need to disclose something you don’t know, that the insurer knows or ought to know, that is common knowledge, that reduces the insurer’s risk, or something that’s not relevant or the insurer has told you that you don’t need to disclose. In the insurance business, honesty is the best policy.

Excess
This is a percentage of your claim that you are expected to pay in the event of an insurance claim being settled. Compared to what you will receive from the insurer, this payment is usually a small amount. So in effect, you are accepting a small part of the financial risk yourself.

General Insurance
This includes policies that protect your property and your financial risk, including home building and contents, motor vehicle and travel insurance. The policies do not include life insurance and health insurance products.

Indemnity
Indemnity under an insurance policy is the coverage that is provided to you to protect against a loss, damage or injury.

No Claim Bonus
The no claim bonus is a discount on the premium, an insurance company may offer its policyholders that have not made any claim in a couple of years.

Over Insurance
This is when you insure something for an amount of money that is more than its actual value.

Policy
The actual contract that documents your insurance cover. This document contains all of the different sections and related attachments. Always remember to read the details of your policy, outlined in your Product Disclosure Statement and the policy schedule. So you are sure it covers the risks you want to cover.

Premium
This is the amount of money you have to pay for your policy, in return for insurance cover. It is often paid yearly or on a monthly basis. Premiums vary depending on how much risk you have and how long the coverage will last.

Quote
A quote is an estimate of what your rate could be with a potential insurance company. The rates aren’t constant because it depends on how much information you provide at the time of the quote. The more information you provide, the more accurate your insurance quote.

Renewal
This is when you agree to continue your existing policy for a further period. Usually, your insurance company sends you a renewal notice, when the policy is about expiring. It is very important you review your renewal notice and check if anything has changed, as well as consider if you need to alter anything.

Third Party
This is an insurance policy that helps protect other people, vehicles and property in the event of an accident that was believed to be your fault.

Underinsurance
This is when something is insured for less than its true value, meaning that you have inadequate insurance coverage. In other words, your policy does not cover the full value of a potential claim. In the event of a claim. You may suffer some financial loss as the damages could exceed the amount your insurance company would pay out.

It is true that these insurance industry jargons can be intimidating at first glance, but as one of the most transparent and reliable insurance companies in Nigeria, Law Union & Rock would like to guide business owners and individuals through the mumbo-jumbo. We have the expertise to help you and your business cut through the confusion, so you can make informed decisions that will protect you and your business from the risks it faces.