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.

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.

ford101:
please I need a job am in Abuja.my number is 07030122860 am a graduate of public administration.am good at IT

VACANCY

Cornerstone Insurance Plc is the first insurance company in Nigeria to provide customers with an online platform for insurance transactions. Little wonder why Cornerstone Insurance PLC was adjudged as the 'Best use of IT in insurance Service 2013' by the Financial Technology Magazine and also Lagos Chamber of Commerce and Industry Awards for 'Best Online Insurance Company of the Year 2015’ to name a few.

We are recruiting to fill the position below:

Job Title: Sales Executive/Financial Planner (Insurance)

Location: Abuja
Reports to: The Unit Manager
Employment Type: Full-time

Job Description
I. Identify prospects with exposure to risks and able to buy insurance policies.
II. Selling of Life and General Insurance solutions/policies.

Requirements
I. ND, OND, HND, B.Sc., BA
II. No experience is required for this category. Successful candidates will be positioned through training to meet company’s set targets and goals.

Remuneration / Benefits
Salary: Attractive allowances/Month with Commissions
Career: Opportunity to be trained and mentored to achieve targets and also climb the leadership and managerial ladder within the next 18 months

Application Closing Date
4th December, 2020.

How to Apply
Interested and qualified candidates should send their CV to: kattamah@cornerstone.com.ng using the Job Title as the subject of the mail.

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.

Note:

You have to choose between programmed withdrawal and Annuity on retirement.

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.

Note:

You have to choose between programmed withdrawal and Annuity on retirement.

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.

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.

Note:

You have to choose between programmed withdrawal and Annuity on retirement.

VACANCY

Cornerstone Insurance Plc is the first insurance company in Nigeria to provide customers with an online platform for insurance transactions. Little wonder why Cornerstone Insurance PLC was adjudged as the 'Best use of IT in insurance Service 2013' by the Financial Technology Magazine and also Lagos Chamber of Commerce and Industry Awards for 'Best Online Insurance Company of the Year 2015’ to name a few.

We are recruiting to fill the position below:

Job Title: Sales Executive/Financial Planner (Insurance)

Location: Abuja
Reports to: The Unit Manager
Employment Type: Full-time

Job Description
I. Identify prospects with exposure to risks and able to buy insurance policies.
II. Selling of Life and General Insurance solutions/policies.

Requirements
I. ND, OND, HND, B.Sc., BA
II. No experience is required for this category. Successful candidates will be positioned through training to meet company’s set targets and goals.

Remuneration / Benefits
Salary: Attractive allowances/Month with Commissions
Career: Opportunity to be trained and mentored to achieve targets and also climb the leadership and managerial ladder within the next 18 months

Application Closing Date
4th December, 2020.

How to Apply
Interested and qualified candidates should send their CV to: kattamah@cornerstone.com.ng using the Job Title as the subject of the mail.

VACANCY

Cornerstone Insurance Plc is the first insurance company in Nigeria to provide customers with an online platform for insurance transactions. Little wonder why Cornerstone Insurance PLC was adjudged as the 'Best use of IT in insurance Service 2013' by the Financial Technology Magazine and also Lagos Chamber of Commerce and Industry Awards for 'Best Online Insurance Company of the Year 2015’ to name a few.

We are recruiting to fill the position below:

Job Title: Sales Executive/Financial Planner (Insurance)

Location: Abuja
Reports to: The Unit Manager
Employment Type: Full-time

Job Description
I. Identify prospects with exposure to risks and able to buy insurance policies.
II. Selling of Life and General Insurance solutions/policies.

Requirements
I. ND, OND, HND, B.Sc., BA
II. No experience is required for this category. Successful candidates will be positioned through training to meet company’s set targets and goals.

Remuneration / Benefits
Salary: Attractive allowances/Month with Commissions
Career: Opportunity to be trained and mentored to achieve targets and also climb the leadership and managerial ladder within the next 18 months

Application Closing Date
4th December, 2020.

How to Apply
Interested and qualified candidates should send their CV to: kattamah@cornerstone.com.ng using the Job Title as the subject of the mail.

VACANCY

Cornerstone Insurance Plc is the first insurance company in Nigeria to provide customers with an online platform for insurance transactions. Little wonder why Cornerstone Insurance PLC was adjudged as the 'Best use of IT in insurance Service 2013' by the Financial Technology Magazine and also Lagos Chamber of Commerce and Industry Awards for 'Best Online Insurance Company of the Year 2015’ to name a few.

We are recruiting to fill the position below:

Job Title: Sales Executive/Financial Planner (Insurance)

Location: Abuja
Reports to: The Unit Manager
Employment Type: Full-time

Job Description
I. Identify prospects with exposure to risks and able to buy insurance policies.
II. Selling of Life and General Insurance solutions/policies.

Requirements
I. ND, OND, HND, B.Sc., BA
II. No experience is required for this category. Successful candidates will be positioned through training to meet company’s set targets and goals.

Remuneration / Benefits
Salary: Attractive allowances/Month with Commissions
Career: Opportunity to be trained and mentored to achieve targets and also climb the leadership and managerial ladder within the next 18 months

Application Closing Date
4th December, 2020.

How to Apply
Interested and qualified candidates should send their CV to: kattamah@cornerstone.com.ng using the Job Title as the subject of the mail.

kwentoa23:
Pls how much is the medical insurance fee n how where can it be obtained.
Thanks

The insurance can be obtained from any reputable insurance company in Nigeria and the price (premium) depends on the intended no of days you wish to travel.

Kind regards

Kindly contact us for the following services:

1. Company Document Processing
Kindly contact us for your company documents such as CAC Certificate, Tax Clearance Certificate (TCC), NSITF, ITF, PENCOM, BPP,etc. We are well known for our timely delivery.

2. Vehicle Registration/Renewal Services
We assist our clients in getting their vehicle documents such as Vehicle License, Road Worthiness, Insurance, Change of Ownership, New plate number, etc at the best cost & least time.

3. Errand Services
For your Dubai travel related needs such as Visa procurement, document verification & attestation at the Federal Ministries of Education & Foreign Affairs, kindly get in touch with us and you will be glad you did. We save our clients the time and money in coming down to Abuja to verify and attest to their documents.

4. International Money Transfer Services
Send money from/to any country of the world at the least cost & at the shortest possible time. Send money around the world, and avoid the unfair exchange rates set by banks.

5. Insurance Services
Contact us for your Travel/Health Insurance for your trip abroad. We also provide other classes of insurance to meet your needs.

6. Reservation Services
For your flight & hotel reservation for visa application, get in touch with us. You can count on us for verifiable and and timely reservations.

7. Bulk SMS Services
Customized messages for your weddings, birthdays, occasions, etc. Your SMS is delivered immediately to all networks in Nigeria at the least cost.

8. Document Compression & Conversion Services
We cater to your document compression & conversion needs. This includes PDF to Word, Excel, PowerPoint, JPEG & vice versa. It also includes extracting pages, splitting pages, merging pages, and reduction of any image/document size.

9. File Recovery Services
We recover files such as images, videos, music, documents from your corrupted memory cards, flash drive, disk drives, etc. Your files are handled with utmost discretion. Give us a call and leave the rest to us.

Thank you

08036048707

BURGLARY/THEFT INSURANCE

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

EXCLUSIONS

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

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
2. Wages
3. Auditors Fees

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.

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.

Sharing is Caring!

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

Motor Insurance

Motor Insurance covers are in the following range:
1. Private Motor
2. Commercial Motor
3. Motor Cycle

These policies can either be a Comprehensive cover or Third party only.

Comprehensive Policy: covers the Insured against loss or damage arising from:
• Accidental collision or damage to your vehicle
• Fire & Theft of the vehicle
• Third Party Property Damage Liability up to N1 million
• Third Party Bodily Injury & Death
• Malicious Damage
• Insured personal accident benefits up to a reasonable amount
• Insured’s medical expenses up to a reasonable amount
• Free vehicle tracking device for Autos of N3.5 million and above

Third Party Policy: This cover is restricted to loss or damage to Third Party property and bodily injury/death. It is available to all vehicles licensed for Nigerian road use.

Scope of Cover:
• Third Party Bodily Injury unlimited (As per Court Award or Agreement).
• Third Party Death unlimited (As per Court Award or Agreement).
• Third Party Property Damage up to N1 million.

Sharing is Caring!

Motor Insurance

Attention:

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!

Oil & Energy Insurance

Oil & Gas Insurance offers cover for all operations and assets relating to the exploration, exploitation, drilling, refining and storage of oil and gas. It also includes the insurance of Petrochemical risks such as insurance of assets, operations and liabilities arising out of production and consumption of intermediate and final products of chemical derived from Gas and Crude petroleum.

The purpose of oil insurance is to protect all parties against the financial consequences of accident, which may lead to injury to workmen and third parties in addition to loss or damage to properties.

Risks covered are:
• Onshore Risks
• Offshore Risks
• Property
• Operations

Sharing is Caring!

Term Assurance

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.

Benefits

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.

Bond & Guarantees

Bond indemnifies the principal who can either be a company, bank, government against the defaults or non performance of the Insured/Contractor.

Types of Bonds
List below are the types of Bonds underwritten by Insurance companies:

Advance Payment Bond
This bond is usually effected by a contractor before any advance payment is made to him by the principal either as mobilization fee or advance payment of the contract value at various stages of the contract works. It guarantees that the amount advanced is utilized for its purpose or be refunded if not used. Amount recoverable is the difference between the amount advanced and the contract work already done plus value of materials already supplied.

Counter Indemnity Bond
A counter indemnity or guarantee is a guarantee issued by Insurance Company to a bank or to another insurance company. It indemnifies the bank /Insurance Company against failure of the client to perform. The bank/insurance company transfers the risk to an insurance company, which in turn bears the burden of compensating the bank/Insurance company in case of default.

Custom Agent Bond
It is usually taken by custom agents and it protects the government against risk of evasion by custom agents of custom duties and taxes.

Performance Bond
This policy binds the insurer as surety that the physical work as contained in the contract agreement is completed by the contractor according to specifications, and the time specified. If the contractor defaults, the surety pays damages for non-performance or for not completing the contract according to specifications.

Tender / Bid Bond
This is required in connection with submission of tender for contract. The bond guarantees that if the contractor, having been awarded the contract, fails to take up the contract, the insurer (surety) pays for the difference between the contractor bid and that of his nearest competitor who will take up the contract thereafter.

Sharing is Caring!

Ragpcoach:
Keep up the good work

Thank you. We appreciate.

TRAVEL INSURANCE

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).

FEATURES

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.

PREMIUM

The premium varies depending on the country of destination and the number of days to be covered.

NOTE:

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.

Fire & Special Perils Insurance

The Fire Cover
The Policy covers accidental and unintentional loss or damage to property(s) and their contents, arising from the dangers of fire as well as from allied perils such as storm, earthquake, Lightning, Explosion of gas used for illuminating or domestic purposes etc.

Scope of Cover:
• Buildings
• Stock in trade
• Furniture, Fixtures and Fittings
• Plant and Machinery

Special or Extra Perils Cover
Where the insured wants to cover the property against more perils, he may choose from a wide range of special or extra perils such as:
• Explosion
• Riots and Strikes
• Malicious Damage
• Earthquakes
• Flood
• Storm and Tempest
• Escape of Water
• Burst Pipe
• Aircraft or other aerial devices
• Impact
• Bush Fire

Sharing is Caring!

Householders/House Owners Insurance

It is an insurance policy that protects against loss or damage to the property caused by fire, some natural causes and acts of vandalism.

Policy Types

There are two basic types of Household Insurance; Contents Insurance and Building Insurance.

Contents and Buildings Policies can be bought separately or together in one package.

Contents Insurance
Contents Insurance covers the contents of a home such as furniture, carpets, clothes, television, refrigerators, jewelry and so on. In other words, what you would take with you if you moved.

Buildings Insurance
Buildings Insurance protects against damage to the actual structure of the home and to its fixtures and fittings together with garages and outbuildings. There is limited cover for boundary walls, gates, paths, drives and swimming pools. In general, anything that would be left behind if the occupier moved is included in Buildings Insurance.

If you're renting, Buildings Insurance is paid by the landlord, not you.

Scope of Cover
Damage caused by fire, explosion, lightning, earthquake, the impact of aircraft, vehicles or animals
• Theft or attempted theft, the breakage of aerials,
• Oil leaking from a central heating system.
• Damage caused by riot and malicious persons,
• Storm, flood, the escape of water from tanks or pipes, subsidence, landslip or heave, and falling trees.

Sharing is Caring!

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:

1. Fire
2. Lightning
3. Explosion
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

1.Buildings.
2.Contents – furniture, household & office.
3. Stock-in-trade.
4. Plant and machinery.
5. Rent loss.

Who can buy this cover?

Government, Corporate organizations and every individual.

Annuity Plan

Annuity Plan is a policy through which prospective policyholders or retirees can convert a lump sum of money into an immediate or deferred regular stream of income payable for life.

How it works

• You can buy Annuity Plan with the proceeds of your Retirement Savings Account(RSA) from your Pension Fund Administrator or any lump sum of money at your disposal

•  You can choose a plan that will pay a constant/flat amount or the one that increases by 5% or 10% per annum for the rest of your life

•  The policy incorporates a guaranteed period of 10years; If the annuitant dies within the first 10years, annuity will continue to be paid to the named beneficiary until the expiry of the 10year period or a discounted lump sum will be payable

•  You can choose to have your money paid to you monthly, quarterly, half yearly or yearly.

Amount of Annuity you will receive

When you buy your annuity, the amount of income you will receive will depend on the following:

• The size of Annuitant amount, i.e. the initial amount invested

• The option you choose

Benefits to the Annuitants

• You will get Annuity payment for life

• The Annuity Plan offers an excellent retirement investment vehicle

• The policy offers economic protection and a shield from the uncertainties of life and investment

• It gives peace of mind

Insurance Products

Auto Insurance

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.

Consequential Loss Insurance

This policy protects and covers the insured against the shortfall in gross profit resulting from interruption or indirect delay in carrying out its obligation as a result of fire damage which affects the building, plant or machinery use for production.

Note: Policy cannot operate in isolation without a fire policy in place.

Scope of cover

• Gross Profit
• Salary and Wages
• Auditor's fees

Sharing is Caring!

Annuity Plan

Annuity Plan is a policy through which prospective policyholders or retirees can convert a lump sum of money into an immediate or deferred regular stream of income payable for life.

How it Works

• You can buy Annuity Plan with the proceeds of your Retirement Savings Account(RSA) from your Pension Fund Administrator or any lump sum of money at your disposal

•  You can choose a plan that will pay a constant/flat amount or the one that increases by 5% or 10% per annum for the rest of your life

•  The policy incorporates a guaranteed period of 10years; If the annuitant dies within the first 10years, annuity will continue to be paid to the named beneficiary until the expiry of the 10year period or a discounted lump sum will be payable

•  You can choose to have your money paid to you monthly, quarterly, half yearly or yearly.

Amount of Annuity you will receive

When you buy your annuity, the amount of income you will receive will depend on the following:

• The size of your purchase amount, i.e. the initial amount invested

• The option you choose

Benefits to the Annuitants

• You will get Annuity payment for life

• The Annuity Plan offers an excellent retirement investment vehicle

• The policy offers economic protection and a shield from the uncertainties of life and investment

• It gives peace of mind

Goods-In-Transit Insurance

This policy protects the insured from loss or damage by any accident or misfortune whilst the property insured is being transported either by road, rail or whilst temporarily housed during transportation process subject to the policy terms, conditions and exceptions.

The cover will be in effect when the goods are being conveyed by owner's vehicle or hired vehicles. Losses arising from Fire and Theft, Collision or overturning of the conveying vehicle[s] are covered under this policy.

For underwriting purposes, the following information are required:
• Nature of Goods
• Destination of Goods
• Total Value of Consignment
• Limit Anyone carrying per vehicle
• Duration of Cover

Sharing is Caring!