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Nairaland Forum / Nairaland / General / Politics / Sanwo-Olu: Insurance Didn’t Cover Lagos Buses Burnt During #EndSARS (14674 Views)
Lagos State Rebuilds Pen Cinema Police Station Burnt During EndSARS Protests / Sanwo-Olu Commissions Ajeromi Ifelodun LG Secretariat Burnt During EndSARS Riots / LASG Rebuilds Ajeromi Ifelodun Local Secretariat Burnt During EndSARS Riots (2) (3) (4)
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Re: Sanwo-Olu: Insurance Didn’t Cover Lagos Buses Burnt During #EndSARS by adewale2011(m): 11:37am On Apr 19, 2021 |
Insurance only cover Particular Risk not Fundamental Risk... Riot, Crisis and Natural disaster is an exemption or totally excluded in an Insurance contract. For example: anyone killed by the corona virus pandemic can't claim life assurance benefit because the pandemic isn't an insured peril or it's a fundamental loss. 1 Like |
Re: Sanwo-Olu: Insurance Didn’t Cover Lagos Buses Burnt During #EndSARS by DelTel(m): 11:41am On Apr 19, 2021 |
TGM2015: So LASG use marketers not insurance brokers . Seriously did you just say such has never happened . Tell Nairaland what is the most frequent peril faced by BRT buses Mr Name-calling https://www.premiumtimesng.com/news/more-news/448367-youth-attack-brt-station-as-bus-kills-motorcyclist.html https://www.thecable.ng/14-brt-buses-destroyed-protest-death-hawker/amp Let us even conceded to your flawed logic, please what is the essence of insurance, isn't it for unforeseen circumstances so if it has never happened does not mean it should be insured against . Another definition of Insurance is protection against that which rarely happens but can happen and terribly affect a business/individual/government. With this your position, you are a disaster-in-waiting in any private and public endeavour you are saddled with making decision sir. For knowledge sake (if you are willing to learn), SRCC should ordinarily be a standard clause for Comprehensive motor vehicle insurance; only Flood and EBB are extensions typically. |
Re: Sanwo-Olu: Insurance Didn’t Cover Lagos Buses Burnt During #EndSARS by DelTel(m): 11:48am On Apr 19, 2021 |
adewale2011: You are wrong sir. Life assurance both Group Life and Individual Life cover death from any cause except those listed (mostly criminal and pre-existing conditions with some for a certain/window period). Covid19 was not listed so it is expressly covered. Any insurance company(ies) that refuse(s) to pay should be reported to NAICOM. |
Re: Sanwo-Olu: Insurance Didn’t Cover Lagos Buses Burnt During #EndSARS by ogeenanthony(m): 12:35pm On Apr 19, 2021 |
See what the dragons caused!!! Oluwamarc: |
Re: Sanwo-Olu: Insurance Didn’t Cover Lagos Buses Burnt During #EndSARS by adewale2011(m): 1:03pm On Apr 19, 2021 |
One of the fundamental principles of Insurance is that, it does not cover a Peril that affect a large number of the population at a particular time. If claims are to be made in respect to Covid-19 pandemic then the Insurance companies would have a hard time meeting claims because the pandemic affected a large number of the population and the Peril is fundamental in nature. NAICOM knows this fact too.... quote author=DelTel post=100926734] You are wrong sir. Life assurance both Group Life and Individual Life cover death from any cause except those listed (mostly criminal and pre-existing conditions with some for a certain/window period). Covid19 was not listed so it is expressly covered. Any insurance company(ies) that refuse(s) to pay should be reported to NAICOM. [/quote] |
Re: Sanwo-Olu: Insurance Didn’t Cover Lagos Buses Burnt During #EndSARS by Gbajure(m): 1:19pm On Apr 19, 2021 |
DelTel: It is not good to be bragging on falsehood. If you don't know it is fine. No where on the globe except communist states are war, riot, and natural disasters cover by any insurance company. Check this up. What is in place in some climes is a govt or public funded scheme that cover such. Which I doubt we have in Nigeria. In a place like SA, it is call SASRIA |
Re: Sanwo-Olu: Insurance Didn’t Cover Lagos Buses Burnt During #EndSARS by miky(m): 1:33pm On Apr 19, 2021 |
read very slowly "According to him, the premium paid on the vehicles did not cover what eventually happened to them" helinues: |
Re: Sanwo-Olu: Insurance Didn’t Cover Lagos Buses Burnt During #EndSARS by Appliedmaths(m): 1:40pm On Apr 19, 2021 |
Pure lies, those buses with other Lagos State assests are insured by Lagos State Insurance Company (LASACO) which is further spread across the Nigerian Insurance market. The loss from material damage alone from the endsars claim gulped over N1.3b and we are still adjusting the business interruption aspect of the claim (the closed lekki toll gate). Just last week we had another meeting with a Nigerian Reinsurance company on this same end sars claim. I will not want to say much because as faceless as this forum might be I don't want to be dragged into this hot pot of lies. So Mr governor should tell us another story, period. |
Re: Sanwo-Olu: Insurance Didn’t Cover Lagos Buses Burnt During #EndSARS by DelTel(m): 1:46pm On Apr 19, 2021 |
adewale2011: Can you show the number please. As at today 19th April, NCDC stated 2,061 covid19 deaths in Nigeria. Road accident figure as at 2018 was over 40,000. There are an estimated 300,000 malaria deaths per year in Nigeria. Also, over 215,000 deaths per year in Nigeria from HIV/AIDS. |
Re: Sanwo-Olu: Insurance Didn’t Cover Lagos Buses Burnt During #EndSARS by DelTel(m): 1:52pm On Apr 19, 2021 |
Gbajure: Why not just keep your foreign knowledge to yourself. How can you put War and Riot in same sentence! Appliedmaths: Thank you for your input. I can tell you a substantial amount - around N1bn - has been paid on the Toll gate (ex-gratia). Let the ignorant continue to wallow. |
Re: Sanwo-Olu: Insurance Didn’t Cover Lagos Buses Burnt During #EndSARS by Otunbajyd: 1:52pm On Apr 19, 2021 |
Its good that you are well informed about SRCC... but contrary to your explanation... SRCC is not automatically included in all motor insurances... if you request for SRCC to be included in your policy it will but with additional premium. A lot of people ask for discounts and forfeit some other benefits... this is why it is very important to read your policy document to know what are excluded or insured. A lot of people who where affected by the out-come of the protest had their claims repudiated on the grounds of exclusion of SRCC from their policies. Presently i have a comprehensive Insurance... unfortunately before the protest and events that followed SRCC was excluded... it was after the Riots i paid extra premium for it to be covered. Am not speaking for the Governor or trying to make excuses for him... am familiar with this and i have decided to share. DelTel: |
Re: Sanwo-Olu: Insurance Didn’t Cover Lagos Buses Burnt During #EndSARS by plaindealer: 1:56pm On Apr 19, 2021 |
DelTel: Do individuals and businesses that have been affected by these unfortunate events need to have prior fit-for-purpose Strike Riot, and Civil Commotion (SRCC) extension in their cover to be eligible to lodge claims in this current situation? Stop confusing and misleading yourself and unsuspecting readers, SRCC is not standard and is never part of any standard coverage, it's an add-on and an extra layer of protection that you pay for separately if you foresee property damage via riots and civil disturbances. Obviously, SRCC was not part of the coverage because they did not foresee that scale of civil unrest and mass destruction of public property. You don't know what's going on and what you spewed was not only you own opinion, it was nothing but a poor and misguided rendition of facts just to confuse and mislead people. |
Re: Sanwo-Olu: Insurance Didn’t Cover Lagos Buses Burnt During #EndSARS by DelTel(m): 1:59pm On Apr 19, 2021 |
Otunbajyd: Thank you for sharing your experience sir. If you read my explanation well, I stated globally; unfortunately, (some of) the Nigerian insurance market operators have surreptitiously removed the clause for mostly retail/individual clients, for instance, no underwriter will try it with say, Dangote, Cadbury, JB etc. Reason it is best to use a licensed insurance broker for your insurance business placement as he/she is a professional who understands the market and appropriate policy wordings.
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Re: Sanwo-Olu: Insurance Didn’t Cover Lagos Buses Burnt During #EndSARS by plaindealer: 2:06pm On Apr 19, 2021 |
DelTel: Not again.. SRCC is a product, a product that you buy and pay for as an extra layer of protection, it's not free of charge so there's no reason for any insurance company to remove that coverage for any reason because it's a money-making product that pads their bottom line. It's bought and sold based on need especially if you foresee such scale of civil disturbance and large scale destruction of property. |
Re: Sanwo-Olu: Insurance Didn’t Cover Lagos Buses Burnt During #EndSARS by DelTel(m): 2:11pm On Apr 19, 2021 |
plaindealer: Who has been paying for the Riot and Civil Commotion destruction of BRT buses over the years? Has insurance been paying or not? Commonsense is not common. |
Re: Sanwo-Olu: Insurance Didn’t Cover Lagos Buses Burnt During #EndSARS by TGM2015: 2:28pm On Apr 19, 2021 |
DelTel: Your examples are lost occasioned by accident. Anyway Mr Professor in Insurance, can you provide us with link to article (academic or professional) that define and detailed insurance policy and SRCC clause. Mind you, I don't do professional jargon in a general purpose forum. I will be waiting for the link. |
Re: Sanwo-Olu: Insurance Didn’t Cover Lagos Buses Burnt During #EndSARS by plaindealer: 2:32pm On Apr 19, 2021 |
DelTel: If you are going to ask such questions or make claims about LASG government and property insurance, shouldn't you at least first show us documented facts about what the state insured, the level of protection, what was damaged and what was repaired or paid for including the busses you are talking about. Throwing blanket questions out there without facts means nothing, it's you just peddling your own opinion and assumptions. Before your next post, please make sure to produce LASG property insurance coverage documentation. |
Re: Sanwo-Olu: Insurance Didn’t Cover Lagos Buses Burnt During #EndSARS by DelTel(m): 2:38pm On Apr 19, 2021 |
TGM2015: Seriously attack, destruction is Accident! If you can not accept a simple evidence showing Riot and Civil Commotion and differentiate but insists it is Accident, nothing can convince your already indoctrinated mind. Bye. |
Re: Sanwo-Olu: Insurance Didn’t Cover Lagos Buses Burnt During #EndSARS by jboycrb(m): 2:42pm On Apr 19, 2021 |
SarkinYarki: Not possible, the buses were fully insured. |
Re: Sanwo-Olu: Insurance Didn’t Cover Lagos Buses Burnt During #EndSARS by TGM2015: 2:44pm On Apr 19, 2021 |
DelTel:Smart way to escape your over confidence ignorance. Back your SRCC claim as part of comprehensive insurance that was the request your asked to provide answers to. Anyway to discover you posted a link without understanding the content is enough to show how ignorant you are arguing blindly. Check out the extract of the content of the link you posted and tell me the action (incidents) that led to the buses being destroyed (the second extract was in attempt) and tell me the action that led to destruction of the thread subject. Trouble started after a street hawker, who was evading arrest by Kick Against Indiscipline (KAI) officials, was knocked down by an articulated vehicle at Maryland bus stop. Scores of youth in Lagos Wednesday attempted to destroy a BRT bus station at Cement bus-stop, Lagos-Abeokuta expressway, after one of the buses fatally hit a commercial motorcyclist. |
Re: Sanwo-Olu: Insurance Didn’t Cover Lagos Buses Burnt During #EndSARS by SarkinYarki: 2:44pm On Apr 19, 2021 |
jboycrb: Trust me they were not , no be today I start to learn from these Nigerian insurers and their misleading insurance |
Re: Sanwo-Olu: Insurance Didn’t Cover Lagos Buses Burnt During #EndSARS by plaindealer: 2:45pm On Apr 19, 2021 |
jboycrb: Are you LASG insurance agent or you have documents showing that the buses were fully insured to cover civil disturbance and large-scale riots? 1 Like |
Re: Sanwo-Olu: Insurance Didn’t Cover Lagos Buses Burnt During #EndSARS by plaindealer: 2:47pm On Apr 19, 2021 |
TGM2015: He or she is obviously in a trolling mode after failing to sell his first lie and ignorance about SRCC . 1 Like |
Re: Sanwo-Olu: Insurance Didn’t Cover Lagos Buses Burnt During #EndSARS by DelTel(m): 2:47pm On Apr 19, 2021 |
plaindealer: I should spoon-feed you then. I have given you instances of claim paid and someone who is privy has also Appliedmaths: Nigerians are quick to defend/speak for their oppressors. |
Re: Sanwo-Olu: Insurance Didn’t Cover Lagos Buses Burnt During #EndSARS by DelTel(m): 2:52pm On Apr 19, 2021 |
plaindealer: it is no more Riot but large-scale Riot you deserve an applause. Do u think any sane person will put out documents Be calming down. |
Re: Sanwo-Olu: Insurance Didn’t Cover Lagos Buses Burnt During #EndSARS by DelTel(m): 3:02pm On Apr 19, 2021 |
TGM2015: [s]https://m.economictimes.com/industry/transportation/shipping-/-transport/adani-ports-acquisition-of-89-6-stake-in-gangavaram-port-gets-cci-nod/articleshow/82052434.cms[/s] https://m.economictimes.com/tdmc/your-money/what-is-not-covered-by-your-motor-insurance-policy/articleshow/52728471.cms So it was Accident that led to the destruction therefore the claim will be treated under Accident you need to ask for a refund from your school oooo. Meanwhile you ignored the other news report where BRT buses were actually destroyed Modified: I mistakenly attached wrong link.
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Re: Sanwo-Olu: Insurance Didn’t Cover Lagos Buses Burnt During #EndSARS by Okoroawusa: 3:10pm On Apr 19, 2021 |
It will never be well with anyone indirectly or directly involved in ENDSARS... All of you shouting looting, why can't your state governor loot so that your state can be like Lagos.... Buses that were bought over 7 years ago. Who knew that one day some PDP urchins will wake up and destroy them in a twinkle of an eye. |
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