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.

TGM2015:


Stop displaying your ignorance with high confidence. SRCC is also an extended insurance policy, except that such occurrence is witnessed seldomly, no one cares to pay for it. In fact, the marketers will not even market it.

Lagos State can not be blamed for not taking the extension because since her creation such has never happened [/b]and I [b]personally will not advise for the extension to be taken because such should never be allowed to occur again.

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.

adewale2011:
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: [b]anyone killed by the corona virus pandemic can't claim life assurance benefit [/b]because the pandemic isn't an insured peril or it's a fundamental loss.

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.

See what the dragons caused!!!

Oluwamarc:
Insurance didn’t cover Lagos buses burnt during #EndSARS – Sanwo-Olu



https://punchng.com/insurance-didnt-cover-lagos-buses-burnt-during-endsars-sanwo-olu/

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]

DelTel:


Do you know what SRCC is?

Pls don't dabble into what you don't know.

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

read very slowly


"According to him, the premium paid on the vehicles did not cover what eventually happened to them"

helinues:
No No No

That's clearly rubbish.. Why would a state acquired such number of buses without insuring them..

So you want to buy new buses that won't be insured...

Abegiii

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.

adewale2011:
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.

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.

Gbajure:


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

Why not just keep your foreign knowledge to yourself. How can you put War and Riot in same sentence!

Appliedmaths:
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.

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.

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:


SRCC is Strike, Riot and Civil Commotion and a standard policy wordings for Comprehensive motor vehicle insurance globally and most other insurance policies (except Marine Insurance).

If our Governor is saying the burnt buses are not covered (under SRCC), then why has insurance been paying for damages caused by agberos, soldiers, miscreants, aggrieved motorists, arsonists etc whenever BRT buses are attacked after one issue or the other .

Like I said earlier, we know what is going on.

But they should not tarnish or diminish Insurance as a whole in their arrangee padi-padi arrangement to (zip it again).

DelTel:


SRCC is Strike, Riot and Civil Commotion and a standard policy wordings for Comprehensive motor vehicle insurance globally and most other insurance policies (except Marine Insurance).

If our Governor is saying the burnt buses are not covered (under SRCC), then why has insurance been paying for damages caused by agberos, soldiers, miscreants, aggrieved motorists, arsonists etc whenever BRT buses are attacked after one issue or the other .

Like I said earlier, we know what is going on.

But they should not tarnish or diminish Insurance as a whole in their arrangee padi-padi arrangement to (zip it again).

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?


Does the Comprehensive Motor Insurance for my vehicle include cover for damage during a riot? If no, what are additional cover do I need in a situation like this?


Your comprehensive insurance ordinarily, provides a standard cover for vehicles for accidental damage, fire combustion, theft and third-party liability. It does not cover damage as a result of strikes, riots or civil commotion. You will need an extension cover for special perils like riots, strike and civil commotion or flood. These however come at an additional premium.

https://businessday.ng/news/article/civil-unrest-understanding-your-comprehensive-insurence-cover/

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.

Otunbajyd:
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.

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.

DelTel:


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.

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.

plaindealer:





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.

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.

DelTel:


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.

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.

DelTel:



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.

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.

TGM2015:


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.

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.

SarkinYarki:
They were not comprehensively insured then

Not possible, the buses were fully insured.

DelTel:


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.

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.

No sooner than the incident occurred, the suspected hoodlums pounced on the mass transit vehicles to vent their anger.

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.

The deceased, Gbenga Adeniyi of No 13 Oko filling station Ogun State, was said to have been hit by the BRT bus while plying the corridor, and died on the spot.

Mr Adeniyi, 30, “lost control while using the BRT corridor, and was crushed to death by an oncoming BRT bus,” the police said.

jboycrb:


Not possible, the buses were fully insured.

Trust me they were not , no be today I start to learn from these Nigerian insurers and their misleading insurance

jboycrb:


Not possible, the buses were fully insured.

Are you LASG insurance agent or you have documents showing that the buses were fully insured to cover civil disturbance and large-scale riots?

TGM2015:

Smart way to escape your over confidence ignorance.

He or she is obviously in a trolling mode after failing to sell his first lie and ignorance about SRCC .

plaindealer:



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.

I should spoon-feed you then.

I have given you instances of claim paid and someone who is privy has also

Appliedmaths:
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.

Nigerians are quick to defend/speak for their oppressors.

plaindealer:



Are you LASG insurance agent or you have documents showing that the buses were fully insured to cover civil disturbance and large-scale riots ?

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.

TGM2015:

Smart way to escape your over confidence ignorance. [b]Back your SRCC claim as part of comprehensive insurance [/b]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.

[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.

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.