THE CHALLENGES WITH MOTOR CLAIMS ADJUSTMENT PART 2

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An area of challenge that has been observed in the adjustment of motor insurance claims is the inadequate understanding of the difference between the Policy Excess clause and the Contribution conditions in an insurance policy. Even among some insurance marketers, this two concepts are oftentimes misunderstood and therefore misconstrued. And this misunderstanding is further passed on to the insured by means of unintentional misrepresentation. Continue reading THE CHALLENGES WITH MOTOR CLAIMS ADJUSTMENT PART 2

YOU DON’T NEED A SEPERATE FLOOD INSURANCE COVER!

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Flood damage to properties in Lagos state.

The protection against flood damage is an integral part of any Fire & Special Peril Insurance Policy, Material Damage Insurance Policy and a Home Insurance Policy on a building and or its content.

This is often not amplified unlike the fire risk probably due to the fact that fire tends to create a more vivid image of danger and urgency than flood. Therefore many policy holders do not know that they can recover under their policy should they suffer a flood damage. Continue reading YOU DON’T NEED A SEPERATE FLOOD INSURANCE COVER!

Understanding Goods In Transit Insurance (Part 1)

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Goods-In-Transit insurance policy (GIT) provides a cover for the insured against loss of or damage to goods following the perils of the road which could be an accident or armed robbery attack involving the conveying vehicle. Continue reading Understanding Goods In Transit Insurance (Part 1)

AUTHORIZED REPAIR LIMIT IN MOTOR INSURANCE – MEANING & IMPLICATION

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Authorized Repair Limit (ARL) in motor insurance is an amount over and above the policy excess which the insured is allowed to expend on repairs of an insured vehicle following a loss or damage without necessarily requiring the insurer’s consent. Continue reading AUTHORIZED REPAIR LIMIT IN MOTOR INSURANCE – MEANING & IMPLICATION

THE CHALLENGES WITH MOTOR CLAIMS ADJUSTMENT (PT.1)

Motor Insurance is about the most popular of all the various classes of insurance in Nigeria and understandably so. It is an everyday risk and the very nature of an automobile easily brings to mind the risks attached. Besides, in Nigeria, it is a criminal offense to drive an automobile without having at least a Third-Party Motor Insurance cover (read more on Third-Party Motor Insurance cover “here“). Continue reading THE CHALLENGES WITH MOTOR CLAIMS ADJUSTMENT (PT.1)

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