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
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 (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
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)
In an insurance contract, responsibilities flows between both the insurer and the insured. And with responsibilities comes duties and rights. Indeed as an insured, you have the right to have your losses mitigated. The insurer also has the right to recover their outflow on your claim too.
Another of my responsibilities to my principal is to retrieve from an insured, properties which were subject of an insurance claim where the claim is being treated as a total loss (either actual or constructive) and the insured has been or is to be paid off. Continue reading MY RIGHTS TO YOUR PROPERTIES…I PAID YOU OFF