Tag Archives: Property Insurance

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)

MY RIGHTS TO YOUR PROPERTIES…I PAID YOU OFF

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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

I WILL GO MILES FOR YOU…WILL YOU DO SAME?

 

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Insurance is like a romantic relationship. As in the latter, the parties involved in the former also have their expectations, duties, responsibilities and rights for the relationship to be mutually beneficial.

As an insured, having suffered a loss which is covered by the policy, you have the right to seek compensation from the insurer. So also, the insurer, having compensated you, has the right to recover their outflow where there is a negligent third-party responsible for the loss. Continue reading I WILL GO MILES FOR YOU…WILL YOU DO SAME?

HOMEOWNERS INSURANCE POLICY – UNDERSTANDING WHICH LOSSES ARE COVERED

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We started a new series of discussion on Home Owners Insurance Policy last week and we examined the items covered under the policy. Having understood this, we now need to examine the degree of protection provided by the policy and those losses that the policy would provide compensation against.

Before we proceed, we summarize our last discussion below; Continue reading HOMEOWNERS INSURANCE POLICY – UNDERSTANDING WHICH LOSSES ARE COVERED