It is a general belief among the insuring public that the purpose of taking up an insurance cover is to be returned to the position previously enjoyed before the occurrence of a loss event. In my years of experience I have found this to be largely a theoretical truth as in actual fact, there are many factors that could prevent full indemnification.
Many of these factors are the application of clauses and policy conditions that only becomes known to you (the insured) at the point of claim. Continue reading WHY YOUR FIRE INSURANCE POLICY MAY NOT PROVIDE FULL INDEMNITY
We started a new discussion last week on Fire insurance and we pointed out that what is operational in the Nigeria insurance market is a standardized cover referred to as Fire & Special Peril Insurance. This encompasses other perils that were hitherto subject to request and payment of additional premiums.
We will continue our discussion by looking at this additional perils and the extent of their covers while not boring you with technical details. Continue reading UNDERSTANDING THE EXTENDED PROTECTION FIRE INSURANCE POLICY PROVIDES
A claim is the occurrence of an insured peril upon which the liability of an insurance policy is engaged. In other words, you have suffered a loss covered by your insurance policy and which now qualifies you to seek indemnity (compensation).
Many unfulfilled claims expectations are as a result of not knowing what is required of you in the event of a claim, how best to seek compensation and poor understanding of one’s insurance policy.
What should you do following a burglary incident? Continue reading HOW TO CLAIM UNDER YOUR BURGLARY INSURANCE POLICY
The uncertainty of a loss and its associated cost proves the relevance of an adequate insurance protection. However, just obtaining an insurance policy would not ensure that you are adequately compensated in the event of a loss. The need for you to know what your insurance policy covers can not be overemphasized. Continue reading HOW TO MAXIMIZE YOUR BURGLARY INSURANCE POLICY