Indemnity

Crime and Investigation, Insurance, Motor Third Party, Policy Holders

When this column started, I explained that insurance is built on six principles: indemnity, insurable interest, proximate cause, subrogation, contribution and utmost good faith. Last week, we treated subrogation, albeit not exhaustively, but as it relates to claims. Today, we are going to treat indemnity as exhaustively as our limited space will allow us. Indemnity […]

Gold continues to struggle below $1,300

Gold futures declined modestly Tuesday, at risk of finishing below $1,300 an ounce for a third straight day as a tech-led run for stocks and a stable dollar cut into investment interest in the precious metal. The precious metal was down 0.19 percent to trade at $1294.80 and Silver at $16.39, down 0.22 percent. Bullions […]

Claims and subrogation

Crime and Investigation, Insurance, Motor Third Party, Policy Holders

FOUR WEEKS AGO, we looked at the steps to follow in the event of an incident leading to a claim. Today, we are going to look at a practical case on claims procedure and one of the principles of insurance, subrogation. A client called me on Wednesday evening. A careless lorry driver hit his jeep from […]

Fidelity Guarantee insurance for individuals

Crime and Investigation, Insurance, Motor Third Party, Policy Holders

Fidelity Guarantee insurance is an insurance policy designed to protect the policyholder against the loss of money or property sustained as a direct result of acts of fraud, theft or dishonesty by an employee in the course of employment discovered during the currency of the insurance or termination of employment of the employee, whichever shall […]

GIT: Which is better, spend N90,000 or lose N2m?

Crime and Investigation, Insurance, Motor Third Party, Policy Holders

On a daily basis, at least one articulated vehicle carrying goods veers off the road, overturns, falls off the road, catches fire or is involved in one form of road mishap or the other on the Sagamu to Onitsha head bridge road. These accidents are not peculiar to this road; they are also common on […]

The insurance world

Crime and Investigation, Insurance, Motor Third Party, Policy Holders

In my interactions, I have found out that the average Nigerian, including very educated people, have a shallow understanding of how the insurance industry is organized. There are many insurance professionals and entities operating within the insurance space. We have the insurance companies, reinsurance companies, insurance brokers, actuaries, loss adjusters and insurance agents. Of course, […]

Claims procedure

Crime and Investigation, Insurance, Motor Third Party, Policy Holders

The main reason individuals and corporate bodies take up insurance is that if the peril insured against occurs, they would be restored to the financial position they were before the fortuitous event. In insurance, we refer to this act as the principle of indemnity. But before the financial restoration takes place, there are laid down […]

Comprehensive motor insurance policy conditions and exceptions

Crime and Investigation, Insurance, Motor Third Party, Policy Holders

I went for presentation some time ago. In the course of the presentation, I told my audience that if their drivers stole their vehicles, they were not entitled to any remedies, even if the vehicle was comprehensively insured. Uproar followed; all my attempts to explain to them fell on deaf ears. “It’s daylight robber” was […]

Motor insurance, beware of fakes

Crime and Investigation, Insurance, Motor Third Party, Policy Holders

Motor insurance is the most widely patronized insurance in Nigeria. This is not surprising because it is one of the six compulsory insurances in Nigeria. Specifically, the Motor Vehicles (Third Party) Insurance Act of 1945, which took effect from 1st April 1950, makes it an offence for anybody to use a motor vehicle on the […]

The insurance broker

Like the insurance industry, the insurance broker has been grossly misunderstood and understated. A couple of times, friends and acquaintances have sent me share certificates to assist them to dematerialise or help them sort out one problem or the other. I usually educate them on the difference between an insurance broker and a stockbroker, before directing […]