That tanker fire disaster

Insurance

During the peak hours of last Thursday’s evening, a 33, 000-litre tanker, laden with PMS (petrol), exploded on Otedola Bridge along the Lagos end of the Lagos-Ibadan Expressway. As at the time of writing, nine charred bodies had been recovered, while 54 vehicles were reportedly burnt. My condolences to the families of those who lost […]

Azare: One market fire too many

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

On Sunday, June 17, a fire outbreak consumed about 700 shops in Azare market in Katagun Local Government Area in Bauchi State. Goods and properties running into hundreds of millions of Naira were destroyed. This fire is by no means an isolated case. There has been fire outbreaks in Singa Market and Sabon Gari Market […]

INSURABLE INTEREST

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

If you have ever watched the television series, Crime and Investigation, you would have seen episodes where a spouse took out life policy on his/her wife/husband. A couple of months later the wife/ husband died. If the death was natural or accidental or it was proven that the spouse had no hand in it (which […]

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 […]