Comprehensive Motor Insurance cover

Having Comprehensive cover for your motor vehicle is better as it offers the widest scope of covers, among all other types of motor insurance covers, while it leaves room for a number of rights and privileges. It is the most protective motor cover, giving drivers the peace of mind while going around their business endeavours.

It is minimum requirement by law in Nigeria to have at least third-party insurance. This means that you are insured against any claims made by drivers and other road users whose vehicles are damaged in an accident that was your fault. If you want to protect and make a claim for your vehicle in an accident, then Comprehensive cover is the insurance policy to choose.

Comprehensive vehicle insurance is not required by law, but it is a good idea to take one depending on the value of the car you are driving. Having Comprehensive cover allows the policyholder to claim from his insurer for accidents that occur as a result of his faults and also when fault cannot be established against him or another person including if you return to your parked car and find it has been damaged by an unknown vehicle.

Motor comprehensive insurance includes:

• Theft and vandalism - will protect you from the damage done to your car by someone else, when someone breaks in to your car to steal your things or the car itself.
• Fire - caused by explosions, self-ignition and other natural and accidental causes.
• Natural disasters, including hurricanes, lightning and storms - Natural calamities such as hailstorms, flood, hurricanes, lightning, and high wind can cause serious damage to your car. In such cases, the cost of material and labour required to fix the vehicle will be covered.
• Falling objects - will protect you from the damages occurred in your car as a result of falling objects like a tree, or debris from a construction site.
• Animals - Damages caused by striking an animal with your car, when an animal or bird flies in to your car and causes damage.
• Miscellaneous - Other cases like, explosion, self-ignition, and towing charges incurred after an accident are also covered under comprehensive auto coverage.

Comprehensive car insurance is optional and most people decide not to purchase this in order to minimise premium cost. But a driver needs to consider all options and risks he is facing using the car before deciding whether to get a comprehensive cover or not.

What is MTN Y’ello Life?

Y’ello Life is an affordable, airtime-based life insurance offered by MTN in collaboration with Mansard Insurance plc. The insurance product is a convenient way to access affordable life protection plan with your mobile phone and registered MTN number. Only registered MTN subscribers between ages 18 – 60 years are eligible to the service. There are three offers of the product:

1. Cover for medical expenses arising from accidents - the named beneficiary shall present the following original documents

• Completed claim form
• Pictures of the subscriber showing affected area
• Completed physician certificate by the doctor
• Police report if the disability is as a result of road traffic accident only

2. On the demise of the insured as a result of accident, illness or other causes - the named beneficiary may be required to present some or all of the following documents

• Completed claim form
• Originals of medical certificate of cause of death
• Death registration certificate
• Burial warrant
• Clergy certificate
• Police report (in case of road traffic accident)

3. Cover for permanent disability arising from accidents - the insured shall present the following original documents

• Completed claim form
• Pictures of the subscriber showing affected area
• Completed physician certificate by the doctor (orthodox or unorthodox)who last attended to the subscriber
• Police report if the disability is as a result of road traffic accident only

There are also a few things to remember if making a claim on your MTN Y’ello insurance:

• Nil Surrender Value - This policy does not at any time qualify for surrender value. The insured shall not be entitled to any cash value if the policy is terminated by the insured any time after commencement.
• Suicide and Act contrary To Public Policy - The insurance company shall not be liable to pay the sum assured under the policy if the demise of the insured occurred as a result of suicide or the execution of judicial sentence of death.
• Currency and Law: All amounts payable in terms of this scheme, either to or by Mansard Insurance, are payable in the lawful currency of Nigeria. Any question of law arising under this scheme shall be decided according to the laws of Nigeria.

Choosing the right travel insurance

Travel insurance is an essential part of your holiday or short break but it can be complicated and confusing when choosing it. There are many different types of travel insurance policies available, so it’s important to know what type of policy you want, and what you want it to cover you for.

Who will be travelling with you, family or friends, the policies available are: 

• Couple travel insurance – if you live at the same address as your partner

• Family holiday insurance – for two adults plus up to four children travelling together – this will suit you if your children are 18 or younger and live full-time with you

• Single-parent family cover

• Couple and child cover – often cheaper than a family policy if you have only one child

You need to be aware that with the ’family’ policy it can be invalid if family members are travelling independently or if the children are travelling with someone not named on the policy and may not include children or step children who do not permanently live with the policy holder.

Where are you travelling to, as policies are often set by area:

•    Europe

•    Worldwide excluding the US

•    Worldwide

You need to be aware with the ‘Europe’ travel insurance, as the term is different to what is technically Europe so you need to check that where you’re going counts as Europe for your travel insurance company. Check the day trips over national boundaries to make sure you are covered.

How often you travel and how long for, as there are policies for that too:

• If you travel abroad more than twice a year, annual holiday insurance or multi-trip insurance is usually better value. You will also have the benefit of being able to take trips at short notice without having to arrange insurance

• Most annual and single trip policies cover you for 90, 120 or even 180 days. If you’ll be away for longer, a long-stay policy provides up to 18 months of cover

For those special circumstances, there are policies for that too:

• For specialist gap year insurance or backpacker insurance, add on cover for the kinds of activities you’ll be doing – whether its adventure sports, work or volunteering

• For unplanned activities such as bungee jumping or pony trekking, you may need to contact your insurance company while you’re away to arrange cover

• If you’re over 65 or have a medical condition, you’re likely to need a specialist policy

Why Fire and Perils Insurance is a good idea

Having fire insurance can save your home and you from financial disaster. Normal day to day activities in a home could leave it exposed to the possibility of a fire that could threaten your home and belongings. You work hard to have the things that you and your family deserve and the last thing you want is to risk it all by not having enough insurance coverage.

It’s not the only cooking or staying warm by the fireplace that pose a risk but in fact there are other things that homeowners tend to forget about, like burning candles or incense.

Many homes have a smoke alarm but at times that may not be enough. A properly functioning smoke alarm can be a great early warning to alert you of a fire with enough time to get your family to safety and call the fire department. But what many forget to remember is fire can spread rapidly, and there is no guarantee that your home won't be seriously damaged or totally consumed by fire. 

Fire insurance coverage can come with the benefit of reimbursed additional living expenses. if your home is destroyed or damaged enough by a fire to the point that it's not safely habitable, a fire insurance policy will often pay for the reasonable increase in your living expenses, such as the additional cost of hotel stays, restaurant bills, etc.

A standard fire policy provides cover against:

• Lightning unlimited cover - lightning damage from any source, whether accompanied by rain or not
• Explosion limited cover - explosions arising from gas works used for domestic purposes, lighting or heating the building

There are additional cover policies that can be added to cover the following losses which may be incidental to fire although there must be actual fire before cover can be allowed:

• Property damaged by water or other extinguishing agents used in extinguishing the fire
• Property that may be destroyed or blown up to prevent fire spread
• Damage done by fire brigade in an attempt to extinguish or contain the fire
• Damage to property occasioned by falling walls or part of a building in which fire occurrence has taken place
• Smoke damage if preceded by fire. No cover if there was no fire e.g. malfunctions of lantern or gas lamps

Why do we need insurance?

Why do we need insurance?

One can never predict the future as life has its own way of unfolding. Therefor to provide protection for yourself, family, investment and business, an insurance policy is needed. Insurance is a way of managing risks and having a safety net if the unexpected happens.

Disaster could happen in any form, car breaks down, roof leaks, a major home fire, an automobile accident that leads to a legal action and someone in the family becomes ill.

When an insurance policy is purchased, you transfer the cost of a potential loss to the insurance company in exchange for a fee, known as the premium. There are certain rights and protections you have under the law.

At different stages of your life, you will have different insurance needs, so it is recommended to review your policies at least once a year to make sure you have the best policy to fit your lifestyle.

Having insurance helps you with:

· Owning a home, because mortgage lenders need to know your home is protected

· Driving vehicles, because few people could afford the repairs, health care costs and legal expenses associated with collisions and injuries without coverage

· Maintaining your current standard of living if you become disabled or have a critical illness

· Covering health care costs like prescription drugs, dental care, vision care and other health-related items

· Providing for your family in the event of a death

· Running a small business or family farm by managing the risks of ownership

· Taking vacations without worrying about flight cancellations or other potential issues

It’s always good to take the best course of action and be prepared for the worst. Taking out the right insurance policy will go a long way towards helping you safeguard your earning power and your possessions. There are endless types of insurance, from policies that protect airplanes to those that cover websites. But there four that are most important for individuals and families – Life insurance, motor insurance, homeowners insurance and health insurance.

When taking out any type of insurance, take the time to review the policies to ensure to covers your needs, as a little knowledge can make a big difference when it comes to buying the right insurance protection.

How third party insurance works

How third party insurance works

It is compulsory to have motor insurance in Nigeria in order to have a motor vehicle on the road. Many drivers choose to take out third party insurance as it is cheaper than the comprehensive but don’t realize it does not cover their own car. Drivers in Nigeria also only take out third party insurance as they see it as one of the vehicle documentations they have to carry about to prove their ownership of their vehicle.

Third party insurance - the first party is you, the second party is the insurance company and the third party is everyone else. With third party insurance you cannot claim for the car you are driving regardless of whether it is a brand new car, to have your car protected it is recommended to get the comprehensive cover for it.

There are a few things you should know about third party insurance:

· If you are responsible for a crash – you maybe be responsible for paying to repair another vehicle or covering its driver’s medical costs. Third party liability coverage protects you against these claims, covering the cost of damage and injuries sustained in a crash in which you were at fault.

· The money to pay for damages comes from the premiums. If premium has not been paid for a third party motor insurance, there won’t be any compensation whatsoever, in case of accident.

· If you go for a third auto party insurance from a registered insurance company, you will be able to save yourself of the cost associated with causing damage to others.

· If the insurer thinks you are not acting ‘in good faith’, they will refuse to pay that claim, cancel your insurance, report you to the police for fraud and put you on a blacklist.

· Claim you can make on an auto insurance policy is limited - find out the limit to the loss the insurance policy covers before taking out the insurance.

Where many drivers think it’s best to get third party insurance, it is in fact better to have comprehensive insurance as it covers everyone involved in an accident.

Benefits of Eduplan

Benefits of Eduplan

Nigeria is the most populated country in Africa, with approximately double the population of both Ethiopia and Egypt, and for the Nigerian education system this means incredible new demands that the government is currently hard pressed to meet. The number of students has grown from under 15,000 in 1970 to approximately 1.2 million today.

Education Insurance

With education becoming an important part of a child’s future and expenses for education rising, it is only natural for parents to want to secure their children’s future, which is why education insurance is the way. Education insurance, Eduplan as many call it, gives a child or children the security they need in any unforeseen event.

Why have Education Protection?

Having education insurance means the provider of the family can ensure that the education of his dependants is not unduly terminated because of an unexpected event. Many plans also provide a medical expense cover for the child for injuries sustained whilst engaged in school related activities on the school premises. Parents like to choose the right plan for their children, each plan and its cover is carefully designed to suit individual needs, such as:

· Policy designed solely to child for a child’s Education

· School fees paid directly to the school until the completion of the child’s education

· Single premium

· Fixed sum assured

· Fixed premium

· Guaranteed payment of fees and other educational requirements

· Medical cover

· The premium is tax deductible

· The benefit is tax free

· Instalment premium payment allowed

When choosing an education plan it is important to know exactly what a child will need if anything was to happen to the family provider.

Which insurance products should a business have?

Which insurance products should a business have?

In Nigeria it is compulsory for all businesses to have Employer’s Liability Insurance, to protect the employee. There are many other optional insurance products available to Nigerian businesses to help protect them against financial turmoil as well as natural disasters. Below we have compiled a list of insurance products we recommend businesses to have.

Public Liability Insurance

This type of policy protects a business from any claims made for damages by a member of public who has entered the business premises. This policy is highly recommended for shops and retail premises.

Business Building Insurance

Like homes, businesses premises need to be protected from the inevitable – burglary, fire or flood damage. We recommend this for anyone with valuable physical stock and perishable goods. A fire and other perils insurance normally covers the following:

The items to be insured are usually made up of the following:

· Buildings.

· Office Furniture, electrical & electronic equipment.

· Plants and machineries.

· Stock of raw materials and finished goods.

· Loss of annual rent for alternative accommodation.

Professional Indemnity Protection

Professional indemnity, or PI insurance, gives professional businesses protection against claims made by their clients, for any damage caused by professional negligence. This form of policy is recommended to professionals such as engineers, architects, doctors and pharmacists.

Key person Insurance

We hate to think about it, but what would happen to your business if one of your key staff were to die? This is an insurance cover purchased on the life of a key person within the organisation to protect the company against loss of profit or cost of replacing the key person in the event of demise.

Business Continuity Insurance

Also referred to as “business interruption insurance”, this type of insurance will protect the business against any disruption that could lead to loss of revenue, such as a fire or natural disaster.

The items normally covered by this policy are:

· Gross Profit

· Salary and Wages

· Auditor's fees

Group Life Assurance

Group Life Assurance

Group Life Assurance is an insurance that covers a group of people, usually they are members of a society, employees of a common employer, or professionals in a common group. Group Life Assurance pays out a lump sum death benefit to the employees’ family or next of kin should that individual die whilst employed by the organisation.

Group Life Assurance characteristics are as follows:

· There must be a group of people to be insured which should have something in common other than the purpose of obtaining insurance

· There must be a Master Policy Holder who will retain the contract on the behalf of the member and the carriers

· Such covers are typically available at a discount to the respective individual rates

Group Life Assurance remains in force until your employment is terminated or until the specific term of coverage ends. There is also an option of converting your group coverage to an individual policy if you leave your employer. Many employees choose not to do this as conversion premiums tend to be much higher than premiums for comparable policies available to individuals.

Benefits for employers - A more competitive and attractive benefits package helps recruit and keep the right staff. Premiums will normally qualify for tax relief depending on scheme choices, including Excepted Group Life policies, also known as relevant life policies. Usually costs less than 1% of payroll depending on the level of cover.

Benefits for employees - Peace of mind for them and their loved ones. Lump sum and dependants' pension benefits can be paid without waiting for probate and free of inheritance tax. This valuable cover is not classed as a benefit in kind.

Group Life Assurance is one of the many employee benefits available for employers to offer their staff. Other benefits include pension schemes, group income protection schemes providing a replacement income if an employee is off work long term and group medical insurance plans.

The following additional but optional benefits can be taken out:

· Group Personal Accident

· Funeral Expenses

· Repatriation Expenses

· Severance Benefit