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General Business MOTOR INSURANCEThis can be classified into the following headings:- 1 PRIVATE CARS 2 COMMERCIAL MOTOR VECHILES a Own Goods b General Cartage c Fare paying and Non-Fare paying Passenger Vehicle 3. MOTOR TRADE 4 AGRICULTURAL & FORENSIC VEHICLES 5. SPECIAL TYPES E.G AMBULANCES 6. MOTOR CYCLES The fact that this business is being underwritten under the tariff regulations makes it an easy task for the underwriters. The underwriters are however required to study the tariff carefully and ensure that they keep within the requirements of the tariff. TYPE OF COVER The type of cover granted under this heading are: - 1 Comprehensive 2 Third Party Fire & Theft 3 Third Party Only 4 Act Only COMPREHENSIVE COVER:- This is the standard form of cover which include indemnity for loss of or damage to insured vehicles, liability for death and injury to third parties or damage to their property. The rate is 10% of value. THIRD PARTY FIRE AND THEFT This cover provides indemnity in respect of legal liability for damage of or death and injury to third parties. It also includes cover for the insured ‘s vehicles for fire and theft. This policy is not issued by the company. The rate is 60% of comprehensive value. THIRD PARTY ONLY This cover provides
indemnity for legal liability for damage to third party property plus liability
for death or bodily injury to third party. The premium is DRIVER’S ACCIDENT INSURANCE The driver’s Accident Insurance Policy provides financial relief to next of kin of any Insured person or driver who is killed as result of motor accident while driving on public roads. THE INSURED Any person or persons licensed to drive a vehicle on Road in Nigeria is entitled to purchase the driver’s Accident Insurance. Professional Driver’s Owner-drivers etc are all eligible to buy the policy against death, permanent or temporary disablement resulting from accident or through settlement of medical bills to an agreed amount. COVER REQUIRED The policy shall provide financial relief on the happening of the following events:- i) Death ii) Permanent or total disablement resulting in total paralysis iii) Injuries causing permanent total disablement iv) Medical expenses Incurred in the treatment of bodily injury or illness sustained as a result of accident. |
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