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Wednesday 28 January 2015

Importance of car insurance

Importance of car insurance

You may be a very careful driver but you never know when someone else will cause an accident that involves you, which is why you must have insurance cover for your car. By having car insurance, you are protecting yourself as well as others who are in your vehicle at the time of the accident, and also any other people who may be involved.

Reasons to why you need motor insurance:
  • You are protecting your car, one of the largest investments you make in your life
  • You are able to pay for medical bills if an accident occurs
  • You don't have to feel the biggest part of an accident-related lawsuit
  • Protects you from those motorists that may not have insurance of their own
  • Comprehensive insurance policies not only pays for accidents and weather-related incidents, but also pays for vandalism and theft
  • You know you are protected every single time you hit the road
There are many different types of car insurance policies available depending on the type of coverage you want. Each car insurance coverage has its place on certain policies, which depends on the driver and what their expectations are of the policy.

With the help of the insurance company you can choose the appropriate policy for both your budget and your own personal needs. The insurance premium is your payment which are paid monthly, quarterly, semi-annually, or annually. The amount of insurance premium are determined by certain factors, which are:
  • Occupation
  • Age
  • Driving history
  • Gender
  • Distance you drive
  • Type of car you drive
Motor insurance covers much more than just collisions. There are natural disasters that we have absolutely no control over, such as overturned trees from high winds or occasional hail storms throwing golf ball-sized hail out of the sky which can cost a lot to repair when paying out of your pocket. The insurance company may charge a small deductible depending on the type of accident that has occurred but the cost is minimal compared to what it would cost to fix a car on your own.

Wednesday 21 January 2015

Compulsory Insurance in Nigeria

Compulsory Insurance in Nigeria

There are many different types of insurance available in Nigeria but not all of them are compulsory insurance. Compulsory insurances are those required by the law to providing protection to third parties and the general public.

Non-compulsory insurance include:
  • Education insurance
  • Household items
  • Life insurance
Currently there 6 types of compulsory insurance in Nigeria, which are:
  1. Builders Liability (under the Insurance Act 2003/under the Lagos State Building Control Law 2010) - all owners or contractors of buildings under construction (more than 2 floors), must purchase to provide compensation in event of bodily injury, death and property damage to workers at construction sites and affected members of the public following collapse of the building and other construction risks.
  2. Occupiers Liability (under the Insurance Act 2003 and Lagos State Law) - all owners or occupiers of public buildings, whether private or public, are required to provide under the National Insurance Act 2003 and the Lagos State Building Control Law 2010. Occupiers Liability Insurance provides compensation in events of bodily injury, death and property damage to the business users and members of the public in case of building collapse, fire, earthquakes, storm or flood.
  3. Employers Liability (Group Life – under the Pension Reform Act 2004) - all employers of labour with more than 4 employees are required to have under the Pension Reform Act 2004. Provide for compensation in the event of death, disappearance, disability, or critical illness suffered by staff while in service and to subsidize pension provision in the event of mental or physical disability.
  4. Employers Liability (under the Workmen’s Compensation Act 1987) - provide compensation for workers that suffer from injury, contract diseases or die in the course of employment. Employees (and their families) have the right to demand compensation and payment of medical expenses from their employers if they had injury, sickness or fatality while they were working for the employer.
  5. Healthcare Professional Indemnity (under the NHIS Act 1999) - all medical professionals, institutions and centres are required to have under NHIS act 1999 section 45. It provides compensation for the NHIS patients who suffer Death, Sickness, Permanent Disability, Partial Disability and Injury by shock from mistakes, errors, negligence and acts of commission or omission of medical practitioners and institutions.
  6. Motor 3rd Party Liability (under the Insurance Act 2003) - all owners of Motor vehicle whether private or commercial vehicle are required to provide under the National Insurance act 2003 section 68. Motor vehicle 3rd party liability provides compensation in the event of death, bodily injury, and property damage to members of the public.

Wednesday 14 January 2015

Mortgage insurance

Mortgage insurance

Mortgage Insurance is an insurance policy which compensates lenders or investors for losses due to the default of a mortgage loan. Unfortunately, the need to pay your mortgage doesn't end in the event that the unexpected happens, which is why it’s best to take out mortgage insurance to cover the cost in the event of an accident, sickness or unemployment.

For a monthly premium, a mortgage insurance policy will pay you a set amount each month when you are unable to work because of accident, sickness or unemployment. The basic mortgage insurance will cover a period of 12 or 24 months, since it is only for a limited period, it may not be the best form of mortgage insurance for you.

There are a range of mortgage insurance policy options available to suit your needs:
  • You may choose a policy which only covers accident and sickness or for unemployment. If you do not need full protection, this could lower the cost of your monthly premiums.
  • You may choose a policy which enables you to decide much you would like it to pay out each month.
  • You may choose a policy which will also cover other monthly bills as well as your mortgage.
There are two different types of mortgage options available:
  • Fixed rate – it carries the lowest risk and offers a good deal when interest rates are low.
  • Adjustable rate – costs less but can become expensive if interest rates rise substantially.
There are now many mortgage insurance options available which combine aspects of both fixed-rate and adjustable loans. Your mortgage can start off as a fixed-rate and then change to an adjustable after several years.

When you are buying a house, Mortgage insurance is required on loans with low down payments. If you make a down payment of less than 20% when buying a home, the lender will require you to take out a mortgage insurance. You can drop the mortgage insurance when your home equity is more than 20%, which can be done by making extra payments, home improvements and appreciation.

Wednesday 7 January 2015

Home and buildings insurance

Home and buildings insurance

Home and buildings insurance protects your home and its content from fire, windstorm, flood, burglary and others. If an unfortunate incident was to occur, your chosen insurance company will make a payment so you can repair or rebuild your home, and also replace the contents.

There are a few types of home insurance policies but the two most commons policies are:
  • Named perils policy – it covers losses that are due to only those perils listed in the policy. The perils typically covered include fire, windstorm, flood, burglary and other direct physical losses.
  • All risks policy – it covers losses that are due to any peril except those specifically excluded in the policy. The perils typically excluded includes riot, war, act of terrorism, others.
Insurance companies generally cover the following:
  • Damage to the interior and exterior of your house - In the event of damage due to any covered disaster, the insurer will compensate you so that your house can be repaired or completely rebuilt.
  • Loss and damage to your personal belongings - The content of your home such as furniture, appliances, clothing and others are also covered.
  • Personal liabilities for death disability or bodily injuries - If a visitor gets injured as a result of an accident in your home, your insurer will pay the medical bills.
  • Cost of alternative accommodation while your home is being rebuilt or repaired - If you need to rent another apartment or live in a hotel while your damaged house is being rebuilt, good news; home insurance covers that too.
Since 2008, it is compulsory for a public or private organisation constructing a building above two storeys to take out a building insurance policy covering the structure and workers. This enforcement was ordered after there was concerns with the persistent incidents of collapsed buildings.

Thursday 1 January 2015

MANSARD WELCOME CENTRE OPENS IN IBADAN

In its effort at making its products and services readily accessible to its customers and prospects across the country, Mansard Insurance plc has opened up a new Mansard Welcome Centre in Ibadan, Oyo State. The latest addition to the retail business expansion drive of the company is located at Broking House, 1 Alhaji Jimoh Odutola Road, Dugbe, Ibadan.

Read more at: http://mansardinsurance.com/mansard-news/24-press-releases/192-mansard-welcome-centre-opens-in-ibadan

MANSARD SECURES NAICOM APPROVAL FOR MICRO INSURANCE PRODUCTS

Mansard Insurance plc has secured the National Insurance Commission (NAICOM) approval to roll out micro insurance products. Micro insurance products are insurance products designed to be appropriate for the low income market in relation to cost, policy terms, coverage and delivery mechanism.

Read more at: http://mansardinsurance.com/mansard-news/24-press-releases/193-mansard-secures-naicom-approval-for-micro-insurance-products

Mansard Insurance Records 27% Growth in Revenue

LAGOS, NIGERIA – August 29, 2014 – Mansard Insurance plc., (Bloomberg: MANSARD:NL/Reuters: MANSARD:LG), provider of risk and investment management services announces its audited half year results for the period ended June 30, 2014.
Mansard Insurance plc has reported a 27% growth in both Gross Premium Written (GPW) and Net Premium Income (NPI). Mr. Tosin Runsewe, the Chief Client Officer, commented on the Company’s recently released half year results. In his words, “This year, revenue growth has been driven by deepening relationships through superior customer service delivery and our growing accessibility to customers. Our medium term focus is to rapidly grow our distribution channels such that our accessibility to all customers will be with ease and convenience. We expect the first half of 2014 growth pattern to continue during the second half of the year.”
Read more at: http://mansardinsurance.com/mansard-news/24-press-releases/219-mansard-insurance-records-27-growth-in-revenue

Mansard Insurance net premium income up by 27%

Mansard Insurance plc, provider of risk and investment management services, has announced its audited half year results for the period ended June 30, 2014, with a 27 percent growth in both Gross Premium Written (GPW) and Net Premium Income (NPI) for the half year ended June 2014.
The company in statement made available in Lagos highlighted that its GPW earnings for the period ended June 2014, stood at N9. 61 billion up from N37.55 billion in the corresponding period of 2013.

Read more at: http://mansardinsurance.com/mansard-news/24-press-releases/225-mansard-insurance-net-premium-income-up-by-27

Different types of travel insurance

Different types of travel insurance

When travelling abroad the last thing you want to think about is unexpected expenses. Best way to avoid that is to take out travel insurance before you travel. When taking out a travel insurance be sure to choose the most suited for you and your family.

  • Single trip travel insurance – This insurance covers one trip or holiday, and is suitable if you plan to travel one or two trips a year.
  • Annual multi-trip travel insurance – This insurance is for someone who travels three or more trips per year. This insurance is ideal if you are a last minute holiday type of person.
  • Long trip travel insurance - This is the option that gives you the freedom to travel for a long time. This insurance can also cover if you decide to work abroad.
  • Winter sports travel insurance – Winter sports with the family can be great fun but it can also be very dangerous. Due to the level of danger basic travel insurance policies tend to exclude these activities. This insurance can simply be added to a single or multi-trip travel insurance at an additional cost.
  • Worldwide travel insurance – If you travel around the World then this travel insurance is the best option, as it ensures you have adequate cover for the countries that you are visiting.
  • European travel insurance – This insurance is ideal if you are only traveling within the UK or Europe, as taking out worldwide travel insurance policy is likely to cost more and is not necessary if you'll be staying within the confines of Europe.
All types of travel insurance are available for singles, couples and families.
  • Family travel insurance - The simple and cost effective option for the whole family
  • Single parent family travel insurance - Cheapest and easiest option for a single parent with your child/children
  • Couple travel insurance - As a couple it may be cheaper for you to take out a joint policy rather than individual policies.

What is retirement insurance?

What is retirement insurance?

Retirement insurance is a form of social insurance payments made by your chosen insurance company or your employer. The payments will start from your chosen retirement age and also depends on the country you reside in, whichever comes first. There is also an employee retirement scheme which is to make funds available to employees who have served an organisation for a long time and is finally ready to retire.

Retirement and Pension has become a topical issue, one that has engaged the commitment of employers and workers not only in Nigeria but also in many developing and emerging economies of Africa, Asia and Latin America. Retirement pensions are typically the largest component of the set of public interventions that make up a social insurance system.

There are a few different types of employee retirement insurance:
  • Defined Contribution Scheme - Contribution into the scheme is defined from the onset and it is usually shared between the employer and the employees (contributory).
  • Defined Benefit Scheme - the benefit promised is under the scheme that will determine the rate of contribution. This is currently the type of scheme in the Nigerian Civil Service.
  • Gratuity Scheme - This is a non-contributory scheme i.e. total payment into the scheme is borne wholly by the employer. Although gratuity payable to employee can be paid as at when liability arises by the employer. Sound system of accounting practice envisages providing for liability every year and claiming tax benefit.
Your chosen retirement insurance company will offer different types of annuity with your retirement plan:
  • Annuity and Whole Life - provides payment of a sum assured on the demise of the Annuitant.
  • Guaranteed Annuity - provides income for the annuitant throughout life with a 5- or 10-year guaranteed payment period.
  • Annuity and Spouses Annuity - provides payment of annuity to a surviving spouse upon the demise of the primary Annuitant.