What is the role of an Insurance intermediary?
An Insurance intermediary is a professional and independent adviser knowledgeable in risk management and insurance services.
Why should I use an intermediary?
An intermediary is your insurance adviser with professional qualifications and experience in insurance matters. An intermediary also has bargaining powers and therefore as a client you or your firm is assured of quality service at competitive rates.
How can I rationalize my insurance costs?
By allowing your broker to prepare an insurance program fitting your insurance needs.
Can I settle my premium in installments?
The insurance act requires premium to be paid upfront however, your broker can assist you to pay in installments by arranging premium financing from reputable finance institutions.
How can I know that am adequately covered?
We will be able to advise you on how to access the adequacy of your insurance cover by analyzing your risk exposures. For property you could have a valuation carried out.
What is excess?
Excess is the first portion of each and every claim borne by the insured.
Why should I pay excess when am not to blame for the accident?
- To avoid insurers pay for petty damages/losses like dents, scratches, loss of mirrors, etc. For example, on motor vehicles.
- To make you participate in claims settlement so that incidents of claims are minimized in future i.e. you will be more careful in future.
How can the policy be terminated?
By cancellation notice in writing from either party.
What are the benefits of insuring?
- Financial security/protection for the insured.
- Peace of mind as the burden is transferred to the insurer.
What happens if I cancel my policy before the expiry time?
The insurer computes and refunds unutilized premium subject to the policy terms and if there has not been a claim.
Can I get a refund premium if I do not make a claim at the expiry of the policy?
No, you cannot get a refund because you will have enjoyed policy protection for the whole insurance period