GETTING THE BEST ON CONSTRUCTION INSURANCE POLICY

Working on site development is always a daunting yet fulfilling experience potentially marred with risks and causalities such as collapse of the building or injury on men on site/ third party.

 Insurance not only transfers risks but also assist the contractor in risk management by recognizing potential risks and reducing the probability of such risk materializing.

An appropriate construction insurance is practice of exchanging a contingent claim for a payment to protect the interest of parties involved in the construction project.

Risk management is most valuable at an early stage in a project where there’s still some flexibility available in designing and planning to consider how risk might be avoided. Contractors All Risks (CAR), professional indemnity, performance bond, workmen compensation, fire and burglary are some of the most common insurance covers obtained for construction projects.

At Combined All Risk Insurance Brokers (CARIB) Nigeria Limited, we provide advisory on the implications of getting insurance cover, the cost involved and what covers you require. 

We think about you all way, determining your preferences make your insurance policy within your means.  

 

COMPREHENSIVE CAR INSURANCE - A MUST OR A MAYBE

For some people their vehicle is their pride and joy. For others, simply a way of getting from A to B. Whatever it is, there is the need for 'peace of mind’ Vehicle Insurance.

Trust you would want to avoid the headache, stress and commotion of what best to get out of your car insurance. Hence, what are your options and how should your choice be guided?

COMPULSORY MOTOR THIRD PARTY (MTP) INSURANCE

As it implies, MTP insurance is statuary by Third Party Act 1969. You cannot register a vehicle in Nigeria without it. In Nigeria, you are required to organize this with an insurer or brokerage firm if you so desire.

What is THIRD PARTY INSURANCE? 

It Insures you and any other driver of your vehicle against liability for death or injuries you may inflict on other road users as a result of motor accidents for which you or your driver are at fault. As stated third party covers just the injuries caused to other people in an accident and the damaged caused to their property or vehicle up to a limit of #1,000,000 naira (i.e. varies with different underwriters). 

beware of fake third party insurance policy in Nigeria 

COMPREHENSIVE MOTOR VEHICLE INSURANCE

Comprehensive Insurance covers damage/loss to your vehicle, theft, fire and property. This is in addition to the Third Party cover on your vehicle.

Better to be safe than sorry; because no one envisages an accident and it may well happen at the worst possible time, financially.

SO WHY TAKE A COMPREHENSIVE MOTOR VEHICLE INSURANCE COVER;

Compared to third party cover, comprehensive policy also takes care of damages to you I.e. you get the benefits of third party policy with all the benefits also attached to you.

Unlike third party where you have a limited coverage on damage, injuries and other liabilities, comprehensive motor vehicle policy is not limited to that but its limit is established on the value (sum insured).

·        Is it risky to buy third party insurance? In Nigeria you would be aware of news of fake third party insurance cover offering no protection at all. However, it’s vital to be aware that third party cover won’t provide you with the level of protection that a fully comprehensive policy would offer.

·        Is third party car insurance the cheapest option for you? Not necessarily because all insurance policies are priced in accordance with risk, its therefore possible that third party insurance isn’t the cheapest option for you. In fact, you might find you can buy superior cover at a lower price.

Want to know more about motor insurances, further clarification, you can contact us. We will be glad to hear from you.

Reach Us

12th floor, Reinsurance house

46 Marina, Lagos, Nigeria

+234-818-099-6418  +234 818 777 7770

info@caribnigeria.com

Car Insurance policy: types of Insurance and Benefits They Offer

you remembered the feeling you got when buying your first car, how you felt, proud bold beautiful IN TOWN, but i bet you never considered protecting your car against accidents, if you stay in #Nigeria, you wake up some other morning and on going to bed very night, accidents seem to be the form on Nigerian roads today. 

without much ado, lets discuss on the types of cover available and how we can best benefit from them.

Things to keep in mind when choosing your motor vehicle insurance policy:

1. Here are the types of coverage that motor vehicle insurance usually provides:

• Liability Coverage
• Fire and Theft Coverage
• Comprehensive Coverage
• Property Damage Liability
• Bodily Injury Liability
• Rental Car Insurance
• Pay-Per-Mile Coverage
• Personal Injury Protection
• Under-insured Driver Coverage
• Collision Coverage
• Physical Damage Coverage
• Uninsured Driver Coverage
• Gap Insurance

 Most of these coverage facilities are optional. If you add them to the policy you choose, your premium amount will likely increase.

2. Make an informed decision about the kind of coverage you need:

Rates of motor vehicle insurance tend to vary depending on your gender, status, health, assets and income. All in all, always choose a policy that is most suited to you and your life style. Compare motor vehicle insurance quotes online or through agents so that you do not end up making an expensive mistake by choosing a policy that is wrong for you.

3. Know the loopholes: A good idea is to buy a car that qualifies for a discount, or at least does not lead to additional surcharges. Before deciding to purchase a vehicle, consult your insurance agent about the cost of insuring that vehicle.

What you need to know about motor vehicle insurance policy in Nigeria:

In Nigeria the Third Party Car Insurance policy is compulsory. However, before you acquire third party auto insurance, keep in mind that it does not cover any personal damage you may have incurred in whatever situation. The claim you can make on your third party auto insurance policy is limited. Before selecting a policy, make sure you find out what how much loss the policy covers.

Another kind of motor vehicle insurance, called Comprehensive Auto Insurance Policy, exists to save you from any losses that you might incur as a result of damages caused by an accident. This is not a compulsory kind of insurance, but experts recommend it for your benefit and safety.

In order to read up on any insurance company, you could look up the National Insurance Commission, NAICOM website. There you will get up to date and reliable information about the insurance companies. You will also get information about insurance brokers and reinsurance companies.

coined: http://www.carinsure.com.ng/motor-vehicle-insurance-know-before-you-buy/

INTRODUCING COMBINED ALL RISK INSURANCE BROKERS (CARIB) NIGERIA LIMITED.

Compliments of the day sir/Ma,

We are delighted to introduce Combined All Risks #Insurance Brokers (CARIB) Nigeria Limited (http://www.caribnigeria.com), a registered #insurance brokerage firm providing risk management and #insurance solutions for businesses & individuals. We provide outstanding insurance inter-mediation services between the underwriters and the insuring public.

The Value Added Services offered by CARIB Nigeria includes:

·      Risk evaluation & assessment

·      Advice on appropriate types of policies

·      Rendition of personalized insurance services & consultancies

·      Recommend on selection of underwriters based on strengths & weaknesses

·      Prompt settlement of #claims

·      Periodic review of insurance portfolio

·      Adopting best combination of cover, tailored to specific needs of clients & at competitive rates

·      Provision of updates on Insurance

We present to you below, a brochure of some of our insurance 

We also look forward to partnering with you while assuring you of our best services at all times.

Best regards,

Omotayo G.M. Ajani

Managing Director

Combined All Risks Insurance Brokers (CARIB) Nig. Ltd.

12th Floor, Reinsurance House,

46, Marina Lagos.

Phone: +2348187777770; +2348077777911

E-Mail: omotayo.ajani@caribnigeria.com

website: www.caribnigeria.com