Insurances You Have, Unknown to You

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Friday, March 06, 2020 / 09:13 AM  /By Ekerete Ola Gam-Ikon / Header Image Credit: Justdial

 

Quite often, in the course of sharing insurance knowledge, most people respond to the question of what insurance policies they have, by simply referring to their car insurance and, for some, may be the one their employers, put in place for them, as required by the law.

 

To these people, insurance is strongly associated with the law and anything the law has not stated can be ignored, irrespective of the VALUE that could be derived from having it.

 

Anyone investing in a residential block of flats that he or she wishes to let or lease hardly worries about insuring it because the law does not have anyone to stop him or her from completing the building as there is for a car on the road.

 

It is common to meet people discussing why they bought or refused to buy insurance, and answering their questions become most interesting when it is evident that they are not even aware of many insurance contracts that had been put in place to protect them and their families, against the unforseen and unexpected unfortunate occurrences.

 

Too many victims of accidents have been left to die or become permanently disabled due to the complete lack of knowledge of the benefits of the motor (car, cycle, bus, truck) insurance contract.

 

Let us examine some of the insurances you have without knowing.

 

1. Insurance for Occupants of Vehicles

 

Do you know that if you, or anyone known to you, gets injured as a result of any vehicle hitting yours or the one you occupy, the insurance contract of the vehicle of the guilty party ENTITLES you to full medical treatment? This is the benefits that a genuine insurance policy provides for you at no cost and so many Nigerians do not know this. You do not have to own a car to enjoy the value of the insurance when an accident occurs.

 

2. Insurance for Aircraft Passengers

 

Unknown to many people who embark on local and international flights across our airports, airlines are required to have insurance contracts, which indicate the amount payable on the lives of every passenger in the event of any accident that the aircraft is destroyed.

 

In all cases of air accidents, these compensatory considerations are activated and Nigeria has had to apply the rules with regards to the crashes experienced here. Notwithstanding breaches by some airlines, these payments had to be made accordingly. 

 

3. Insurance for Users of Public Buildings

 

Hospitals, Offices, Schools, Shopping Malls and other buildings that are open for public use are required by the Insurance Act 2003 to have insurance contracts that serve to protect the users of their buildings including visitors (You and I).

 

At anytime you walk into any of these builidings, you become protected by their insurance contracts such that if you are injured accidentally by falling or incidence of fire, you get compensated while the owners of the buildings file claims with their insurers.

 

Sometimes, claims payments are denied by insurers when the owners cannot prove that the incidents were not the results of connivance  between the victims and themselves.

 

4. Insurance for Workers at Construction Sites 

 

Stories abound where site workers fell off buildings under construction and died or were badly injured and the families were consoled with some payment from the main contractors.

 

Do the site workers know that they are covered by insurance while at work? Do their families or at least, Next of Kin, know this in case something went wrong?

 

The Insurance Act 2003 stipulates that construction projects of buildings of two floors or more must have Builders Liability Insurance to cover anyone on such sites who may be injured or killed as a result of any unexpected incidents.

 

5. Insurance for Persons Receiving Attention from Health Professionals 

 

Do you know that health professionals that give us medical attention at hospitals have or are required to have professional indemnity insurance policies against cases of professional misconduct?

 

Persons affected by the indiscretions of health professionals usually cry foul and even use the court of public opinion to seek redress but hardly know that there exist such condition that could enable them get compensated via the professional indemnity insurance policies held by health professionals.

   

6. Insurance for Persons Advised by Insurance Brokers

 

For individuals and businesses, notwithstanding the size, that use the services of insurance brokers, and some unfortunate experiences occur bordering on the ill-advice of the brokers, it is important to know that you can make a claim.

 

Every insurance broker is required by law to have professional indemnity insurance for a minimum sum of N10m however a good number have policies that are ten times this amount because of the size of accounts they are handling.

 

The next time you have issues with the professional advice of insurance brokers, you may want to explore the benefits of their professional indemnity insurance to get compensation.

 

7. Insurance for Businesses Using Security Outfits

 

Did you know that some of the disappointments we get from relating with our appointed private security outfits can be remedied by their professional indemnity insurance?

 

When those cases of theft occur under the watch of the private security firms we had engaged, it is possible to get redress through their professional indemnity insurance policies rather than go on that long journey of arguments and pleas after the truth had been established.

 

Learning to Act

 

It is my hope that as individuals and businesses, you have become aware or reminded of the available benefits from insurances that you are not required to pay for, so let us learn to act on what we know.

 

It will only lead both the insurance industry in Nigeria and the insuring public to know more towards improving our insurance experiences.

 

I implore you to make the best use of what you now know about insurance whenever you are involved in any of the situations described here or know someone who needs to use the knowledge.

 

It is apparent that we have been more insured than we know or are able to appreciate. Now, let our insurance experiences soar and the quality of our lives improve.

 

Insurance should no longer be strange to us!

About The Author

Ekerete Olawoye Gam-Ikon, MNIM, CPP, is a management consultant with a specialization in Strategy and Insurance. He is available through e-mail olagamola@gmail.com

 

Proshare Nigeria Pvt. Ltd.


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