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FAQ

The basic concept of Insurance is to share fortune and misfortune with others in a specified group. The group members are interrelated through an agreement which is called Insurance Policy.

The insurance cover should be taken by an individual or a corporate to protect their lives and assets in case of loss/damage.

You should contact brokers, agents and the insurance company.

Generally, insurance policies are issued for one year. However, in certain cases, policy can be issued for less than one year also at short period premium rate. Policy can also be issued for more than one year such as Contractors All Risks.

There are based on tariff guidelines which are used to compute premium based on the sum insured, deductibles/excess and the nature of the risk.

Premium has to be paid at the inception of the cover according to Provisions of the Insurance Act.

Some policies are subject to policy excess which defines that certain amount is deducted as specified in the policy in case of each and every claim for specific classes of business.

The sum insured is the value of the property declared for insurance or the maximum liability of the insurance company for settlement of claim against loss/damage.

No. Insurance is not transferable.

A separate policy will be issued to the other party.

This coverage does not protect you or your car directly. If you cause an accident injuring other

people, it protects you against their claims up to the stated amounts for medical expenses, lost wages, pain and suffering and other losses. It will also usually pay if the accident was caused by a member of your family living with you or a person using your own auto with your consent. It does not pay for bodily injury you may sustain.

Answer Property damage liability coverage pays for any damage to the property of others up to the stated amount provided by the policy (i.e., a crushed fender, broken glass, or a damaged wall or fence). Your insurance will pay for this damage if you were driving your auto or if it was being driven by another person with your consent. Property damage liability also pays if you damage government property like a light pole or signpost, up to the limit you choose

All accidents should be reported to the insurer no matter how minor it appears. You could be taking a risk if you choose not to especially where there is a third party involved.

This will mostly happen when the cost of repairs exceed a certain percentage of the value attached to it usually above 50%.However this is left at the discretion of the insurer to decide whether to repair or declare it as a write-off.

Notify the insurer or your agent as soon as possible. Complete a claim form and submit it together with all other supporting documents.

Actual Cash Value basis is used for policies where the owner is entitled to the depreciated value of the damaged property whereas Replacement cost is used for policies where the owner is reimbursed an amount necessary to replace the item with one of similar type and quality at current prices.

Pick up is categorized as a commercial vehicle in your logbook.

Policyholder receives more personalized service if they use an agent. An Agent with whom there is direct contact can be vital when purchasing a product and can equally be necessary in case of a claim.

No. Agents and brokers earn a commission which is directly paid by the insurer for business placed.

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