The underwriting firm, which offers affordable insurance policies across the African continent, noted that the management remains keen about delivering international best practice in the Nigerian insurance sector like that which obtains in Europe, South Africa and Asia.  It restated, it not only gives adequate attention to on-time payment of claims but also ensures industry best practice in all its insurance handling which means unique insurance experience for every Nigerian.

Group Managing Director and Chief Executive of SA Insurance Plc., Bode Akinboye, in a statement said: “indigenous underwriters can participate effectively and successfully alongside their international counterparts. That is what we have proven possible with our nearly-completed merger with SA Life to become a full-fledged composite insurance company.

“In emphasis, we have shown seriousness and commitment to paying claims which is the essence why we are in business because we believe that any insurance company that is worth its salt should be seen to be paying claims.   This is the major thing we have promised to put on the table and we are indeed dishing it relentlessly so that people will have a benefit and added value to whatever premium they have provided for this business.”

According to him, Standard Alliance has worked diligently over the years in delivering exciting and unique insurance experience for policyholders over the years, earning the SA brand unparalleled record in customer service delivery especially in prompt and complete payment of claims.

Standard Alliance Insurance Plc. prides itself as one as a frontline insurance company in Nigeria with headquarters in Lagos; currently undergoing merger with its Life Insurance subsidiary, SA Life  with a combined Total Asset of  =N12billion, 44 branches as well as more than 1000 agents.

Meanwhile, the frontline underwriting firm, serving clients in Nigeria and Africa, has announced the appointment of Queen Eugene for the role of Corporate Communications officer with effect from December 1, 2016.

Contained in a press statement, Queen will assume lead responsibility for all communication functions of the insurance company, servicing the insuring public as well as other stakeholders.

According to the Group Managing Director and Chief Executive of Standard Alliance Insurance Plc., Bode Akinboye, “We, at SA Insurance are extremely pleased to announce the appointment of Queen Eugene as our Corporate Communications Officer . Queen brings great experience, talent and enthusiasm to the team and she will lead our reputation management across all our business touch-points to position us both as lifelong ally and the insurance company to count on.”

“Standard Alliance Insurance Plc. is a high profile, technology-driven and customer-oriented company ranking among the best and most respected insurance companies in Nigeria, both in terms of product and service delivery. Queen is passionate about using her combined talents to integrate marketing, branding and Public Relations to drive the values of the SA brand. So, we are convinced she will leverage relationship to increase buy-in and full engagement of our key stakeholders,” he said.

The new Communications Officer is expected to develop, implement and evaluate campaigns that would resonate with the SA Insurance stakeholders.

Standard Alliance Insurance Plc. is one of the topline insurance companies in Nigeria with headquarters in Lagos; currently undergoing merger with its Life Insurance subsidiary, SA Life  with a combined Total Asset of  =N12billion, 44 branches as well as more than 1000 agents.

Excited Queen said: “This is amazing for me. It is particularly more amazing to be managing the communication operations of very popular insurance company in Nigeria. The thought of facilitating the SA vision to be the leading provider of insurance, risk management and investment services in Africa sends exquisite tension to my spine. I am proud to serve.”

Picture theses scenarios and ask yourself, ‘Who is responsible for the loss�

1. A learner driver trying to make a U-turn in front of your house and gbam… a large portion of the fence comes tumbling down…

2. You are a landlord and you come home after braving the traffic to discover that your tenants are very upset because their generator is stolen because the gate man left the gate unlocked…

3. You return to your lovely apartment from a family vacation only to find that a water leakage from the flat above has severely damaged your ceiling and home appliances… 

HOMEOWNERS INSURANCE POLICY

Having a homeowner and Householder insurance policy is the most essential insurance policy any Landlord or tenant must have. Buying, building or renting a house or an apartment is usually a huge investment risk to undertake, and most homes these days are packed with gadgets and appliances. From washing machine/tumble dryers to dishwashers and PCs to home entertainment systems, the list is endless.

A homeowner insurance policy not only protects the house from damages, it also protects your belongings. This means that the policy should have a content provision in it which insures every item in your home up to the value of the policy.

It is important to mention that homeowner insurance is also a requirement for those who wants to take out a mortgage on their homes; this is because the lending institution wants to make sure that their collateral is protected so they require you to obtain a policy. Most of the time the lender wants you to cover the amount of your loan so if your house is destroyed, their debt is taken care of. Most lenders will require you to include your monthly premiums on your payments. This is then held in escrow and the bank pays for your renewal each year.

HOUSEHOLDER INSURANCE POLICY

The householder insurance policy on the other hand is designed to cover only the contents of private dwellings and it is usually by the taken out be the tenant occupying a house or apartment. As a tenant it is most advisable to take out a householder insurance policy because most landlords do not have a homeowner insurance policy for their houses. It is therefore important for a sitting tenant to protect their home content against such damage caused by fire, Burglary, flood and escape of water. Contents may include: furniture, household utensils, kitchen electrical goods, personal effects, jewelry and other valuables

Itâ€s important to note here that most Homeowner Insurance policy does not extend to provide cover/protection for the properties and valuables of a tenant.

It is therefore essential for all Landlords and Tenants to have a good insurance policy on their home. This helps protect them from huge losses such as those described above.. To not have home insurance is taking a very high risk on your most valuable asset.

Give yourself peace of mind with a HOMEOWNER or HOUSEHOLDER policy from Standard Alliance Insurance Plc and be sure of an access to a rewarding life. Visit any of our branch offices nearest to you or send a mail request to [email protected] to get your policy today.

An insurance contract is valid when you have parties, consideration and acceptance of terms like it is the case in regular contracts. The insurer agrees to underwrite the risks which the insured proposes to be protected against. Local regulations also prevail on insurance contracts to which all parties must adhere strictly to. International laws also apply to some types of insurance such as those governing admiralty/marine.

Parties to an insurance agreement must conduct due diligence before putting ink to paper. The foremost legal component of an insurance contract is to understand the limitations under such agreement. This is the point from which most disputes between the parties usually arise. Determining the extent of the risks which the insurer is obligated to compensate for is usually subject to legal suits. It is, therefore, often legally advisable for both parties to study the agreement document properly before signing. For example, an insurance contract which does not list specific anticipatory losses which the insured may suffer means that policyholders may have a hard time getting indemnified. So, if the subject-matter for a household insurance contract is only against loss by fire but the house is destroyed by flood, then the insurer is not bound to indemnify the insured at all.

Another common scenario in a place like Nigeria is what is now widely referred to as “no premium, no cover”. If at the time of loss or damage the insured is in arrears of premium, then by law, the insurer incurs no liabilities.

Further, there might also be limitation laws, such as in Nigeria and Commonwealth countries, where an action in contract cannot be filed by the party who suffers in a court of law after six years have lapsed since the breach occurred. General limitations like wars, acts of nature and riots are also exceptions that prevent insurers from providing indemnity under the insurance contract.

The next legal hurdle to consider in insurance contracts is the issue of fraudulent misrepresentation. All contracts including insurance are entered into on the basis of good faith representations. Each party represents that there is no fraudulent fact which is presented knowingly as being the truth. When an insured party under a life insurance contract, for instance, lies to an insurer about material facts such as age or other pre-existing health conditions – which are reasonably expected to be disclosed – this may be legal ground for such insurer to avoid contractual obligations.

Nigeriaâ€s Insurance Act 2003 addresses fraudulent misrepresentation and states, specifically in Section 69 (3) that no sum shall be payable by an insurer:

“(a) in an action commenced before or within 3 months, after the commencement of the proceedings in which the judgment was given, the insurer has obtained a declaration that apart from any provisions contained in the policy, he is entitled to avoid it on the ground that it was obtained by the non-disclosure of a material fact or by a representation of fact which was false in a material particular;…”

An insurer should be particularly careful when it engages agents to sell insurance. There might be consequences for an insurer whose agent has misrepresented facts to an insured. The principle is that such an insurer is bound by the ostensible acts of its agent as the acts of the agents will be construed as those of the insurer.

Another important legal component is what is known as insurable interest. For general insurance, the policyholder must have an “insurable interest” at the time the contract is entered into. This means that there must be some benefit the policyholder stands to lose if the subject matter is lost or destroyed.

By this rule of insurable interest, no third party has the right to bring a direct action against an insurer. An insured can also not bring a direct action against an insurerâ€s re-insurer under the doctrine of privity of contract. Insurers, unlike the insured, have the right to bring direct actions against third parties – by subrogation – which gives an insurer standing to sue third parties after indemnity has been paid to the insured. However, one exception to insurable interest general rule is life insurance, where the beneficiary does not need to have insurable interest at the time the contract is made.

Insurance contracts are not all about legal wrangling between the parties that enter them. The benefits of insurance policies on homes, vehicles and life are significant.

The last legal hurdle to be crossed in insurance contracts is settlement of claims. Most insurers take pride in making good their bond that genuine claims will be settled expeditiously. It is not so simple in reality to fulfill this promise taking into cognizance all that has been discussed above in this article. The notorious difficulty in this area is commercial aviation disasters. Airlines are legally bound to insure aircrafts, passengers and cargo. Aviation accident bureaus are normally tasked with investigating airline disasters, which, in truth, takes longer to conduct before the cause of accident is determined. These sorts of delays are likely to affect prompt payment of claims to affected passengers.

It may amount to wishful thinking to presume that all insurance contracts are perfect. Parties under an insurance arrangement must ensure that there is a consensus on all points in the contract. Whether or not disputes will end up in the law courts in the future will partly depend on the circumstance and wordings of each insurance contract.

Chances of loss occurring on a property increase or decrease depending on various associated factors. These include the location of the property, age of the property, size of the property, renovation time, increasing construction costs, type of construction material, presence of security systems and safety features, and also the credit history of the homeowner. Insurance costs are also affected if the house is located in an area where the risk of natural disasters is high.

Different factors affecting the amount required by the insurance company to payout include insurance deductibles, type of policy and any endorsements associated with the policy. An insurance deductible is the amount that is paid by the insure in case of an accident or incident, after which the insurance company pays the remaining amount. The insurance premium is higher if the insurance deductibles are low and vice versa.

Give yourself peace of mind with a HOMEOWNER or HOUSEHOLDER policy from Standard Alliance Insurance Plc and be sure of an access to a rewarding life. Visit any of our branch offices nearest to you or send a mail request to [email protected] to get your policy today.

How much would it cost to replace my home in its current condition if there was a total loss? You want to find out if the home will be rebuilt according to the original cost of materials when the home was first built or the current cost of materials. Donâ€t expect the cost to be the same as the price you paid to buy the home, because the purchase price also included the land the home sits on. However, you want to make sure that the cost to rebuild will cover a new home in todayâ€s market or youâ€ll be stuck footing part of the bill.

How much would it cost to replace all personal belongings inside the home if there was a total loss? Again, you want to make sure that you will have enough coverage for all of your belongings and not just a portion or you will be paying out of pocket for items you need.

Are there limits on certain items? Personal belongings like jewelry, computers, expensive artwork, and silverware may have a replacement limit, so you may not receive their full value if disaster should strike. Itâ€s best to verify which items may have limits.

Under the policy, are items replaced at “cash value” or the “replacement cost”? Items reimbursed at “cash value” are subject to their depreciated value at the time of loss. Items reimbursed at their “replacement cost” are replaced with an item of similar value at current prices.

Is water damage covered? Flooding usually has its own policy, but your insurance may cover certain levels of overflow.

Is there coverage for Additional Living Expenses? If something was to happen to your home making it impossible to live there while repairs are being made, your home insurance will cover a certain amount of living expenses, like a hotel room, bills, and other expenses.

Does protection cover items and family members away from home? Believe or not, your homeowners insurance may cover items in transit or even your children when they are away at college. The particulars vary from policy to policy, so make sure you get the details.

How much liability is covered? If someone was to become injured by you or a pet and sue you, your home insurance may cover a portion of the court costs, even if it didnâ€t happen on the property. Itâ€s important to verify the details before such an event occurs.

What is my deductible? A deductible is what youâ€re required to personally pay if something is damaged. If youâ€re deductible is N200,000 and the damages are N8100,000, you pay N200,000 and the insurance company pays for the rest.

What is the claim process? If something is stolen or damaged, you need to know how to file a claim and what responsibilities you have in the claim process.

For more information about Homeowers and Householders policy, send an email to [email protected]