One of the foremost underwriting firms, Great Nigeria Insurance Plc has promoted one of its in-house generic products ‘MotorFlex Policy’ with increased benefit for third-party claimants.
The Company at a stakeholder’s engagement held at its Head Office in Lagos said the Motor flex is specially designed Third-Party Motor Insurance policy with extended cover.
Oyinkansola Sobande, the company’s spokesperson stated that law to have the Third-Party Motor Insurance cover; although many members of the insuring public and third party road users have not fully realized the importance of the product, mandates every vehicle owner.
She said Motor (third party) Insurance covers the insured’s legal liabilities for death and bodily injuries to third parties and third party property damage. While remedies for bodily injuries and death are unlimited since we cannot put value on life, the limit for third-party property damage is N1million. Third-Party Motor Insurance is very important as far as third-party road users are concerned. She said.
However, many vehicle owners desire to have a cover that provides more benefits than regular Third-Party Motor Insurance but at an affordable premium not as high as the Comprehensive Insurance. This discovery intimated the organization to develop a customized policy that will meet the specific needs of the target public. GNI MotorFlex insurance is an insurance package that takes care or the insured’s car as well as the third party.
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Cecilia O. Osipitan, managing director/CEO mentioned that the organization in its efforts to deepen insurance penetration developed unique insurance products at competitive rates aimed at assisting policyholders in risk mitigation.
The products she noted are GNI Motor Flex, Great Savers Delight (GSD), GNI Fire Proof and Personal Accident Insurance (PAI), which are duly approved and certified by the industry principal regulator, the National Insurance Commission (NAICOM).
She said that the GNI MotorFlex offers a wide scope of protection cover in addition to all the benefits of Third-Party Motor Insurance. She further explained that the scope of cover of GNI MotorFlex Insurance includes: Third-Party Limit up to N1,000,000 which takes care of legal liabilities for third party bodily injuries, death or property damage while the vehicle is on the road; these third parties include pedestrians, other vehicles, occupiers of these vehicles and properties owned by third parties. Own damages of N100,000 with Driver’s medical expenses of N10,000 at an affordable premium of N7,500.
Osipitan stated that the need to bridge the gap between compulsory Third-Party Motor Insurance and Comprehensive Motor insurance owing to the fact that Comprehensive Motor Insurance is perceived as “insurance for the Elites due to cost” and Third-Party Motor Insurance as “Let my people go policy without claims benefit” became pertinent in order to reduce premium loss due to the failure by some vehicle owners to purchase motor insurance, which according to some analysts totals about N530 billion yearly as reported in TechEconomy Publication.
Concluding she mentioned that Great Nigeria Insurance Plc has put in place a stress-free underwriting documentation process in all its branch offices nationwide.
