Nigerians have witnessed wanton destruction of properties, looting of businesses, arson and loss of lives, as peaceful protests have turned into destructive civil unrest across the country.
Over the past few weeks, Nigerians have witnessed wanton destruction of properties, looting of businesses, arson and in some cases loss of lives, as peaceful protests have turned into destructive civil unrest across the country.
Globally, affected business-owners or families of those who lost their lives will turn to insurers for compensation as they seek to put an end to such heartbreaking incidents. However, due to low insurance penetration and lack of knowledge about this proactive risk-management tool, many Nigerians are confused about how insurance can assist in such times. Without doubt, Nigeria still lags behind in the adoption of insurance as a risk management solution.
Due to these interrelated factors, questions remain prevalent about how well insurance policyholders are covered in the event of such a disaster, riot, or civil commotion. Are these types of risks appropriately priced into existing premiums covering standard insurance policies for businesses, vehicles or life?
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Do individuals and businesses affected by these unfortunate events require the Pre-Intent Strike Riot and Civil Commotion (SRCC) extension in their cover to be eligible to file a claim in this current situation? These frequently asked questions (FAQs) may shed some light on some, if not all, of these questions:
Does comprehensive motor insurance for my vehicle include cover for damage during riots? If not, what additional cover would I need in such a situation?
Your comprehensive insurance usually provides a standard cover for accidental damage to vehicles, fire combustion, theft and third party liability. It does not cover losses resulting from strikes, riots or civil commotion. You will need extension cover for special perils such as riots, strikes and civil commotion or floods. However these come at an additional premium.
Do existing customers have SRCC extension? How do I make sure I get one?
Existing customers who had requested for SRCC extension would have it included in their coverage. Those who do not do so should request it at the time of negotiation during the renewal of their policies.
How do I know what is covered in SRCC’s standard policy?
Leadway’s Fire and Special Perils insurance covers Strike, Riot and Civil Commotion. However, other insurance products like our Personal Accident or Group Personal Accident, Theft, Motor etc. do not have SRCC as a standard cover. You have to ask for extension of SRCC.
As WWE fully sympathizes with all businesses that have been affected by the rampant vandalism, looting and arson. This incident has reminded us that insurance education and penetration is imperative for the growth and stability of the nation. Unfortunately, many businesses and individuals who are victims of these disasters do not have insurance cover. With the proper insurance cover, you will not only protect what you hold dear, but in turn, create wealth to leave a lasting legacy.
We should also take care to clearly understand the terms of the contract in our policy document at the time of negotiation. Customer satisfaction is very important to our survival, and we can tell you with confidence that having the SRCC extension is a smart move that we highly recommend.
If you are one of our policyholders and have been affected by this civil unrest, we enjoin you to reach out to our customer service executives through our virtual communication channels; Telephone – 012800700, Our social media handle is @LeadwayAssurance on Facebook and Instagram and @Leadwayinsure on Twitter or send us an email [email protected]. You can also request a call back from one of our experienced insurance advisors by visiting www.leadway.com/call-me. We are with you for life, all the time…Insuring happiness since 1970.
