The Managing Director/Chief Executive Officer, Great Nigeria Insurance Plc, Mrs Cecilia Osipitan, says the firm has developed insurance products to assist policyholders in risk mitigation and deepen insurance penetration.
In a statement, she said the products are GNI Motor Flex, Great Savers Delight, GNI fire proof and personal accident insurance which are approved and certified by the National Insurance Commission.
Osipitan said, “The GNI MotorFlex offers a wide scope of protection cover in addition to all the benefits of third-party motor insurance.
“The scope of cover of GNI MotorFlex insurance includes third-party limit up to N1m 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.”
The company’s spokesperson, Ms Oyinkansola Sobande, explained that vehicle owners are mandated by law to have at least a third-party motor insurance cover.
She observed that many members of the insuring public and third party road users had not fully realised the importance of motor (third party) insurance in Nigeria.
Explaining, she said, “Motor (third party) insurance covers the insured’s (policy holder) 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 N1m. Third party motor insurance is very important as far as third party road users are concerned.”
She said many vehicle owners desire to have a cover that provides more benefits than the regular third-party motor insurance but at an affordable premium that is not as high as the comprehensive insurance.
The spokesperson said, “This discovery intimated the organisation to develop a customised 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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