Protect Yourself This Yultide Season

The festive period is usually marked with the highest level of interstate travel in Nigeria. People travel to and from the city centres to rural areas to visit family and relations in their respective states of origins.

Last week Wednesday, no fewer than 20 vehicles and four commercial motorcycles got burnt when a tanker laden with diesel fell and spilled its content on the Festac Link Bridge in Awuwo Odofin LGA of Lagos State, Nigeria.

The risks associated with this period of the year are relatively high, hence it would be wise and beneficial to protect yourself, loved ones and property, the best and safest way possible.
For any company involved in transporting goods and individuals travelling, it’s important to have the following insurances to adequately cover any exposure in the event of a loss.

Public Liability
Public liability insurance protects you against any loss or damage to clients or members of the public suffer personal injury or property damage because of your business. It can pay for the costs of subsequent legal expenses or compensation claims and is an integral cover for businesses that interact regularly with customers.

 For example, the fire resulting from the fallen tanker destroyed shops, cars and property. If the tanker owner has this insurance in place, all claims made by the affected third parties will be paid to the limits of liability of this policy.

Goods in Transit (GIT)
This insurance is designed to protect sellers and buyers in the event of a loss of goods in transit. It is a type of insurance that covers inventory and other merchandise that is being moved, but has not been received by the purchaser because it has been lost, damaged or destroyed.  This insurance would replace the diesel lost in our above example.

Comprehensive Motor Insurance.

This policy would replace the truck, its benefits are against loss or damage to the insured car necessitated by accidental collision or overturning.

For the individuals and third parties involved whose goods and properties were destroyed, kindly contact your insurance broker/insurance provider for recourse. If you do not have insurance make a formal complaint to the owner of the diesel truck to get compensated for the damage to your property. For more information on any of the above forms of insurances,

Insurance Brokers of Nigeria Limited,
4, Ilabere Avenue, off McPherson Avenue, Ikoyi
Tel: 0700 -CALL- IBN (0700-225-5426)

written by:
Kate Ogunsanwo
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