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Risk may be divided into two categories:-

1.  Those which cannot be insured against

2.  Those which may be insured against.

The second of these categories may be further sub-divided as follows:-

a)  Those risks which you elect to carry yourselves

b)   Those risks which you elect to transfer to insurers.

It is in the last of these areas that we commend our services to you as Brokers. Although your contract of insurance is strictly between you and the Insurance Company, a Broker is able to bring his professional experience and expertise to bear and can speak on equal terms with his opposite number on the underwriting bench. Many of the advantages of Broker services are latent rather than patent, but we detail briefly some of the benefits which accrue from having a professional on your side of the court.

1.       The natural business tendency of an Insurer dealing direct with an insured to give minimum cover at maximum cost. A broker seeks to reverse this and ensures that his client has maximum cover at minimum cost. Effectiveness varies, needless to say, in these areas. Some classes of business are tariff-rated and the appointment of a Broker may have no effect on either the premium paid or the cover granted.

 In Nigerian Insurance Market, Workmen’s Compensation Insurance, Motor Insurance and recently, Fire Insurance are all tariff-rated. However, a broker can still assist in the reduction of premium commitments by deciding when it is judicious to apply for “special rating”, and in the case of Motor Insurance, by ensuring that No-Claims-Bonus entitlement are properly applied.
In all other classes of business, premium is a matter of negotiation, and here a Broker's knowledge of the market is of utmost benefit.

2.      The Broker has the entire insurance market at his disposal and knows each insurance company’s strength and its weakness. He does substantial business with all of them and can bring the weight of his account to bear in promoting the interest of his individuals clients.

3.       A broker can assist in the presentation and prosecution of claims and can be of invaluable assistance in tipping the scales in favour of his clients on contentious claims.

4.       A broker provides an individual service to his client  by regularly reviewing his insurance needs, providing analyses and reports and by regular personal visits to the client’s premises to keep himself up to date with his requirements.

Finally, we are always at your disposal for advice and assistance and are confident our relationship with you or your organization will guarantee a type of security required by an organization such as yours and in ensuring you pay no more for this protection than is necessary.

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