I was privileged to be part of a nationwide training of insurance agents in 2021 and 2022. One question was repeated throughout the various sessions we had, and that is: what is the main role of insurers? Most of the groups couldn’t give the correct answer. Some responded that insurers were in business to make […]
18
Aug
Aug
If you are not in the habit of reading, you won’t find it interesting to read your insurance policy, especially when it is full of Shakespeare English; it may be boring. Some months ago, I was approached by a friend assisting a client with a claim from an insurer. He wanted to know how to […]
10
Aug
Aug
Last month whilst working on a claim, I realized that the claim estimate of almost GHC 600,000.00 had been reduced to about GHC 90,000.00. The claims officer justified the reduction as one of underinsurance. She had reduced the amount in proportion to how the insured had also reduced his Sum Insured to the Actual value […]
03
Aug
Aug
Processing your insurance policy may take some time. Early this year, I encountered a client who needed a policy and believed it could be ready in minutes. To his disappointment, the policy was ready after three days. The policy in question was an insurance bond worth over GHC 10 million.The truth is that the insurance […]
25
Mar
Mar
Quite often I am asked by my audience after a presentation, why doesn’t my insurer pay me a part of the premium when there has been no loss. As much as I’d like to say your insurer doesn’t owe you a penny, I am also guided that it’s not everyone who appreciates insurance and understands […]
02
Mar
Mar
Kojo is an importer in Ghana. He always trades on CIF (Cost Insurance & Freight) terms. This means the purchases marine cargo insurance from abroad anytime he imports. Kojo has been informed of a washing overboard of his cargo and was hopeful his insurers in China would come through for him. Unfortunately, the marine cargo […]
02
Mar
Mar
Kofi, a taxi driver, dozed off briefly and caused damage to three other cars. Kofi’s taxi was insured by the owner under a Motor Comprehensive cover. The cost of repairs to the three other vehicles is about GHC 20,000.00, but insurers have indicated to pay only GHC 5,000 as this is the limit on the policy. […]
27
Feb
Feb
Mr and Mrs Kodo bought their first home from a real estate companyusing a mortgage. As part of the mortgage requirements, they had toinsure the property against fire and some other perils. The insuranceagent did exactly what was required by the mortgage company. A fewmonths after, there was a burglary and the couple lost some […]
17
Jan
Jan
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