Brokers can formulate a personalized insurance and risk management program for you or your business, where they plan and design the policies, negotiate the terms with insurance companies and place
Insurance Brokers are experts that have the learning and experience to help you legitimately survey and assess your insurance needs, search for the best incentive in insurance scope and help you in case of a claim.
Orange Insurance Brokers LTD follows up for the benefit of their customers and gives counsel in light of a legitimate concern for their customers.
Once in a while an insurance broker can act as agent of an insurer, but where this occurs the situation should be fully clarified to you.
An insurance broker is an expert in insurance and risk management
A broker will aid you to distinguish your individual as well as business risks to enable you to choose what to insure, and how to deal with those risks in different ways.
An insurance broker may have some expertise in one particular sort of insurance or industry, or they may manage a wide range of sorts.
OiblNigeria will give you specialized guidance that can be exceptionally helpful in the event that you have to make a claim.
We know about the terms and conditions, advantages and avoidances and expenses of an extensive variety of going after insurance approaches, so they can enable you to locate the most fitting cover for your own conditions.
Brokers can help mastermind and place the cover with the chosen insurer and can regularly give counsel on the best way to benefit as much as possible from your insurance spending plan.
Why use a broker?
Insurance brokers have access to many different insurance policies and, since they transact with a range of insurance companies directly, in most cases brokers have access to policies that are not available to most consumers.
Since the general insurance industry in Nigeria offers so many options, it can be very hard to pick the correct policy.
Some insurance approaches can be complex, and an insurance broker can enable you to comprehend the points of interest of the policy and furthermore work out what level of cover you require, with the goal that you can ensure you are legally protected.
Subject to the sort of advice a broker may give, they might be required to give that counsel, alongside other information, in a report called a Statement of Advice (SOA).
Brokers can repeatedly find you a decent arrangement of insurance since they have an exhaustive understanding of the insurance market and can arrange premiums for your benefit.
A broker will clarify your policy to you and direct you if there are any special conditions you need to know or think about.
Brokers can frame a personalized insurance and risk management policy for you or your business, where they design the policies, negotiate the terms with insurance companies and place the cover with the insurer.
By including a risk management program, which puts certain portions of the responsibility for risk avoidance and loss reduction on you or your business, you can decrease premium costs.
When you need to make a claim on your policy, your broker will help you through the process and will liaise with the insurer for your sake.
Choosing a broker
Similarly, just as you would invest some energy and time trying to make sure that the insurance policy you choose is the exact one for you, if you choose to use an insurance broker you should make sure that the firm you assign is going to help in your specific circumstance.
The National Insurance Brokers Association (NIBA) is the peak body for insurance brokers.
If you Need-a-Broker service to help you find a policy that is best for you and your business,
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Where a broker offers you with personal financial advice then in accordance with the Corporations Act they must:
An insurance broker must Act in your best interests
An insurance broker must provide you with suitable advice
An insurance broker must Caution you if their advice is based on incomplete or inaccurate statistics
An insurance broker must Rank your interests higher where there is a conflict with their own interests
An insurance broker must Prepare and provide you with a Statement of Advice (SOA) that documents their advice in relation to the insurance policy.
There are general conduct obligations that apply to all broking services firms which are authorized by NCRIB.
All Brokers in Nigeria must meet the conduct standards set out in the (NCRIB Act No. 21 of 2003)
The Council is the Umbrella Association of all Registered Insurance Brokers in Nigeria who are by law expected to be registered by it before they can be licensed to operate in the Nigerian Insurance market by the National Insurance Commission.