1. FAMILIARITY
Are you familiar with the insurance product you are about to buy? If the answer is no, it is recommended that you make use of an insurance broker like First Adequate Benefits Insurance Brokers to provide you with objective advice. At first Adequate brokers, we are expert in the insurance field and we provide best advice.
2. YOUR NEEDS
Be open and share with the insurance broker all your requirements, relevant current circumstances or information to enable the broker to make a correct assessment of the product that will best cover your insurance risks. At First Adequate, we treat all your information with utmost confidentiality, and this form part of the Terms of Business Agreement that you enter into with the us.
3. EXPLANATIONS YOU UNDERSTAND
At First Adequate Benefits insurance brokers LTD, we make time to explain in simple English language all the terms and conditions attached to a policy that you are proposing to buy, and once you have agreed to buy the policy, we make you go over them again with you to ensure you agree to the terms and conditions of the insurance policy. We guide you in all the process involved in making the right decision.
4. CHARGES
Depending on the type of insurance you are buying, brokers may receive remuneration from the insurer from whom you bought your product, or if buying long term insurance, many brokers have moved to offering advice on a fee basis, which would be payable whether or not you take up their advice. When buying general insurance products through your broker, and the broker is silent on details of their charges and remuneration, you are entitled under the law to ask for these.
5. MAKING AN INSURANCE CLAIM
More often than not, the insurance broker from whom you bought an insurance policy will assist you in making an insurance claim under that policy and liaise on your behalf with the insurer and the loss adjuster. This is why First Adequate Benefits insurance Brokers Ltd is your number choice. We stay with you throughout the journey.
What is an Insurance Broker?
An insurance broker acts as a link between insurance companies and on your behalf as the client. When you are considering buying an insurance product but you are not familiar with its intricacies, it may be an idea to make use of an insurance broker. An insurance broker is not tied to an insurer unlike an insurance agent, who represents only the insurer(s) it acts for. The brokers’ profession requires them to act on your behalf and to identify your requirements to be in a position to scan/peruse the market to find a product or more that will suit your needs.
A cheap insurance policy is not necessarily the best option for you – the policy may come with a high excess and/or more exclusions, which you may only find out at the time of making an insurance claim.
Insurers are expected to highlight the key facts of a policy when you take one out, and your broker, if using one, should go over these with you to ensure you understand what the broker is proposing for you to buy and what you are expected to do over the length of the policy, if any special requirements apply – commonly known as “warranties”. Whilst it may be boring or not the best use of one’s time to read the lengthy terms and conditions, it is a contract that you will be bound to, so it is worth asking your broker to go over these with you. Insurers need to make a profitable business selling insurance policies, so they can carefully word exclusions into the terms and conditions and not cover your specific need for insurance in the first place – so it is best to be informed sooner rather than later. The insurance broker will be able to guide on what is best for you.
For more information, please see the list of all licensed insurance broker companies (also known as “insurance intermediaries”) in Nigeria.
