Frequently Asked Questions
It is a contract where an insurer agrees in consideration of money paid to him, called premium, by a person called the insured, to indemnify the insured against losses he (insured) would incur on the happenings of certain events.
Insurance is a way of managing risks. When you buy insurance, you transfer the cost of a potential loss to the insurance company in exchange for a fee, known as the premium. Insurance companies invest the funds securely, so it can grow, and payout when there’s a claim.
No. You buy peace of mind and transfer of risk with premium you pay for insurance, When the unexpected happens to you, your property or business you are sure that an institution like RegencyNem is there for you and you can be sure of adequate restoration or compensation.
No premium, no cover.
At RegencyNem Insurance Plc, we make it our duty to keep our promises on prompt claim settlements.
Report to the nearest branch office of RegencyNem Insurance Plc, as soon as possible.
We settle claims within a week after all required documentations have been submitted.
In the event of an accident, look for ways to minimize the extent of the damage and please notify the company forthwith in writing.
The difference between comprehensive and third party insurance is that the comprehensive insurance will not only compensate for the death or bodily injury and/or damage you cause to another person's property but will also compensate you for damage to your vehicle and theft of your vehicle, whereas third party only takes care of damage and/or injury you cause to other people i.e. third party(ies).
Drawing on deep industry and underwriting expertise, superior claims handling and market experience, RegencyNem stands out with offers of customized insurance products in collaboration with our intermediaries and Technical Partners all over the world. Our Mission is to provide the best customer experience in non-life insurance through excellent technology and human capital.
Compulsory insurances include :
- Motor Third Party
- Builder’s Liability
- Fire & Special Perils on public buildings
- Professional Indemnity
- Employer’s Liability
A person/institution who/that holds an insurance cover.
A third party is anybody other than the parties (Insured and Insurer) to the Insurance contract.
It is a legal document that specifies the details of the insurance agreement. In it the type of cover, period, terms, and conditions are specified clearly. It is evidence of the insurance contract.
It is the financial compensation that is adequate to put an insured in the same financial position after a loss as he/she was before the accident. Insurers in order to indemnify an insured may assess their options to pay cash, repair, replace or reinstate damaged property.