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 pay out 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.
Compulsory insurances include :
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.
Yes, RegencyNem Insurance Plc has branches/affiliates nationwide and also in major cities like Abuja, Ibadan and Port-Harcourt. Please see the 'Contact Us' page for details of our Branch/Regional Offices and Agents.
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 which specifies the details of the insurance agreement. In it the type of cover, period, terms and conditions are specified clearly. It is an 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.
It is that which gives rise to a loss e.g. fire, flood, earthquake.
Every body needs insurance. In all aspects of our daily life, at home, at work, on the street, etc. we encounter risks of all kinds. Insurance exists to cushion us against the financial burden that would arise should a mishap occur. You can have cover for yourself, family, buildings, offices, premises, vehicles, moveable and unmovable properties.
Selecting an appropriate insurance cover for yourself, property or business requires professional advice. This is so because there are many policies that provide cover in various ways. We recommend you talk to us before making a decision. You may also contact your Insurance Broker or any of our registered Agents or Sales Representatives across the country.
RegencyNem provides very excellent range of insurance products. These include Travel, Fire & Perils, Motor, Marine & Aviation, Oil & Energy, Home, Bond, Burglary, Goods in Transit, Group Personal Accident, Computer Electronics, Business Interruptions, Product Liability, Fidelity Guarantee, and many more.
They are non-life products, i.e. motor, fire, accident, engineering, bonds, marine and aviation. These policies are mostly annual policies.
The first part of a claim which the insured is expected to bear. It is usually a fixed amount or a fixed percentage of a claim.
It is normally a large excess. The insured cannot claim loss amounts which fall within the deductible.
The state of being legally responsible for something e.g. responsibility for damage caused to other people’s property or injury to their bodies. These are the liabilities transferred by insureds to their insurers.
It is a state where an insured as a result of an injury becomes permanently disabled from pursuing his/her occupation.
A state in which an insured has sustained injury which makes him/her totally disabled for a period. In this case the insured is expected to be able to work again after some time.
Schengen is the name applied to a series of agreements that eliminate border controls between most but not all European countries. The government of the following countries have signed the Schengen agreements : Austria, Belgium, France, Germany, Greece, Italy, Luxembourg, Netherlands, Portugal, Spain, Denmark, Finland, Iceland, Norway and Sweden. Ireland and the United Kingdom, although members of the European Union, are not part of the Schengen area.