What is the role of an Insurance Broker?
An insurance broker is a professional and independent advisor knowledgeable in risk management and insurance services.
Why should I use a Broker?
A Broker is your insurance advisor, with professional qualifications and experience in insurance matters. A broker has also bargaining powers and therefore as a customer you or your firm is ensured of quality services at competitive cost.
What is the difference between a Broker and an agent?
A Broker is an insurance professional and works on behalf of the customer. On the other hand an agent works for the insurance company.
How can I rationalize my insurance costs?
By allowing your broker to prepare an insurance programme fitting your insurance needs.
Can I settle my premium in installments?
The Insurance Act requires premiums to be paid up front. However your broker can assist you pay premium in installments by arranging premium financing from reputable finance houses.
How do I pay my Insurance premium?
Insurance Amendment Act No.11 2019, all insurance premiums relating to any insurance policy will be paid directly to the insurance company issuing such policy. However where insurance premium is payable by cheque, the cheque should be written in the name of the insurance company and such cheque can be delivered to the insurance company by the respective insurance intermediary.
How can I know that I am adequately covered?
Chancery Wright will be able to advice on how to assess the adequacy of your insurance cover by analyzing your risk exposures. For property you can do valuations.
What is excess?
Excess is the first portion of each and every claim borne by the insured
Why should I pay excess, when I am not to blame for the accident?
- To avoid insurers pay for petty damages/losses like dents, scratches, loss of mirrors etc for example on motor vehicles.
- To make you participate in claims settlement so that incidents of claims are minimized in future i.e. you will be more careful in future.
How can the policy be terminated?
By a cancellation notice in writing from either party.
What are the benefits of insuring?
The following are the benefits:-
- Financial security /protection for the insured.
- Peace of mind as the burden is transferred to the insurer.
What happens if I cancel my policy before the expiry time?
The insurer computes and pay refund premium for the underutilized period subject to the policy terms if there has not been a claim.
Can I get a refund premium if I do not make a claim at the expiry of the policy?
No. You cannot get a refund because you will have enjoyed policy protection for the whole insurance period.
Chancery Wright Ins. Brokers - Uganda
F&P Insurance Brokers Ltd - Tanzania