Its not usual for third party policy to get far reaching endorsement, but that is what Universal Insurance Plc, has done to a cocktail of third party policies, making these collection of policies display the majesty of a full cover.
In the company’s pavilion of insurance for all, are different reassembled third party policies that have incorporated several features of full cover to give policy buyers value for money and make them see the horizon of insurance stretched to accommodate risks, giving the policyholder confidence to venture out protected.
On offer are third party motor policy covering death and body injury to a third party and also property damage. Its third party fire and theft insurance, covers much of the ground of a comprehensive policy; offering protection against third party property damage, death and body injury. Also included are medical treatment cost, it also takes care of theft or attempted theft of the insured vehicle and fire damage to the insured vehicle. Its burglary and housebreaking policy offers compensation against loss of or damage to property as a result of burglary or threat. Damage to building arising from the theft is also covered.
In this galaxy of policies is business interruption which is contingent on material damage as a result of fire, flood or a natural disaster, which is to replace income lost as a result of an event that interrupts the operations of the business.
Mr. Ben Ujoatuonu, managing director at Universal Insurance, said the company is prepared for a deep hold in the retail market and is assembling products that will suit the preferences of many and also feel up the space they want to occupy and, gradually deepen insurance penetration.
Ujoatuonu, speaks of the current form, “We have a competitive edge in claims settlement through investment in state of the art communication and information technology thereby enhancing our operational efficiency and offer to pay off legitimate claims in a jiffy after the execution of discharge voucher. We have a tractable but reduced claims process circle.”
He said the over N11bn in assets company is also involved in big risks on account of its financial strength, and has built a reputable brand by training and retraining of its best assets, the staff, and creating the platform to acquire underwriting skills, innovative insurance solutions positioning the firm to offer superior service and prompt claims settlement.