Bold Traveller mag 8

Can your
Insurance
Cover
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Insurance is an arrangement in
which you protect yourself againest
a bad happening in the future
by paying a regular amount of
money(premium) to an insurance
company which agrees to pay your
costs in case of a bad happening.
While addressing the Rotary Club
of Rubaga-Kampala, the General
Manager of Statewide Insurance
Company, Mr. Emmanuel Mumira,
highlighted the common pitfalls
that people get traped into while
carrying out business with insurance
companies. Below are some
of them;
Signing up for an insurance
cover
Some people(clients) dont take
take time to read through the
policy proposal provided by the
insurance company and end up
signing up for what they dont
need at the time. For example,
someone may be interested in
protecting self againest thievies at
home; instead of applying for a
''Household'' insurance policy
,he/she may apply for ''Baggalary''
a policy that protects againest
theft but at a commercial enterprise.
The cause of the accident
The cause of the accident must
be a trap?
be clearly spelt out. It is
advised that insurance
clients report accidents
to Police as soon as the
occurance so that an
investigation to establish
the true cause can
be launched. This is
done to rule out any
posibility of the
accident having been
caused on purpose or
out of a client's negligence.
The size and credibility
of an insurance
company
It is advised that someone
should look out for
an insurance company
that has a trackable
record of settling
claims. In
Uganda, insurance -
companies are super
vised by the Insurance
Regulatory Authority
and the Insurance
Association
He further
pointed out that
Statewide Insurance
Company has been
www.boldtraveller.com
settling claims since its
establishment in 1982
and is still going strong
doing the same.
Insurance Intermediaries
These are companies
that sell insurance
policies on behalf of
insurance companies.
These include insurance
brookers and
Insurance agents. An
insurance agent sells
insurance policies for
one particular insurance
company, while
the insurance brooker
sells insurance policies
for many insurance
companies. Some of
Statewide Insurance
Company policies
include; Fire,
Marine,Travel,Goods in
Transit,Money,Worker's
compasation,Motor
Third Party,Group
accidents, Personal
accidents, Golf insurance,Customes
and
Performance Bonds,-
Professional indemnity,
Household insurance,
Public Liability,Baggalary,Electronic
insurance
and Re - insuarance .
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