Before you purchase an insurance policy, you should know what products are available on the market. There is a variety of insurance products on the market and a number of companies offering them. So if you want to benefit from the wide selection of products available, it pays to shop around for price, quality and service. In this section, we will give you some information on how to go about choosing an insurance product.
Whatever insurance you buy, ensure that you obtain all information prior to committing your premium and that you know what types of loss are covered – and what is not!
Before purchasing an insurance product, you should be provided with a Product Information Document which is a very short document containing the main features of the product such as the cover, any exclusions, the name of the insurer, duration of cover, cancellation rights. This is a very useful document which would allow you to compare similar products issued by different insurance companies to arrive at a decision as to what product is best for you.
Don’t read the policy when you need to make a claim. By that time, it’s often too late.
When buying insurance, be it motor, travel, home or life policy, you are required to complete a proposal form. A contract of insurance is based on the principle of utmost good faith and the information contained in the form will be the basis upon which the insurance contract between yourself and your insurer will be concluded.
A list of individuals from where one can buy an insurance policy.
There is an obligation on insures and other financial services providers to clearly explain the characteristics of the products they are selling at application stage, there can still be issues which may remain unclear even after the contract is signed.
Whatever insurance you have it is recommended that you inform your insurance representative of a claim as soon as possible. Depending on the type of insurance, you should report the incident to the police before doing anything else.
Insuring your home buildings and contents or vehicle for less than the actual value, whether deliberately or genuinely, could result in less premium paid. However, should a loss occur, the reduction in claim pay-out would by far exceed any marginal savings in insurance premium.
The Protection and Compensation Fund is regulated by the Protection and Compensation Fund Regulations 2003 issued under the Insurance Business Act (Cap. 403).