THE BUSINESS OF INSURANCE: Recent Episodes
Bima Advisors
The insurance contract is a very complex one; sometimes creating tension between the various parties involved. Do you have any insurance-related issues, or have a passion for insurance, or just want to learn from the experts, then make a date with Bima Advisors, every Monday as we break down the subject of insurance through our interviews with major players in the insurance industry.
Do you know there is a principle that essentially establishes that all sea cargo stakeholders share losses or damage evenly?
Have a listen to todays podcast and find out how this principle applies in Marine Cargo Insurance.
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You can extend the Marine Insurance cover on your cargo to include war, strike, and the like. Speak to your insurer or broker for more information
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Let's get to know the types of covers available under Marine Cargo Insurance
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Do you need to take a marine cargo insurance policy to cover your imports/ exports? Are you wondering what type of documentation will be needed for the insurance contract? Listen to our podcast for an answer to the above
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The open cover is an agreement for the assured to declare all shipments and for the insurer to accept all shipments subject to the terms and conditions of the agreement.
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If you need to ship several cargo with an estimated volume in mind for say a project, get the floating cover to insure all your shipments.
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If you are a one-time or not a frequent importer or exporter of goods, you can arrange a single shipment (transit/voyage) marine cargo policy for your cargo
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Incoterms play a key role in Marine Cargo Insurance. They help you understand the responsibilities of the seller and buyer in the maritime trade.
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Know the perils covered by your maritime policy to be sure you have adequate protection for your anticipated losses
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What is Marine Insurance?
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You face an imprisonment term of up to 3 years or a fine of up to GHS 180,000 or both if you fail to insure your imported goods other than personal effects with a local insurer
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Did you know that the Insurance Act 2021 makes it compulsory for all imports into Ghana except personal effects to be insured by a Ghanaian insurer? Be informed!
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Do not assume that your fire policy covers everything you intend to cover. Let your insurer know the items you want to cover and be sure tocheck that they appear on the schedule to avoid any disappointment in the event of a claim
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The fire policy covers damage to the property or item insured. Consequential losses are not covered but they can be added to the policy at an additional premium.
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Your fire and burglary insurance policy may not cover losses discovered at the time of taking stock. Discuss with your insurer if you wish to cover these losses.
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Have you been entrusted with property and worried about its safety should the unfortunate happen? Offload that burden to your insurer; do make sure, however, to disclose that you are only a custodian.
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It is a legal requirement to insure your commercial building. Contact your insurer, broker, or agent to arrange one
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Your insurer has the right to choose which form of settlement to use in the event of a claim. Check your policy for details
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Check your policy for what your insurer will pay and not pay for to avoid any disappointments in the event of a claim
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Notify your insurer if you change the location address of your insured property. It can be a basis to repudiate your claim
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If your vehicle is driven with your consent, please ensure that the driver holds the right driver's license and is of the required age to drive the vehicle. Don't wait for your motor insurance claim to be repudiated before you check.
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In this episode, Isaac explains that the motor third party policy does not cover the cost of towing the vehicle after an accident occurs.
You would need to take a comprehensive policy if you want this covered.
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In this episode, Isaac clarifies why the motor insurer may decide to replace a damaged vehicle instead of paying cash to the client.
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In this episode, Isaac addresses a question from Ama Serwaa (a frequent listener) on how to check if a vehicle is insured or not
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In season 5 of our Fire Exclusion education series, we had a conversation with MR GEORGE APPIAH ADDAE, the chief operations officer of Bedrock insurance Company Limited.
Listen to the omnibus version of episode 1 to 10 of season 5.
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In this final episode, Isaac and Mr Addae will round up with a brief discussion on thelimitations under the fire policy for a risk covered by a marine insurance policy. Again, in this episode, we shall see why the policy also excludes consequential losses, items in the open and building not wholly roofed.
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This episode explains the various circumstances under which the insurance ceases with regards to the property insured.
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This episode will explain why your insurer may exclude loss or damage caused by an explosion, bush fire and the like and loss or damage to computer system records.
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In this episode, we will explain why your insurer may exclude loss or damage to Manuscripts, plans, drawings or designs, any work of art, securities, money, explosives etc
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This episode will explain why your insurer may exclude loss or damage to goods held in trustor on commission and Bullion or unset precious stones, gold items.
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In this episode, Mr Addae throws more light on why the fire insurance policy excludes terrorism and loss or damage during abnormal conditions
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In this episode, Isaac engages Mr Addae on the reasons behind the exclusion of nuclear activity, war, and war-like situations, terrorism in a fire insurance policy.
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In this episode, Mr Addae explains why insurers exclude the burning of property by any public or local authority and Subterranean Fire.
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In this episode, the conversation focuses on the meaning of loss by theft during or after a fire and, secondly, loss or damage to property occasioned by its fermentation, natural heating or spontaneous combustion.
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In this episode, Isaac engages Mr Addae to explain the meaning of exclusions in a fire insurance policy. Later in the conversation, they also distinguish between a named peril policy and an all risks policy.
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In season 4 of our Marine Insurance education series, we had a conversation with REV ASIGBEE, a tired Marine Insurance expect.
Listen to the omnibus version of episode 1 to 11 of season 4.
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The benefits of marine insurance is our focus in this episode
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In this episode, we shall look at the role of incoterms in Marine Cargo Insurance
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Lets take time to look at the losses encountered in a Marine Insurance Policy
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In this episode of our ongoing discussion on Marine Insurance, we look at the meaning of Agreed Value
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In this episode we shall look at the various covers under a Marine Cargo Insurance
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In this episode, the discussion between Isaac and Rev Asigbee is on the information the cargo owner needs to give to the insurer for a marine cargo insurance policy.
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In this episode, the conversation between Isaac and Rev Asigbee is on marine insurance for cargo on inland water. They also touch on who is supposed to insure the cargo on board the vessel and explain why it is important to take up an insurance policy for the cargo
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In this episode, the conversation between Isaac and Rev Asigbee now focuses on the various items that can be insured under a Marine Insurance policy. The conversation goes deeper into the insurable items.
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In this episode Isaac engages Rev. Asigbee to talk more about the types of marine insurance with reference to the cargo, the vessel and liabilities in the maritime business.
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In Episode 2, the subject of Marine Insurance is still the focus. The History of Marine Insurance takes Center Stage.
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In this episode, REV ASIGBEE breaks down the subject of MARINE INSURANCE.
The conversation also looks at MARITIME PERILS
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In season 3 of our Insurance Education Series, we had a conversation with Ernest Elorm Attimah on Pensions.
Listen to the omnibus version of Episode 1 to 4 of Season 3.
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In this final episode, Isaac and Ernest continue their conversation on Pensions. This time, they discussed a Provident Fund and How It Works.
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n this episode, Isaac and Ernest continue their conversation on your SSNIT retirement benefits, the Tier 2 and 3 schemes.
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In this episode, Isaac engages Ernest to understand how SSNIT calculates the benefits of retirees.
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In this first episode on Pensions, Isaac engages Ernest to explain how the pension system in Ghana is structured.
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In season 2 of our Insurance education series, we had a conversation with Solomon Amo-Badu on fire insurance.
He summarized what you should know about your fire insurance policy.
Listen to the omnibus version of episode 1 to 4 of season 2.
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In this final episode, Isaac and Solomon discuss the claims process and the documents to submit for a successful claim under a fire insurance policy
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In this episode Solomon explains some important provisions and conditions in a fire insurance policy that must be known by the policyholder
Solomon is the head of retail business at Vanguard Assurance Company Limited
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In this episode, Isaac engages Solomon on what should form the basis of the sum insured in a fire insurance policy. They also discuss why it is important to insure at the right amount
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In this episode, Isaac and Solomon discuss the requirements for a fire insurance policy. They zero in on why you must provide accurate information to your insurer and why it is important to inform your insurer if the details of the risk change
Solomon is the Head of Retail Business at Vanguard Assurance Company Limited
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In Season 2 of our Educational Series,we will be looking at Fire Insurance and its related issues
In this episode, Isaac and Solomon discuss the requirements for a fire insurance policy. They zero in on why you must provide accurate information to your insurer and why it is important to inform your insurer if the details of the risk change
In this final episode, Isaac Kwakwa-Sarpong concludes his conversation with Daniel Osei Agyemang. Daniel offers some advice to current and prospective policy holders.
Daniel Osei Agyemang is the claims manager at Prime Insurance Company Limited
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In this episode, Isaac Kwakwa-Sarpong continues his conversation with Daniel Osei Agyemang. They discuss the documents needed to process a motor insurance claim.
After listening to the conversation you should not have any difficulty in putting your claim documents together.
Daniel Osei Agyemang is the claims manager at Prime Insurance Company Limited
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In this episode, Isaac Kwakwa-Sarpong continues his conversation with Daniel Osei Agyemang. They discuss Why a motor insurance claim may be repudiated on the grounds of a fake license or an unlicensed driver.
Driving a vehicle without holding the required license can be a reason for your claim to be repudiated. A driver must be of the right age, have the required class of license for the vehicle in question and ensure that the license is not fake!
Daniel Osei Agyemang is the claims manager at Prime Insurance Company Limited
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In this episode, Isaac Kwakwa-Sarpong continues his conversation with Daniel Osei Agyemang on Motor Insurance from the Claims perspective. They delve into the reasons why you must insure your vehicle at the market value.
Inflating your sum insured with the intention to benefit in the event of a claim and reducing your sum insured to avoid paying a higher premium are all needless. Your insurer will pay just the right amount!
Daniel Osei Agyemang is the claims manager at Prime Insurance Company Limited
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In this episode, Isaac Kwakwa-Sarpong continues his conversation with Daniel Osei Agyemang on how Contribution arises in Motor Insurance Claims
Daniel Osei Agyemang is the claims manager at Prime Insurance Company Limited
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The long-awaited insurance education series is finally here.
In this episode, Mr Isaac Kwakwa-Sarpong delves into a compelling conversation with Mr Daniel Osei Agyemang about the issues of EXCESS AND CONTRIBUTION as they apply in motor insurance claims.