REASON WHY “MUSTARD” MUST BE APPOINTED AS YOUR BROKER

Insurance is a complicated business. Insurance companies sell a promise, and that promise is rarely a simple one. The part of the policy that is in writing is not easily understood by the insured and much of it is governed by principles that do not appear in the policy. It is against this background that the invaluable services of a good Broker can better be appreciated.

Many of the advantages of a good Broker are latent rather than patent, but we detail briefly some of the benefits which accrue from having a professional on your side:

1.       The natural business tendency of insurer dealing direct with an insured is to give minimum cover at maximum cost. A broker seeks to reverse this and ensure that his client has maximum cover at minimum cost. Effectiveness varies, needless to say, in these areas. Some classes of business are “tariff rated” and the appointment of a broker may have no effect on either the premium paid or the cover granted. In Nigeria, Workmen’s Compensation Insurance and Motor Insurance are both tariff rated. However, a broker can still assist in the reduction of premium commitments by deciding when it is judicious to apply for “Special rating” and in the case of Motor Insurance, by enduring that “no claims bonus” entitlements are properly applied. In all other classes of business, premium is a matter of negotiation, and here a broker’s knowledge of the market is of the utmost benefit. 

2.       The Broker has the entire insurance market at his disposal and knows each insurance company’s strength and its weakness. He does substantial business with all of them and can bring the weight of his account to bear in promoting the interest of his individual clients. 

3.       A Broker can assist in the presentation and prosecution of claims and can be of valuable assistance in tipping the scale in favour of his client on contentious claims. 

4.       A Broker provides an individual service to his client by regularly reviewing his insurance needs, providing analysis and reports, and by regular personal visits to his premises to keep himself up-to-date with his clients requirements.

As acclaimed professionals, we have good knowledge of the market which guides us in the selection of insurers; as interpreters, we translate your requirements into the technical language of the industry and finally we provide an after sales services vis-à-vis claims negotiation and ultimate settlement.

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