What is Insurance?

It is a contract where by an insurer agrees in consideration of money paid to him, called premium, by a person called the insured, to indemnify the insured against losses he (insured) would incur on the happenings of certain events.

Who is an Insured?

A person/institution who/that holds an insurance cover.

Who is a Third Party?

A third party is anybody other than the parties (Insured and Insurer) to the Insurance contract.

What is an Insurance Policy?

It is a legal document which specifies the details of the insurance agreement. In it the type of cover, period, terms and conditions are specified clearly. It is an evidence of the insurance contract.

What is Indemnity?

It is the financial compensation that is adequate to put an insured in the same financial position after a loss as he/she was before the accident. Insurers in order to indemnify an insured may a their option pay cash, repair, replace or reinstate damaged property.

What is a Peril?

It is that which gives rise to a loss e.g. fire, flood, earthquake.

Who needs insurance and When?

Every body needs insurance. In all aspects of our daily life, at home, at work, on the street etc. we encounter risks of all kinds. Insurance exists to cushion us against the financial burden that would arise should a mishap occur. You can have cover for yourself, family, buildings, offices, premises, vehicles, moveable and unmovable properties.

What are the types of Insurances available?

Vanguard Assurance Company Limited provides a very comprehensive range of insurance services. Click here to find out more about our range of insurance products.

How do I Select an Insurance cover?

Selecting an appropriate insurance cover for yourself, property or business requires professional advice. This is so because there are various policies that provide cover in various ways. We recommend that you talk to us before making your decision. You may also contact your Insurance Broker or any of our registered Agents or Sales Representatives.

What are General Businesses?

They are non-life products, i.e. motor, fire, accident, engineering, bonds, marine and aviation. These policies are mostly annual policies.

What is an Excess?

The first part of a claim which the insured is expected to bear. It is usually a fixed amount or a fixed percentage of a claim.

What is a Deductible?

It is normally a large excess. The insured cannot claim loss amounts which fall within the deductible.

What is Liability?

The state of being legally responsible for something e.g. responsibility for damage caused to other people’s property or injury to their bodies. These are the liabilities transferred by insureds to their insurers.

What is Permanent Total Disablement?

It is a state where an insured as a result of an injury becomes permanently disabled from pursuing his/her occupation.

What is Temporary Total Disablement?

A state in which an insured has sustained injury which makes him/her totally disabled for a period. In this case the insured is expected to be able to work again after some time.

What are Schengen States?

Schengen is the name applied to a series of agreements that eliminate border controls between most but not all European countries. The government of the following countries have signed the Schengen agreements : Austria, Belgium, France, Germany, Greece, Italy, Luxembourg, Netherlands, Portugal, Spain, Denmark, Finland, Iceland, Norway and Sweden. Irelan d and the United Kingdom, although members of the European Union, are not part of the Schengen area.