FAQ

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    • How does insurance work?

    Insurance is a way of managing risks. When you buy insurance, you transfer the cost of a potential loss to the insurance company in exchange for a fee, known as the premium. Insurance companies invest the funds securely, so it can grow, and pay out when there’s a claim.

    • Do you accept Installment payments?

    No premium, no cover.

    • Do Insurance Companies pay claims?

    At Regency Alliance Insurance Plc, we make it our duty to keep our promises on prompt claim settlements.

    • If a claim occurs, what can I do?

    Report to the nearest branch office of Regency Alliance Insurance Plc, as soon as possible.

    • Is Insurance not a waste of money?

    No. You buy peace of mind and transfer of risk with premium you pay for insurance, When the unexpected happens to you, your property or business you are sure that an institution like Regency Alliance is there for you and you can be sure of adequate restoration or compensation.

    • What are the compulsory insurances?

    The following are compulsory insurance.

    • Third Party Motor Insurance
    • Builder’s Liability Insurance
    • Fire & Special Perils on public buildings
    • Professional Indemnity
    • Employer’s liability
    • How promptly does Regency Alliance Insurance Plc settle claims?

    We settle claims within a week after all documentations have been submitted.

    • In case of an accident, what does Regency Alliance require me to do?

    In the event of an accident, look for ways to minimize the extent of the damage and please notify the company forthwith in writing.

    • What is the difference between comprehensive and third party?

    The difference between comprehensive and third party insurance is that the comprehensive insurance will not only compensate for   the death or bodily injury and/or damage you cause to another person's property but will also compensate you for damage to your vehicle and theft of your vehicle whereas third party only takes care of damage and /or injury you cause to other people i.e. third party (ies)

    • What makes Regency Alliance better than other Insurance Companies?

    Drawing on deep industry and underwriting expertise, superior claims handling and market experience, Regency Alliance stands out with offers of customized Insurance Products in collaboration with our intermediaries and Technical Partners all over the world. Our Mission is to create wealth for all stakeholders and mitigate risks associated with it.

    • What is Regency’s branch network like? Do we have branches in major cities like Abuja and Port Harcourt?

    Yes, Regency Alliance Insurance Plc has branches nationwide and we do have branches located in major cities like Abuja, Ibadan and Port-Harcourt. See Contact us Section for our Branch and Regional Office Listing.

    • 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. 

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