Insurance is a contract between two parties insurer and insured in which one party (the insurer, in return of certain and agreed amount of money called the premium), assure the other party (the insured) to make good any financial loss. The insured may suffer as a result of occurrence of the specified, insured and unforeseen events (perils) that take place within the period described in the contract.
There are two types of insurance in the market, namely Life Insurance and Non-Life or General Insurance. Life Insurance provides cover for human and human related things. NLG Insurance Company only issues Non-Life Insurance.
Non-Life or General Insurance provides cover for all the rest (house, warehouse, industry, vehicle etc.) apart from that covers in Life Insurance. However, Personal Accidents, Personal Medical, Third Party Liability, Production Liability, Travel Trip are also covered in Non-Life Insurance. The nature of Non-Life insurance cover is normally short term, such as one year.
To take insurance, a person or organization should decide about the product they want the cover for, the perils they want to cover against, the current monetary value of the product and for how long they want it covered. After that, they have to get a proposal form from NLG Insurance Company or its website, fill the appropriate fields and submit at any of the NLG Insurance offices. (Our marketing staffs are available to assist on filling proposal form in any of the branch or head office) .
The purpose of proposal form is to get information from the insured to issue an insurance policy. The information is as followed:
- Name & Address of proposer;
- Details about the proposed properties, persons, liabilities etc;
- Location, Transit route etc. of proposed;
- Property, profession age etc. of proposed persons, nature of business for liabilities etc;
- Proposed Value, Limit of liabilities, Sum Insured etc. for the insurance;
- Risks required;
- Period of insurance;
- Past insurance and claim record…..etc
For Motor Vehicle Insurance: photocopy of the vehicle registration book (Blue Book) and Renewal Notice from the previous Insurance Co. for “No Claim Discount”;
For Marine Transit Insurance: Invoice / Performa Invoice, Packing list, Letter of Credit (L/C) etc.
For Contractors' All Risk Insurance: Contract Document, Bill of Quantity (BOQ);
For Travel Medical Insurance: Copy of Passport and for other insurance, as required by the Insurance Company
The insurance policy holder should check the “Policy Schedule” for the confirmation of insured name, policy period, property/person/liability insured, risks covered, premium, special exclusions etc and “Policy” for terms, conditions, exclusions, warranties, limitations etc. The insurance policy holder should also check the premium calculation.
Step by step guide to Insurance Issuance
Fill up the required form. The documents to be filled up are:
Collection of the required documents. The list of required documents are:
Fill up the inspection form (if necessary)
Collect information about the product that the client wants to insure
The debit note number will be generated after this step.
Issuance of Policy: After the payment is done, the policy has to either be collected by the client or hand-delivered by the company.
1. Inform the nearest Police Station Immediately.
2. Get the information about the third party involved, if any.
3. Give written information (intimation) or email us at email@example.com.
4. The company may appoint Surveyor for further process.
5. Submit all the required /asked documents to the company or Surveyor as requested.
6. Surveyor will perform the loss assessment and submit the report to us along with his remarks after completing the survey.
7. The surveyor report and document submitted will be validated and approved by the competent authority, based on which a discharge voucher will be issued and forwarded to the insured mentioning the settlement amount.
8. After receiving the signed discharge voucher from the insured, the company will settle the claim by issuing a cheque.