Following the Otedola bridge tanker explosion in which 54 vehicles were burnt, the insurance Industry has swung into action to pay claims to owners of seven vehicles with comprehensive insurance coverage.
With the technology of the Federal Roads Safety Corps (FRSC), Lagos State chapter, it was learnt that the Vehicle Identification Number(VIN) of the burnt vehicles were known.
However, the insurance industry, under the auspices of the Nigerian Insurers Association(NIA) entered these VINs on the Nigerian Insurance Industry Database(NIID) to confirm those with genuine insurances so that they can be compensated.
However, it was discovered that only seven vehicles were comprehensively insured, meaning that their insurers would have to pay them claims. In this instance, the seven vehicle owners who insured comprehensively are now entitled to an amount equivalent to the value of their cars as claims, having paid 10 per cent of the value of the car as premium as prescribed by law.
Moreover, 11 of the vehicles were said not to have insurance at all as they could not be found on NIID, while 15 vehicles had wrong information on them and the owners could not be traced, although, investigation showed that there were ongoing moves by the road safety to ascertain the owners of these vehicles.
Speaking on this development at the weekend, the director-general, NIA, Mrs. Yetunde Ilori, assured the owners of the seven comprehensively insured vehicles of their claims as the association had already forwarded these information to their respective insurers to get them paid.
While believing some of them might have been paid if they have concluded the necessary documentation, she said, those that were yet to be paid would soon be paid their claims upon submitting the necessary documents required of them by their insurers.
, she said, the association has equally forwarded the vehicle information of 22 vehicles with third party insurance coverage to all insurers to guard against fraudulent claims in future.
“So, as an association, we are interfacing between the public and the insurance companies concerned to ensure that those with genuine insurance are paid. Moreover, we also send information of vehicles with third party insurance to all insurance companies so that when somebody comes with a fraudulent claim on them in the future, the underwriting firms concerned will know that such vehicles have been involved in the fire inferno,” she said.
She advised road users to ensure that their vehicles were insured, especially, comprehensively, so that, whenever there was an insured risk on the roads, they would be adequately compensated.
She also called on the general public to take insurance seriously in whatever they were doing, saying, insurance companies would continue to pay genuine claims, as part of the mandate of insurance business.
While all the 54 vehicles involved in the incident could have been entitled to N1 million each, however, the ill-fated tanker had no third party insurance coverage.
It would be recalled that the ill-fated fuel tanker exploded on Otedola Bridge, inward Berger area of Lagos, sometime ago, killing 12 people, while 54 vehicles were burnt in the process.
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