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NICON Insurance introduces four new products

By on August 13, 2012

NICON Insurance Limited under its management, led by the Managing Director/CEO, Mr. Emmanuel Akinmolu Jegede, has introduced four new insurance products into the insurance market. These products are Overseas Travel Insurance Policy (OTIP), Directors’ and Officers’ Liability Insurance (DOLI), Events Management Insurance (EMI) and Travelers Personal Accident Insurance Scheme (TIPAS)

NICON Insurance Limited and Europe Assistance, Portugal have entered into business partnership to provide Nigerian passengers financial succor in case of death, permanent disability, surgery and medical expenses resulting from hospitalisation while abroad.

The second product introduced into the insurance market is tagged Directors’ and Officers’ Liability Insurance (DOLI) which was newly approved by the National Insurance Commission (NAICOM), the apex regulatory authority of the insurance industry in Nigeria.

According to Mr. Jegede, the product is designed to cover Executives, non-Executive Directors and Officers in managerial/supervisory capacities.

This policy covers Directors’ and Officers’ legal defence costs when sued for their actions and in inactions in the course of their employments, he added.

The Company has also introduced Events Management Insurance (EMI) that would put smiles on the faces of Events Planners, Organisers, Individuals, Companies, including Governments, he said.

According to the NICON boss, EMI is designed to cover various types of events such as: marriage ceremonies, get-together parties, burial ceremonies, festivals, religious programmes, political parties’ conventions and town hall meetings, adding that professional and academic events, trade fairs, seminars, workshops and exhibitions are also inclusive.

Travellers Personal Accident Insurance Scheme (TIPAS) has also been re-introduced to the market by the company for organised transporters especially the Mass Transit Buses, moving passengers within and outside the states, he stated.

Jegede added that the cover pays compensation for accidental death, permanent disability and medical expenses of passengers.