There is the need for the public, and operatives of the Police saddled with enforcing the third party motor insurance policy to be educated, the Chairman, Corporate Affairs Committee of Nigerian Insurers Association (CAMCONIA), Mr. Segun Bankole, has said.
In an interview, he said there had been complaints from the public about the way the enforcement was being carried out by police officers, adding that addressing such would erase any misunderstanding between them and motorists.
Bankole, also the Head of Corporate Communications and Investor Relations for Sovereign Trust Insurance Plc, said: “Quite a number of comprehensive motor policyholders from various insurance companies have been at the receiving end since the enforcement began. They argued that the law enforcement officers do not recognise their comprehensive motor insurance policy and insist that they should go and get the Third party motor insurance cover as directed by the Inspector-General of Police.
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“For the avoidance of doubt, the IG stated that at least a third party motor insurance policy is required for anyone to have his or her vehicle on the road from February 1. Third party motor insurance offers policyholders indemnity against legal liabilities to third parties for death, injury and property damage while on the other hand, comprehensive motor insurance covers loss or damage from accidents, fire, theft, and third-parties’ liabilities and own damage. In other words, it is valid and relevant under Section 68 of the Insurance Act of 2003 and the Third Party Motor Insurance Act of 1950.
“The collaboration between the Nigerian Police and National Insurance Commission (NAICOM) in ensuring that motorists have at least the policy is a welcome development, which should earn the trust of Nigerians. We, at CAMCONIA, are advocating more enlightenment on the enforcement and urged motorists to embrace the development and see it as a way forward to protecting the lives and properties of Nigerians when road crashes occur especially for the third parties.’’