The Car Insurance Agreement is a legally binding contract used in Nigeria to establish and regulate the insurance relationship between a vehicle owner and an insurance provider. This document is essential for compliance with Nigerian law, which mandates minimum third-party insurance coverage for all vehicles operating in the country. The agreement details the scope of coverage, premium calculations, claim procedures, and policyholder obligations, incorporating requirements from the Insurance Act 2003 and NAICOM regulations. It serves both individual vehicle owners and corporate fleet operators, providing legal protection and financial security in case of accidents, theft, or damage. The document is structured to address specific Nigerian market conditions and risk factors while ensuring clarity on coverage limits and exclusions.
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1. Parties: Identification of the insurer and the insured (policyholder), including full legal names, addresses, and registration details
2. Background: Context of the agreement, including the intention to provide insurance coverage for the specified vehicle
3. Definitions: Detailed definitions of key terms used throughout the agreement
4. Vehicle Details: Specific information about the insured vehicle including make, model, year, VIN, registration number
5. Coverage: Detailed description of insurance coverage, including types of coverage and limits of liability
6. Premium and Payment Terms: Premium amount, payment schedule, and payment methods
7. Duration and Renewal: Policy period, renewal terms, and conditions for continuation of coverage
8. Claims Procedure: Step-by-step process for filing and handling claims
9. Exclusions: Specific circumstances and events not covered by the insurance policy
10. Obligations of the Insured: Policyholder's responsibilities including vehicle maintenance, reporting changes, and claim reporting
11. Termination: Conditions and procedures for policy termination by either party
12. Dispute Resolution: Procedures for handling disputes between parties
13. Governing Law: Specification of Nigerian law as governing law and jurisdiction
1. Additional Drivers: Section defining coverage for additional authorized drivers, used when multiple drivers are to be insured
2. Commercial Use: Special terms for vehicles used for commercial purposes, included when the vehicle is used for business
3. International Coverage: Terms for coverage outside Nigeria, included when international travel is anticipated
4. No Claims Bonus: Terms regarding no claims bonus and how it affects premiums, included for policies offering this benefit
5. Premium Financing: Terms for installment payments, included when premium financing is offered
6. Special Risks Coverage: Additional coverage for specific risks like riot, flood, or terrorism, included when such coverage is requested
1. Schedule 1 - Vehicle Specification: Detailed technical specifications of the insured vehicle including modifications and security features
2. Schedule 2 - Premium Calculation: Detailed breakdown of premium calculation including all factors and discounts applied
3. Schedule 3 - Coverage Limits: Detailed list of coverage limits and sub-limits for different types of claims
4. Schedule 4 - Approved Repair Centers: List of authorized repair centers and procedures for using them
5. Appendix A - Claims Forms: Standard forms required for claims submission
6. Appendix B - Vehicle Valuation: Current market valuation of the insured vehicle and basis of valuation
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