(ii) State two conditions under which ECOWAS Brown Card is issued
2. List and explain three types of policies available under motor insurance.
(i) ECOWAS Brown Card
The ECOWAS Brown Card is a regional motor insurance scheme operated by member states of the Economic Community of West African States. It is a certificate of insurance that guarantees prompt and fair compensation to victims of road accidents caused by visiting motorists from other ECOWAS countries. It enables a motorist to cross national borders within the sub-region with a single insurance document, so that a victim in the country visited can claim against a national bureau rather than pursue a foreign insurer.
(ii) Two conditions under which the ECOWAS Brown Card is issued
The vehicle owner must already hold a valid motor insurance policy in his home ECOWAS country before the Brown Card can be issued as an extension.
The motorist must be undertaking or intending a journey that crosses into one or more other ECOWAS member states (inter-state travel), and the issuing insurer must be a member of the national bureau operating the scheme.
2. Three types of policies available under motor insurance
Third party only policy: Covers the insured's legal liability for death or bodily injury to third parties and damage to their property, but not the insured's own vehicle.
Third party, fire and theft policy: Gives the third party cover above and, in addition, indemnifies the insured for loss of or damage to his own vehicle by fire or theft.
Comprehensive policy: The widest cover, adding to the above accidental and collision damage to the insured's own vehicle plus extras such as medical expenses and personal accident benefits.
The ECOWAS Brown Card is a regional motor insurance scheme operated by member states of the Economic Community of West African States. It is a certificate of insurance that guarantees prompt and fair compensation to victims of road accidents caused by visiting motorists from other ECOWAS countries. It enables a motorist to cross national borders within the sub-region with a single insurance document, so that a victim in the country visited can claim against a national bureau rather than pursue a foreign insurer.
(ii) Two conditions under which the ECOWAS Brown Card is issued
The vehicle owner must already hold a valid motor insurance policy in his home ECOWAS country before the Brown Card can be issued as an extension.
The motorist must be undertaking or intending a journey that crosses into one or more other ECOWAS member states (inter-state travel), and the issuing insurer must be a member of the national bureau operating the scheme.
2. Three types of policies available under motor insurance
Third party only policy: Covers the insured's legal liability for death or bodily injury to third parties and damage to their property, but not the insured's own vehicle.
Third party, fire and theft policy: Gives the third party cover above and, in addition, indemnifies the insured for loss of or damage to his own vehicle by fire or theft.
Comprehensive policy: The widest cover, adding to the above accidental and collision damage to the insured's own vehicle plus extras such as medical expenses and personal accident benefits.
Outline three properties covered in fire insurance.
Enumerate six special perils covered in fire insurance.
Explain three covers provided under standard fire policy.
Three properties covered in fire insurance
Buildings, such as dwelling houses, factories, offices and warehouses.
Contents of buildings, such as furniture, fittings, machinery and household goods.
Stock in trade, such as raw materials, work in progress and finished goods held for sale.
Six special perils covered in fire insurance
These are perils that can be added to the standard fire policy on payment of extra premium:
Storm and tempest.
Flood.
Earthquake.
Riot, strike and civil commotion.
Explosion (other than boiler pressure).
Bursting or overflowing of water tanks, pipes and apparatus.
Aircraft and articles dropping from them.
Impact by road vehicles or animals.
Three covers provided under a standard fire policy
Fire: Loss or damage caused by actual ignition and burning, whether the property is destroyed or damaged by heat, flame or the water used in putting out the fire.
Lightning: Damage caused by a lightning strike, whether or not it results in an actual fire, for example a building or electrical equipment shattered by lightning.
Explosion: Damage caused by the explosion of gas or boilers used for domestic purposes, and explosion in premises not being part of any industrial process.
Buildings, such as dwelling houses, factories, offices and warehouses.
Contents of buildings, such as furniture, fittings, machinery and household goods.
Stock in trade, such as raw materials, work in progress and finished goods held for sale.
Six special perils covered in fire insurance
These are perils that can be added to the standard fire policy on payment of extra premium:
Storm and tempest.
Flood.
Earthquake.
Riot, strike and civil commotion.
Explosion (other than boiler pressure).
Bursting or overflowing of water tanks, pipes and apparatus.
Aircraft and articles dropping from them.
Impact by road vehicles or animals.
Three covers provided under a standard fire policy
Fire: Loss or damage caused by actual ignition and burning, whether the property is destroyed or damaged by heat, flame or the water used in putting out the fire.
Lightning: Damage caused by a lightning strike, whether or not it results in an actual fire, for example a building or electrical equipment shattered by lightning.
Explosion: Damage caused by the explosion of gas or boilers used for domestic purposes, and explosion in premises not being part of any industrial process.
