Operators in the transport industry have been urged to take advantage of the numerous benefits accruable to taking insurance cover while doing their businesses. This advice was given by a team of Cornerstone Insurance experts at a recent capacity building workshop for auto journalists in Lagos.
The Cornerstone insurance team made up of Pelumi Akindumusire, Akinlosotu Olatunbosun and Adebayo Adesina reasoned that operating transport business in Nigeria comes with high risks and practitioners in the industry are bound to be on the safer side if they embrace some of the numerous insurance products available in the Nigerian market.
According to them, the Vehicle Owner (Private and Commercial Vehicle) is meant to be compensated by an insurance company where he has taken a policy if there is Damage to the vehicle though Accident, Loss of life to driver and passengers, Injury to driver and passenger, Theft of Vehicle or Fire Damage.
The Cornerstone Insurance team also stated that People/Goods being transported are at risks such as Damage to goods as a result of accident, Loss due to theft, Loss due to fire, and Bodily Injury/Death.
In case of General Public (Third Party), the company stated that the insurance company steps in when there is Damage to Third Party Property due to accident and Bodily Injury & Death due to accident.
On Comprehensive Motor Insurance Policy, the company says the scope of cover includes Own damage, Third party property damage up to N1million or more, Bodily Injury and death unlimited, Fire, Theft etc.
Also, in his presentation, a senior lecturer in Covenant University, Ota, Ogun state, Dr. Oscar Odiboh, has called for the discard of the Nigeria Auto Industry Development Policy, which bill was recently denied assent by President Mohammadu Buhari.
He reasoned that the policy which placed at least 70% duty on imported fully built vehicles into the country, has caused more harm than good to the economy.
In his own presentation, a safety expert, and Director of Advocacy, Safety Beyond Borders, Mr. Patrick Adenusi, estimated that about N5b is wasted monthly by Lagos motorists on idling during the daily traffic jams in the city.
Also, the Lead, Technical Support, of Eterna Plc, Oluwaseun Mendes, who spoke on car lubricants, urged motorists to use only lubricants approved by the Original Equipment Manufacturers (OEMs) in servicing their vehicles.
On oil change, he said “Why not change the oil more frequent than advised? Oil hates temperature and you are exposed to excessive temperature while in traffic. In this case, you have to change your oil as frequent as possible.”
The other presentation was Engineer Sylvester Enwere of Toyota Nigeria Limited who advised motorists to ensure their Air Conditioning system is serviced regularly to avoid easy contact of airborne diseases through the system.
Lead sponsor for this year’s event was Weststar Associates Limited, authorised exclusive distributor of Mercedes Benz in Nigeria.

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