An insurance broker is a specialist in insurance and risk management. Brokers act on behalf of their clients and provide advice in the interests of their clients. A broker will help you identify your individual and/or business risks to help you decide what to insure, and how to manage those risks in other ways. Insurance Brokers can give you technical advice that can be very useful if you need to make a claim.
Brokers are aware of the terms and conditions, benefits and exclusions and costs of a wide range of competing insurance policies, so they can help you find the most appropriate cover for your own circumstances. Brokers can help arrange and place the cover with the chosen insurer and can often provide advice on how to make the most of your insurance budget.
In both business and private matters it is important that you have the right insurance cover. Wrong or inadequate protection can lead to dreadful consequences, thus the right advice makes all the difference and prevents costly mistakes. An insurance broker is a specialist in insurance protection, is independent and has invaluable know-how of the insurance market as well as access to the most reputable insurers available to provide professional and objective advice on identifying and exposing risks and recommend the most cost effective solutions.
An insurance broker offers a range of services from arranging new covers, insurance quotes, renewals and assists on claims; covering all classes of insurance business be it Personal Lines to Commercial Lines, Marine or Aviation. The broker forms an ongoing relationship with you to acquire all the knowledge required to provide a better service to you.
Brokers give advice and assist you in compiling and submitting your claim to the insurer. They arrange for a claim form to be completed by you, monitor the claim process and liaise between you and the insurer to bring it to a successful resolution.
No, notwithstanding the fact that both are insurance intermediaries, there is a big difference between the two. Whereas an insurance agent acts on behalf of one or more insurance companies and can only access the products offered by the insurers the agent represents, an insurance broker is a full-time insurance professional, who works for you and acts on your behalf. The broker is independent, obliged to act in your best interests and can arrange the best protection for you at a competitive rate.
When insurers calculate their premium rating, this also includes a standard distribution cost. Essentially, this means that whether you use an insurance broker or go directly to the insurer, the price will generally be the same. You should keep in mind that the cheapest price may not always reflect good value. Using an insurance broker may not cost you more and, as far as possible, the broker will help you prevent uninsured losses.
Brokers receive a commission (brokerage) from insurers on the business they place with the insurers. The commission normally takes the form of a percentage on the premium paid.
Our services are based on our appointment as your insurance brokers. So these services are provided free of charge to you.
There are certain areas, however, where we may charge fees to a client for services that do not form part of the broker’s appointment. Such services may include assistance in claims recovery where we may not have been appointed as insurance brokers; or assistance in effecting recovery from a third party in the event of an uninsured loss. Any fees and terms of reference will always be discussed with you beforehand.
Cosmic Insurance Brokers is an experienced, independent, dynamic and flexible broker that is laden with many years of experience in the insurance industry. We offer a vast insurance product range at competitive prices sourced from the most reputable insurers both locally and overseas.
Our clients vary from individuals insuring their only motor vehicle to small-medium sized businesses to large companies that have invested millions in their business and want to have continuous peace of mind. We have placed risks that are situated both in Nigeria and overseas but our service commitment to you will always be high irrespective of size and location.
Once you appoint us, we work for you and provide you with continuous assistance to satisfy your insurance needs. When you talk to Cosmic Insurance Brokers, you deal with insurance professionals who know how to match your requirements with the right policy, and the right insurer at the right price. In the event of a claim we guide you and provide you with all the assistance possible to ensure a fast and satisfactory settlement of claims.
Risk management is the identification, assessment and prioritization of risks followed by coordinated and economical application of resources to minimize, monitor and control the probability and / or impact of unfortunate events.
No claim is the same. The moment you are aware that you may need to make a claim against your insurance policy, you need to inform us immediately by either calling us or else sending us an email on claims@cosmicbrokers.com. We will take it from there and assist you step by step accordingly.
In the event that you have suffered a loss outside our opening hours, you need to remember some basic tips:
Motor accident – complete front-to-rear form if applicable, file report with wardens or police (in case of injury) and ensure you have all the details of the other parties involved in the accident.
Fire or theft – file report with police.
Travel claim – file reports with overseas authorities, hotel or airline management depending on the case.
Healthcare claim – you must always have a referral from your G.P.
Claim relating to equipment – get a technician’s report and ensure you keep all faulty equipment and cables.
In all cases you should take photographs whenever possible and inform us as soon as possible
A pre-existing condition may affect your health insurance coverage. Most companies will not cover such conditions whilst others may exceptionally accept you conditionally by providing a pre-existing condition exclusion period.
Motor vehicles depreciate and the value of cars is constantly changing. It is your responsibility to ensure that the sum insured reflects the current market value and provide us with this. It is in your interest as in the event of a total loss claim you will be paid up to the current market value of your car.
It is not. Brokers have the benefit of market information with which they can always negotiate for better premiums. They also ensure insurers do not add their marketing cost to the premium build up unduly. In addition, Brokers make sure you get the best premium by shopping around various insurance companies.