Section 7 in The Insurance Regulatory And Development Authority (Protection Of Policy-Holders' Interests) Regulations, 2002
7. Matters to be stated in general insurance policy
.-(1) A general insurance policy shall clearly state-(a)the name(s) and address(es) of the insured and of any bank(s) or any other person having financial interest in the subject-matter of insurance;(b)full description of the property or interest insured;(c)the location or locations of the property or interest insured under the policy and, where appropriate, with respective insured values;(d)period of insurance;(e)sums insured;(f)perils covered and not covered;(g)any franchise or deductible applicable;(h)premium payable and where the premium is provisional subject to adjustment, the basis of adjustment of premium be stated;(i)policy terms, conditions and warrants;(j)action to be taken by the insured upon occurrence of contingency likely to give rise to a claim under the policy;(k)the obligations of the insured in relation to the subject-matter of insurance upon occurrence of an event giving rise to a claim and the rights of the insurer in the circumstances;(l)any special conditions attaching to the policy;(m)provisions for cancellation of the policy on grounds of misrepresentation, fraud, non-disclosure of material facts or non-cooperation of the insured;(n)the address of the insurer to which all communications in respect of the insurance contract should be sent;(o)the details of the riders attaching to the main policy;(p)proforma of any communication the insurer may seek from the policy-holders to service the policy.(2)Every insurer shall inform and keep informed periodically the insured on the requirements to be fulfilled by the insured regarding lodging of a claim arising in terms of the policy and the procedures to be followed by him to enable the insurer to settle a claim early.
