Crime, civil insurance cover set for next year

This will be the first stand alone cover in the industry.

Kampala

Individuals and businesses will soon access legal protection for criminal and civil matters using a new insurance policy that will start early next year.

The legal expenses cover, according to the Lion Assurance’s new managing director, Mr Newton Jazire, will be accessed upon payment of monthly fees that will enable the insurer to foot the legal defence costs or damages that the insured might become legally obligated to pay as damages by reason of liability that might arise in form of civil or criminal matters.

The cover will impact commercial justice, contract negotiation and generally risk management amongst small scale businesses and is expected to improve on the cost of doing business. “You ought to be aware that a single claim can ruin a business financially because it comes with legal costs. It is time-consuming and resource hungry; in such events, the insurance will provide protection against such claims so that business continues,” he said.

This will be the first stand alone cover in the industry. The legal expense product and the agriculture insurance cover for small scale farmers are among the innovative products Lion Assurance plans to use to build a strong foundation to grow its market share and break it the top three players.

“Lion Assurance has reinvested over Shs300 million in research and development of a relevant and affordable agriculture insurance product for both crop and livestock production risks because the growth of the insurance market lies in unlocking the potential in SMEs.

fkulabako@ug.nationmedia.com