NICO Insurance Zambia Limited has launched a Legal Insurance product on the Zambian market also known as the Legal Expenses Plan for Small, Medium and Micro Enterprises (SMMEs) and Individuals.
NICO Insurance Chief Executive Officer, Mr Geoffrey Chirwa addressing delegates at the Product Launch
Speaking during the launch of the product in Lusaka on Tuesday July 25, 2017, NICO Insurance Zambia Chief Executive Officer Mr. Geoffrey Chirwa said it is NICO’s belief that the new product will add value in the lives of both individuals and small to mediums enterprises including clubs and other not-for-profit organisations resident in Zambia.
He explained that the Legal Expenses Plan, is an insurance policy that covers a customer against potential costs of legal action brought by or against them, adding that it covers for legal expenses they would normally have to pay out of their pocket. Mr Chirwa further stated that the plan is a ‘before-the-event’ one,meaning that the event which triggers legal action should not be an existing one at the time of taking up a policy. The plan covers legal advice, assistance and court appearances. It is available to individual customers, trade unions (for their members), none profit making organizations (including clubs, associations and other groupings) and Small to Medium Enterprises (SMEs), he said.
The CEO advised that taking out Legal Expenses Insurance can often represent the optimal way of ensuring the best and most cost effective legal representation should one need it. “It generally covers the costs of a range of potentially bank busting legal disputes including but not limited to defending a driving offence, pursuing a personal injury action, resolving an employment dispute, property conveyancing disputes as well as consumer and commercial contract disputes”, he added.
Addressing the media, Mr Chirwa stressed that the small cost of the premium which is payable monthly is indeed a big saving compared to the wholesome cost of legal and other fees that one may face if they didn’t have this type of insurance. He emphasised that the plan provides more affordable coverage for the legal fees charged (including expenses incurred) by a lawyer representing the customer in usually unforeseen legal matters. Coverage can include civil, criminal, labour, family and contractual matters which include taxation, conveyancing and trusts. In addition, the plan also offers coverage for predictable events such as the drafting of a will or power of attorney, amongst others, said Mr Chirwa.
He was happy to mention that the cover is available in 4 tiers at individual level which include; Bronze (with a monthly price of ZK35 and a maximum annual pay out of ZK35,000), Silver (with a monthly price of ZK65 and maximum annual pay out of ZK75,000), Gold (with a monthly price of ZK95 and maximum annual pay out of ZK115,000) and Platinum (with a monthly price of ZK125 and maximum annual pay out of ZK150,000).The platinum tier, which has the widest cover, extends to civil, criminal, labour, family and contractual matters i.e. taxation, conveyancing and trusts.
Mr Chirwa told delegates at the launch thatNICO Insurance has also given very attractive packages for Corporate entities as follows; the Core package (with a monthly price of ZK172 and a maximum annual pay out of ZK50,000), Intermediate (with a monthly price of ZK257 and maximum annual pay out of ZK75,000), Inclusive (with a monthly price of ZK344 and maximum annual pay out of ZK100,000) andComprehensive Package (with a monthly price of ZK516 and maximum annual pay out of ZK150,000. He further explained that the comprehensive tier covers general, arbitration, labour, statutory and regulatory matters, contract drafting and business legal audit.
The CEO was elated to tell customers that the plan gives them the power to manage their legal matters simply and effectively. He assured them that when theyenrol with NICO Insurance, they will have easy access to the services of an attorney, backed by the best customer service and support through the company’s 12 hours legal services centre which it intends to upgrade to 24 hours in a matter of months.
“Our customers will be getting the best deal in the market. Moreover, when the cost of access to legal advice and representation in Zambia is so high, this plan would not have come at a better time,” intoned Mr Chirwa.
Announcing the added benefits, Mr Chirwa said within the packages for individuals, NICO Insurance will have a cash back of 10% of total premium paid payable after 12 claims-free months. Further, the company also intends to donate about 2% of the premiums which will be realized from this initiative towards paying for legal education in Zambia.
Mr Chirwa has called upon the public to buy this insurance which will be available both electronically and through the brokers, agents and through its network of branches across the country.
