In the headlines
- Thread starter Cortedivoire
- Start date
Meria
Elder Lister
cc @Aviator @The.Black.Templar @mzeiya etall
bit.ly
Panic as insurers cancel covers for modified cars
Common alterations that may put vehicle owners in trouble include engine tuning, fitting alloy wheels, height spacers and other modifications meant to reduce the risk of theft.
bit.ly
the insurance sector in Kenya, and Africa as a region is shit, they just copy paste from their insurance stakeholders and never really do any data driven research.cc @Aviator @The.Black.Templar @mzeiya etall
Panic as insurers cancel covers for modified cars
Common alterations that may put vehicle owners in trouble include engine tuning, fitting alloy wheels, height spacers and other modifications meant to reduce the risk of theft.
Look at that article for example, UAP decided to issue a cancellation policy based on one car, Just one car only....did not bother to collect any further data on the numbers of such modifications on our roads, they did not even try and certify the safety precautions or even provide any evidence of a breach in safety protocols even when NTSA said they are safe to drive.
BTW what most people do not know is that insurance is a fluid policy meaning that in the right context, anything can be paid or adjusted to include the new risk, for the gas modified cars, they can easily exclude insurance payments around the modified gas tank or based on research modify the insurance premiums to include the new risk, but bonobo is bonobo, they would rather not think outside of the box or do more work. Their impulse is to first deny paying a claim and squeeze the insured party for the worst benefit of all.
Meria
Elder Lister
Kenya Power loses Sh18bn yearly in power theft
Internal audit shows staff colluded with heavy power users, redirecting billions from sales.
Tiiga Waana
Elder Lister
Insurance contracts by their very nature rests on the principle of ubberimae fidei. That is simply to say that unlike other contracts that we enter into, insurance contracts are of utmost good faith. This dictates that the party being insured must carry out full, frank and total disclosure of all material facts, even those that the Insurer may be ignorant of.
It should also be remembered that Insurance is a speculation business. The Insurer must calculate that the risks he undertakes do not outweigh any chances of making a profit.
Modifications in cars and other modes of transport is one area where chances of accidents and claims being made are numerous and unforeseen. Insurance only works on calculable risks and where this is not possible they shy away.
Even here in Uk, Insurance Companies routinely turn down applications from modified vehicles or charge obscene unaffordable amounts to dissuade coverage.
Ntsa and the vehicle manufacture already claimed that the vehicle is safe and roadworthy...what more do they need?