Terms & Conditions

1. Role of the Broker

Grace Insurance Brokers Limited acts strictly as an intermediary between clients and licensed insurance companies.

• We do not underwrite insurance risks
• We do not pay claims directly
• All risks are carried by the insurance company selected for placement

2. Insurance Placement

• We arrange insurance policies on behalf of clients with reputable insurers
• Policy terms, conditions, and coverage are subject to the underwriting insurer
• Final acceptance of risk is determined by the insurer, not the broker

3. Accuracy of Information

Clients must provide complete and accurate information when applying for insurance.

Any omission or misrepresentation may lead to:

• Policy cancellation
• Claim rejection
• Adjustment of premiums

4. Premium Payment

• Premiums are payable as agreed before policy activation or renewal
• Insurance cover may not commence until premium is confirmed by the insurer
• Late payment may result in suspension or cancellation of cover

5. Claims Assistance

• We assist clients in processing claims
• All claims are subject to verification by the insurer
• We are not liable for claim delays, reductions, or rejections by insurers

6. Fees and Commission

• The Broker earns commission from insurance companies or service fees from clients
• Any additional advisory or administrative fees (if applicable) will be disclosed upfront

7. Limitation of Liability

Grace Insurance Brokers Limited shall not be held liable for:

• Insurer insolvency or inability to pay claims
• Delays caused by insurers or third parties
• Losses arising from inaccurate client information
• Acts beyond our control or force majeure events

8. Policy Documents

• Insurance policies are issued by underwriting insurers
• Clients must review all policy documents carefully upon issuance
• It is the client's responsibility to understand coverage limits and exclusions

9. Renewal & Cancellation

• Policy renewals are subject to timely payment and insurer approval
• Either party may cancel a policy in accordance with insurer terms
• Refunds (if any) are subject to insurer guidelines and deductions

10. Confidentiality

• We maintain strict confidentiality of client information
• Information will only be shared with insurers, reinsurers, or regulators where necessary

11. Compliance with Law

• All services comply with NAICOM regulations and Nigerian insurance laws
• Clients agree to comply with all applicable legal requirements

12. Dispute Resolution

• Any dispute shall first be resolved amicably through negotiation
• If unresolved, disputes may be referred to arbitration or competent Nigerian courts

13. Amendments

• We reserve the right to update these Terms & Conditions at any time
• Continued use of our services implies acceptance of updated terms

14. Acceptance of Terms

By engaging with Grace Insurance Brokers Limited, you confirm that you:

• Understand these Terms & Conditions
• Agree to be bound by them