F.A.Q.

An insurance broker is a professional who represents consumers in their search for the best insurance policy for their needs. Insurance brokers basically represent the interest of their insurance clients. In Uganda insurance brokers are licensed and regulated by the Insurance Regulatory Authority of Uganda (IRA).

Insurance brokers work with their clients to understand their risks, and to discuss how to use insurance to protect their assets and businesses. Brokers offer expert advice on the management and reduction of risk, and on the range of insurance products that are available.

They use their in-depth knowledge of risk and the insurance market to identify and arrange suitable insurance cover – both for businesses and individuals.

Brokers have an extensive knowledge of the range of insurance policies available in the market, and a network of industry contacts, allowing them to negotiate the best deals for their client’s individual needs. The same skills and networks are also used to help their clients resolve claims when they arise.

Both act as intermediaries between insurance clients and insurance companies. However, whereas Insurance brokers are corporate entities licensed to deal with all licensed insurance companies in the country, insurance agents are individuals who represent only one insurance company. Secondly, whereas insurance agents represent the interest of the insurance company that employs them, the insurance broker represents and works for the interest of their insurance clients.

Brokers can often find you a good deal on insurance because they have a thorough understanding of the insurance market and can negotiate premiums and terms of coverage on your behalf.

Some insurance policies can be complicated, and an insurance broker can help you understand the details of a policy and also work out what level of cover you need, so that you can make sure you are properly protected.

If you need to make a claim on your policy, your broker will assist you through the process and will liaise with the insurer on your behalf.

Absolutely No! Insurance brokers get paid a commission by the insurance companies when the policies are purchased. 

Premium rates are regulated and you are always charged the same premium rate whether you go through a broker or direct to the insurance company.

When you buy a Statutory Third Party Motor insurance in Uganda the coverage is restricted to Bodily Injury only for Ugx. 1 million per person and Ugx. 10 million in aggregate per occurrence. Many find these levels of compensation too low much as Property Damage liability is not covered and arrange other adequate covers.

By purchasing Motor Comprehensive Insurance which comes with adequate levels of cover in addition to accidental damage cover and Third Party Property Damage covers. 

You may also purchase an Enhanced Third Party insurance cover with higher limits than those offered under the Statutory Third Party insurance cover.

Comesa yellow card is the policy given to insure a motor user (both private and commercial) against third party risks within the COMESA region. The Countries in which the COMESA Yellow Card is recognized as a valid insurance cover are; Burundi, Democratic Republic of Congo, Djibouti, Eritrea, Ethiopia, Kenya, Malawi, Rwanda, Sudan, Tanzania, Uganda, Zambia and Zimbabwe.

We can in most circumstances give you cover as soon as you share all the necessary information and pay the insurance premium required for the insurance cover you need.

Insurance Excess/Deductible is the initial amount of a claim payment that the policy holder or insured is responsible for. They can vary between different cover types.