Only Motor Insurance is compulsory. One would be contravening Chapter 405 of the Statute Laws and is liable to a fine or imprisonment.

A broker has in-depth knowledge of risks, products, the Insurance market, rates, processes and has diverse networks in the industry. You don't have to go through the hustle of researching different Insurance Companies and learning all the finer details because that's what a broker does for you. They are well-educated, experienced and want you to make the best-informed decisions.

Yes, but it is subject to the terms and conditions of your cover.

Failure to pay Insurance premiums as stipulated in the policy amounts to breach of policy terms and conditions and leads to the termination of the contract. This also means that you cannot make a claim.

If you have a life insurance policy and the Insurance company is closed down, your policy remains valid and you should continue paying policy premiums throughout the remaining term of the policy. Failure to continue paying premiums leads to termination of the policy by the Insurance company. You have the right to claim under the policy immediately the policy matures.

Yes, upon prior notice to the insured. However, no notice of cancellation is effective unless it is based on the occurrence, after the effective date of the policy, or one or more of the following:

* Non-payment of premium.
* Discovery of fraud or material misrepresentation.
* Physical changes in the property insured which results in the property becoming uninsurable.
* Discovery of willful or reckless act or omission increasing the risk one is insured against.
* Conviction of a crime arising out of acts increasing the risk insured against.