About Best Assurance
Best Assurance Company Limited is an indigenous insurance company licensed by the National Insurance Commission to transact non-life insurance businesses. The company is an affiliate of Despite group of companies and Special Ice investments Limited.
Even though new in the insurance industry, the company is well-positioned to provide cutting edge insurance products backed by an effective customer service to our customers.
Best Assurance Offers
1. Marine Insurance
Best Assurance’s Marine Insurance provides for loss or damage to insured cargo i.e. goods on board as well as the hull or the vessel itself as a result of an insured peril.
To expand on this, the Marine Cargo policy provides indemnity to the insured for accidental damage or loss to the insured property as a result of insured perils such as storm, jettison, fire, seawater damage, etc. Shipment can be either by sea or by air.
There are mainly three clauses in the marine insurance business:
Institute Cargo Clause “C”
The Institute Cargo Clause “C” gives the least cover in marine insurance. The perils that are covered are Fire and explosion, Vessel being stranded or capsized, Impact damage, Discharge of cargo at a port of distress, General average sacrifice and Jettison.
Institute Cargo Clause “B”
This clause (cover) gives a wider maritime cover than the clause “C”. In addition to the cover granted under the ICC “C”, the following perils are covered under the ICC “B”: Earthquake, volcanic eruption and lightning, Washing overboard by seawater or wind, Entry of sea, lake or river water into the vessel causing damage to the goods, Total loss of package overboard or dropped into the sea while loading or unloading from the vessel
Institute Cargo Clause “A”
This clause is comprehensive in nature and thus covers “All Maritime Risks”. It covers virtually every peril except the specified excluded perils.
This policy ensures that your goods are covered for any accidental damage or theft that could take place whilst in transit within a specific geographic region.
2. Motor Insurance
Our Motor Vehicle insurance policy offers three different types of cover. These are:
Third-Party Policy
This policy provides a minimum coverage and it covers your liability to third parties in respect of damage caused to properties of such third party or injury/death to the third party as a result of the use of your vehicle. Our standard third party has a limit on the liability for property damage. However, there is an option for an increase in the limit upon request. This benefit comes with a small additional premium charge.
This policy does not cover any loss or damage to your own vehicle.
Third-Party Fire and Theft
Our Third Party Fire and Theft policy offers the benefits under the Third Party in addition to providing cover for your own vehicle when vehicle or any of its parts are stolen through violence or force, or there is loss or damage to the vehicle as a result of fire.
This policy does not cover own damage losses.
Comprehensive Insurance
The policy provides cover for loss of or damage to proposed vehicle caused by or arising out of:
- Accidental collision, overturning, etc.
- Fire, External Explosion, Self-Ignition, or Lightning
- Theft, Burglary, House-Breaking
- Malicious Act
- Flood, Storm, Earthquake, Riot, Strike, and Civil Commotion
In addition to the above, this policy provides legal liabilities resulting from an accident caused by your vehicle. The legal liabilities are:
- Death or bodily injury to any person-unlimited cover
- Damage to property belonging to other people – up to GH 2,000. This can be increased at an additional cost.
3. Public Liability Insurance
A public liability policy covers the insured in respect of accidental bodily injury to or illness of any person (whether or not death results) accidental loss of or damage to property occurring during the Period of Insurance and in connection with the business carried on at any place described in the Schedule.
4. Assets All Risk Insurance
Our Assets All Risk policy covers all assets of the company
against damage or loss as a result of any unforeseen circumstances. The main
items covered may be buildings and their contents, machinery equipment, special
items against damage or loss directly and/or indirectly as a result of Fire and
Special Perils, Burglary and/or theft.
5. Bid Bond/Tender Guarantee
This is required in connection with submission of Tenders for Contracts. The purpose is to guarantee that the Bidder (Contractor), if awarded the Contract will enter into the Contract and to furnish the required Performance Bond. Apart from being a guarantee, it also qualifies the Contractor to bid for a Contract. Thus it in effect satisfies both parties.
Performance Bond:
This is required to guarantee the Contractor for the due performance of the Contract as per its terms and specification.
Advance Payment Bond:
This is required by the oblige (Employer) to secure the Advance Payment made to the Contractor. That is, to guarantee that funds advanced for the purpose of the contract is duly utilized for the intended purpose.
Retention Bond:
It is required where the Contractor desires to be paid up front the percentage of money the Employer usually retains until after successful completion of contract i.e. after the maintenance period. This is to guarantee that the Contractor would rectify all defects noticed during the maintenance period.
Custom/Excise Bond:
Custom duties are Duties or Taxes, which are imposed on
Goods Imported into the Country or Exported to another Country, while Excise
duties are those Taxes imposed on Manufacturers of Goods produced and consumed
at home. i.e. within the country
The objective is to indemnify the Board of Custom & Excise for loss of revenue arising from improper use of dutiable articles or Goods and or the non-payment of duties thereof.
6. HomeOwners/HouseHolders Insurance
Best Assurance provides cover for accidental damage and injury at homes e.g. fire burglary, accidental injury or if your home becomes uninhabitable as a result of fire, flood, windstorm etc.
Our Home Owners/Householders Insurance offers you
all-inclusive comprehensive home insurance. The scope of cover includes
insurance on your building, contents, accident and personal liability.
7. Goods-in-Transit Insurance
This product provides for loss or damage and theft to your goods whilst in transit or during loading or unloading. There are two types of cover;
Restricted cover Insurance
- Fire
- Accidental Damage caused by collision or overturning of the carrying vehicle (s)
- Theft by violence or any attempt thereat.
All Risk Cover
This covers the properties independent of whatever happens to the conveying vehicle.
Added Benefit
The policy could be arranged under either:
Single Transit Cover
That is, each transit is treated separately meaning a new arrangement must be entered into on each occasion of goods movement.
Open Cover
That cover is provided at the beginning of the year and only
declaration of what is carried and the value would be given to the Underwriter
from time to time. This arrangement provides for automatic cover throughout the
year.
Mission of Best Assurance Company Limited
Our mission is to help our customers achieve financial prosperity and peaceful mind, and the development of the most advanced customer-friendly information technology systems
Best Assurance Company Contact Details
Greater Accra Region
HEAD OFFICE
84 BOUNDARY ROAD,
EAST LEGON, ACCRA,
OPPOSITE AMERICAN HOUSE
info@bestassurance.com.gh
Telephone:☎
+233 302 541 746
+233 302 541 747
+233 302 541 749
Branch: TEMA
COMMUNITY 1-SITE 10
Near Mankwadze Roundabout
Accra
Tel: 0501522517
Ashanti Region
Branch: ADUM
OTA /12, PREMPEH II STREET
ADUM, KUMASI
Tel: 0501522514
Western Region
Branch: TAKORADI
NO. 103, LIBERATION ROAD
FIRST FLOOR, GT BANK BUILDING
Tel: 0244715808