Who is an Insurance Broker?

An insurance broker is a licensed intermediary who works on behalf of the clients and not the insurance companies. They are like knowledge processing organizations. They manage the insurance portfolio on behalf of their clients and provide them end to end insurance-based risk management and claims assistance services.

  • Insurance Broker provides the following services:
  • Pre-sales & after-sales overall insurance service to the clients
  • Assess the risk of the client and consult to decide the appropriate coverage and premium
  • Recommend risk improvement and loss minimization measures
  • Insurance renewals and portfolio management
  • Claims assistance & consultancy


Can we shift our Insurance Policies to Seguro Insurance Services?

Yes, you can shift your policies to Ideal Insurance at the time of your policy’s annual renewal. You will continue to enjoy the same or better benefits at a lower cost.


Who Does the Broker represent?

A Broker represents the clients and not the Insurance Company like the agent. Client satisfaction is of the utmost importance to the Brokers.


Do Brokers Charge any fees for the services rendered?

No, Brokers do not charge any fees to the clients. Brokers get their remuneration from insurance companies when their issue, renew or vary insurance policies on behalf of their clients. In rare cases, broker fees are charged for additional exclusive services.


Do all Brokers have competent people in their Marketing Team?

Brokers are bound and licensed by Maldives regulator MMA to have appointed technically qualified and experienced personnel on their team. As per MMA guidelines and our company’s ideal HR & training policies, we have well-qualified people to cater to all insurance needs of our clients.


What is a Claim?

A claim is a payment made by the insurer to the insured or claimant on the occurrence of the event specified in the contract, in return for the premiums paid for the insurance.


Who takes care of Renewals?

Yes, timely renewals of our client’s insurance policy are our responsibility. For which we provide reminders to all our client's at least 1 month before their due date by sending them Renewal notice and then again making a reminder call every week. We send our representatives to collect the requisite cheque and also review your cover every year.


How many Insurance Companies are currently operating in the Country?

Currently, there are five licensed insurance companies in the Maldives. We assist our clients in obtaining policies from the following insurance companies as well as from the international market.

  • Allied Insurance Company of the Maldives Pvt Ltd & Ayady Takaful (Allied Islamic window)
  • Ceylinco Insurance Company Pvt Ltd
  • Amana Takaful (Maldives) Plc
  • Solarelle Insurance Pvt Ltd
  • Dhivehi Insurance Company Pvt Ltd

The choice of numerous products today can confuse the best; hence you need professional experts like us to choose the best as per your needs.


What is a Deductible?

In Simple terms the definition means even though the peril is covered under the policy claims will be paid in excess or after deducting the stated amount or percentage.

All insurance policies have deductibles, as per international practice. Some of the reasons for this subjection is: -

  • Minimize moral hazard
  • Reinsurance subjection
  • Minimize contradictory small claims
  • Avoid small claims
  • Pass on responsibility to client

Generally, deductible depends on the value of the property. For large value properties, deductible is higher. Insurance premium charged and Deductible/Excess generally works vice versa, meaning if premium is reduced, deductible will be increased.


What is a Warranty?

A warranty is a term of insurance contract that if the customer has breached, the insurer is no longer held to be liable as of the date of the breach.

So, warranties in a policy schedules are to be significantly reviewed before a policy placement. During the claim process, a breach of a warranty would invalidate the insurance claim, insurer has the right to reject claims. Furthermore, the client has the bargaining power to remove irrelevant/deceiving warranties & conditions if identified before a policy placement.

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