Corporate Law
A Guide to Third-Party Motor Insurance in Nigeria
When involved in an accident, many individuals tend to cover the expense of repairs from their own pocket, despite having insurance coverage. While this is a common practice, it is incorrect, a big mistake and one that primarily benefits insurance companies. Introduction: As a first step, let us provide you with a brief overview of third-party motor vehicle insurance in Nigeria. Third-party motor insurance is a type of insurance policy that covers the policyholder against […]
REAL ESTATE AND PROPERTY LAW IN NIGERIA
By Vanessa Irenuma Real estate and property law in Nigeria encompasses the legal framework and regulations governing the acquisition, use, ownership, and transfer of real property within the country. It plays a crucial role in ensuring the security of property rights, promoting land development, and resolving disputes related to real estate. Here’s an overview of key aspects of real estate and property law in Nigeria: 1. Land Tenure System: a. Customary Land Tenure: Nigeria […]
THE PRINCIPLE OF UTMOST GOOD FAITH
By Vanessa Irenuma The principle of utmost good faith, often referred to as uberrimae fidei, is a fundamental and longstanding concept in the insurance industry. It embodies the idea that both the insurer (the insurance company) and the insured (the policyholder) must act honestly and in good faith when entering into an insurance contract. This principle serves as the bedrock of insurance agreements, shaping the relationship between the two parties. This doctrine of utmost good […]
MATERIAL FACTS IN AN INSURANCE CONTRACT
By Vanessa Irenuma MATERIAL FACTS IN AN INSURANCE CONTRACT A “material fact” in an insurance contract refers to a key piece of information or detail that could significantly influence the terms and conditions of the insurance policy. Insurance companies rely on the accuracy and completeness of information provided by the policyholder to assess risk and determine the premium, coverage limits, and terms of the policy. Failing to disclose material facts or providing false […]
E-COMMERCE AND ONLINE CONTRACT IN NIGERIA
By Vanessa Irenuma Introduction: E-commerce in Nigeria has experienced significant growth in recent years, driven by factors such as increased internet penetration, the proliferation of smartphones, and a growing middle class with disposable income. Online contracts are a crucial aspect of e-commerce, as they govern the terms and conditions of transactions conducted over the internet. Let’s discuss e-commerce and online contracts in Nigeria: E-commerce in Nigeria: 1. Market Growth: Nigeria’s e-commerce sector has witnessed substantial […]