TPAIS provides coverage for passengers against accident induced death, permanent disability and medical expenses.
Mr. Emmanuel Jegede, the Managing Director of NICON Insurance, disclosed this to newsmen in Lagos on Thursday.
Jegede said that the product was being re-introduced to provide insurance coverage for passengers travelling across the country.
“This product serves the need of organised transporters, especially the mass transit buses moving passengers within and outside the states.
“The product provides compensation for death from accidents, permanent disability and medical expenses to passengers,” he said.
According to him, the insurance product is designed to complement the National Insurance Commission’s (NAICOM) efforts in ensuring that road accidents victims are compensated.
Jegede said that additional three new products had been approved by NAICOM.
They include Overseas Travel Insurance Policy, Directors and Officers’ Liability Insurance and Events Management Insurance.
The NICON boss said the Events Management Insurance (EMI) policy was designed to provide insurance coverage during marriage ceremonies, parties, burial ceremonies and festivals.
The other areas covered by the EMI are religious and political parties’ conventions, town hall meetings, professional and academic events, trade fairs, seminars, workshops as well as exhibitions.
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