A Review of the Nigerian Energy Industry

CRFFN takes up life insurance scheme for members

25 February 2015, lagos – The Council for the Regulation of Freight Forwarding in Nigeria, CRFFN, has taken up a life insurance scheme of N1 million, for its members in case of death.

Disclosing this over the weekend, Registrar of the Council, Mike Jukwe, said that the decision to take up the insurance scheme is to protect its members in the event of sudden death. Jukwe pointed out that the idea of taking up insurance is as a result of the desire of the Council to provide some form of pension for the families of members in case of untimely death.

He said apart from the insurance scheme, plans are ongoing to include accident insurance scheme as well as pension for active members.

According to him, “We are of the belief that freight forwarders should be protected in the course of doing their business. And one way of doing that is through an insurance policy scheme. The scheme as we have worked out now is the life scheme, where life is involved; a sum assured of one million naira is paid.

“We will go beyond that and that will mean when we go beyond that, the subscription will also go up, because it is part of the subscription that we use in paying the premium. We will also work at assuring that other aspects of insurance liabilities are covered, such as accident.

“Where an accident is involved, we will work out with the insurance company to see that compensation is paid for it. We are also looking for a possible retirement age for freight forwarders too, because you cannot be here perpetually.

“We will be looking at a pension scheme in the future, so that when a freight forwarder is retiring from the business, he should have some compensation. These are the areas we are looking at in the near future; the one that we have now is that of life policy,” he noted.

– Vanguard

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