Tuesday, 12 August 2014

No claim bonus certificate

No claim bonus certificate is a document asked by few insurance companies from the insurer. With the help of this document the insurer gets discount in the insurance policy while the insurance company gets the trust that the insurer is a genuine person with good track record.

No claim bonus certificate shows the experience of  the insurer with its previous insurance company. It shows how many years the insurer remained their client. Similarly it shows that the insurer paid the premium of insurance without any default.

The most important thing in this document is that it shows that the insurer has never claimed anything from the insurance company. For example if the certificate is from the insurance company of cars, it will show how good the driving of insurer is.

It is just an experience letter which is not mandatory in the insurance world. However, it holds value and in future it is expected that more and more insurance companies may demand No claim bonus certificates from its customers.

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Salman Yousaf Khan
International Lawyer