MyCoverGenius - Terms and Conditions

These Terms and Conditions (“Terms”) govern your access to and use of the services provided by MyCoverGenius Limited through its mobile and web platforms. By accessing or using our services, you agree to comply with and be legally bound by these Terms. Please read them carefully before using our platform.

1. Definitions

• Policy: Any insurance coverage or contract issued through MyCoverGenius.
  
• Premium: The amount you pay to maintain coverage under a Policy.
  
• Claim: A request you make for payment under a Policy because a covered event occurred.
  
• Insurer: The insurance company underwriting the Policy (may be a third party).
  
• Regulator: The National Insurance Commission (NAICOM) or equivalent regulatory body in Nigeria.
  
• Subrogation: The right of the insurer to pursue recovery from a third party responsible for your loss after paying your claim.
  

2. Eligibility

You must be at least 18 years old and legally capable of entering into binding contracts.
You must provide accurate, current, and complete information as required by MyCoverGenius or the Insurer.
MyCoverGenius reserves the right to reject or suspend your application or coverage based on eligibility criteria, underwriting rules, or regulatory requirements.

3. Premiums and Payments

MyCoverGenius offers different cover periods depending on the product, including monthly, quarterly, biannual, and annual options. Some products are only available on an annual basis. You are required to select the cover period that best suits you at the point of purchase or renewal.

Payment and Renewal

Premium payments or renewals must be made no later than 7 days before the end of your current cover period, or on the exact day of expiration, to avoid lapses in coverage.

Payment Methods

Premiums can be paid using a card, wallet payment, or bank transfer. All payments must be successfully processed before your coverage becomes active.

Late Renewals for Health Products

For health insurance products, penalties apply for late renewals:

• If you renew within 7 days after your cover expires, you or your dependants will be subject to a 24-hour waiting period before you can access care.
  
• If you renew more than 7 days after expiration, you or your dependants will face a 7-day waiting period before care can resume.
  

These waiting periods are automatically applied to discourage late renewals and ensure continuous coverage.

Refunds

Any approved refunds will be credited only to your MyCoverGenius wallet. Refunds will not be made directly to your personal bank account.

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4. Claims Process and Subrogation

Notification
 You must notify MyCoverGenius and/or the Insurer in writing within the timeline specified in your policy (e.g., 7–14 days) after a covered event occurs.

Documentation
 You are required to submit all necessary documents, such as proof of loss, police reports, invoices, or medical reports. Additional information may be requested as part of the claims assessment.

Settlement Timeline
 Valid claims are targeted to be settled within 60 days in line with NIIRA 2025. If there is a delay, interest or penalties may apply as required by law.

Subrogation
 When a third party is responsible for your loss (e.g., a vehicle accident), our third-party insurance provider may cover your loss first, then pursue the third party’s insurer to recover the amount paid. You are required to cooperate by providing information or signing any documents necessary to support this process.

Right of Rejection
 Claims may be rejected wholly or partially if you fail to meet your obligations, including late notification, misrepresentation, or if the event is excluded from coverage.

5. Coverage, Cancellation, and Termination

Term and Renewal
 Policies are valid for the term stated in your policy schedule (e.g., one year). Renewal may require payment of a new premium.

Cancellation by Policyholder
 You may cancel your policy by providing written notice, subject to any minimum retention period and refund rules. For mid-term cancellations, refunds are calculated on a pro-rata basis minus applicable deductions such as administrative fees or risk run-off.

Cancellation by MyCoverGenius or Insurer
 MyCoverGenius or the Insurer may cancel or refuse renewal for legitimate business reasons, such as non-payment, fraud, breach of terms, or significant risk changes. Notice will be given (e.g., 30 days) or as required by regulation.

Effect of Termination
 Coverage stops on the termination date. Any claims or obligations incurred before termination remain enforceable.

6. Use of the Platform and Your Responsibilities

You agree to use the platform only for legitimate purposes and not to commit fraud, spam, tamper with services, or violate any laws.
You are responsible for maintaining the confidentiality of your login credentials.
You must not reverse engineer, decompile, or attempt to disrupt the platform.

7. Intellectual Property

All content, design, logos, software, and materials on the MyCoverGenius platform are owned by MyCoverGenius or its licensors.
You shall not copy, reproduce, distribute, or create derivative works without prior written permission.

8. Disclaimers and Limitation of Liability

The platform and services are provided “as is” and “as available.”
MyCoverGenius disclaims all warranties, whether express or implied, including fitness for a particular purpose, accuracy, uptime, or non-infringement.

In no event shall MyCoverGenius or the Insurer be liable for indirect, incidental, special, punitive, or consequential damages.
Our aggregate liability is limited to the total amount paid under the relevant policy or as limited by law.

9. Data Protection and International Transfers

MyCoverGenius collects, stores, and processes personal data in line with its Privacy Policy.
If data is transferred outside Nigeria (e.g., to cloud servers, analytics providers, or service partners), appropriate safeguards are implemented, such as standard contractual clauses, encryption, and compliance with NDPR.

We will notify you if any such transfer materially affects your rights.

10. Governing Law and Dispute Resolution

These Terms are governed by the laws of the Federal Republic of Nigeria and applicable insurance regulations.
Any dispute arising from these Terms shall be resolved through arbitration in Nigeria, subject to regulatory oversight.

11. Amendments

MyCoverGenius may modify these Terms at any time. Updates will be posted with a revised version. Continued use of the platform after such updates constitutes acceptance of the changes.

12. Severability

If any provision of these Terms is found invalid or unenforceable under applicable law, that provision will be severed, and the remaining provisions will remain in full force and effect.

Contact Us

If you have any questions, complaints, or concerns about our terms and conditions or our data practices, contact us at:

MyCoverGenius
Address: Venia Place, Plot 8, Providence Street, Lekki Phase 1, Lagos, Nigeria

Customer Care Hotline: 08099988005

Email: [email protected]