Climate Disaster Insurance T&C

‍CLIMATE DISASTER INSURANCE PRODUCT

TERMS AND CONDITIONS

1. Introduction

1.1. Enterprise Insurance LTD (“Enterprise”) is a limited liability company incorporated in Ghana, regulated and licensed to provide general insurance products and services. 

1.2. Fido has engaged Enterprise to provide a Climate Disaster Insurance product (the “Insurance”) to eligible Fido customers (“Customers”) via Fido platforms.

1.3. The Insurance automatically protects the Properties and Stock of eligible Customers against Climate Disaster events.

1.4. The Properties and Stock insured include but are not limited to the Customer’s store, stand and/or items being sold.

1.5. By applying for an Insurance claim, you agree to these terms and conditions as well as Fido’s End User License Agreement (“EULA”), all necessary changes having been made. 

1.6. If you do not agree with these T&Cs do not proceed with the claim application process for the Insurance.

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2. Overview

2.1. This document sets out the terms and conditions that will govern your relationship with Enterprise and Fido if you apply for the Insurance. Please read these terms and conditions carefully.

2.2. The Insurance is only available to eligible Fido customers.

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3. Eligibility

3.1 Eligibility of the Insurance is based on your Loan Number (LN):

1. For Personal Credit Customers, it will be LN35 and above; and
2. For FidoBiz Customers, it will be LN1 and above.  

3.2    Your application for an Insurance claim shall be appraised in accordance with Enterprise’s policies and requirements, as reflected in the criteria on the Fido App. 

3.3 Enterprise and Fido reserve the right to approve or reject your application without further recourse to you.

3.4 Fido has the right to amend the Eligibility criteria from time to time without recourse to you.

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4. Insurance Cover

4.1. The Insurance to be provided by Enterprise to Fido Customers shall cover Climate Disasters only.

4.2. The Insurance shall also cover eligible Fido Customers against damage to their Properties and Stocks caused by fire and such allied perils as are covered under the applicable insurance policy..
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5. Insurance Cover Extension

5.1 The Insurance is extended to cover earthquake, windstorms (tornado), impact from a vehicle, falling of aerial device, civil commotion, riot and strike, malicious accidental damage, flood and drought. 

5.2 The extension also covers loss of or damage to Property insured by Drought (a period of abnormally low rainfall during the dry season, leading to a significant shortage of water that adversely affects the insured property).

5.3 The drought coverage specifically applies to agricultural plants and livestock rearing and does not extend to the processing of and/or farm products.

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6. Activation and Duration

6.1. The Insurance is automatically activated immediately upon loan disbursement to eligible Customers.

6.2. Upon activation, the Customer will be notified of the commencement and expiry of his/her Insurance.

6.3. The Insurance covers up to twelve (12) months of protection against loss of or damage to the Property and Stock of eligible Customers due to unexpected Climate Disasters from the day of activation.

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7. Coverage Sum

7.1 The maximum coverage amounts that can be claimed at any one time are:

1. For Personal Credit Customers - up to GHC3,000.00
2. For FidoBiz Customers - up to GHC5,000.00

7.2 Fido reserves the right to amend the coverage sum from time to time based on market conditions.

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8. Limits and Restrictions on your Insurance Cover

8.1. The Insurance Claim must be on Property and Stock registered in the name of the Customer.

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9. No Fees

9.1. No fees, hidden or apparent, shall be charged for the provision of the Insurance cover to eligible Fido Customers. 

9.2. Neither Fido nor Enterprise shall be liable to refund any customer fees paid to a Fido or an Enterprise staff as processing, commission, cost or charge fee.

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10. Claims Process

10.1. All material facts necessary for the processing of the Insurance claim must be disclosed to Fido.

10.2. You may make claims by contacting Fido on its customer service platforms in the event of damage to Properties and Stocks.

10.3. A representative from Fido shall fill claims forms and attach all necessary photos and other documentation for onward submission to Enterprise for claim payment. 

10.4. The Fido representative may inspect the damage to confirm among others, the extent of damage and assess any immediate needs you may have.

11. Liability Offsetting

11. Where a Customer has an outstanding loan obligation to Fido at the time an Insurance claim made under Clause 10 above is approved, the Customer irrevocably authorizes Fido to apply the approved claim amount, in whole or in part, towards the repayment of the Customer's outstanding loan obligations. 
12. Where there is a remainder after the approved claim amount is applied toward the Customer's outstanding loan, the remainder paid shall be paid to the Customer. 
13. Where the approved claim payout is insufficient to cover the Customer's outstanding loan, the Customer shall remain liable to Fido for the remaining unpaid loan obligation, under the applicable loan agreement.
14. The Customer hereby acknowledges that by agreeing to these terms and conditions and Fido's general terms, the Customer shall be bound by the debt settlement obligation set out herein.

12. User Responsibilities

12.1. All transactions must be performed on the Fido Platform only. Enterprise and/or Fido will not be responsible for funds handed over to members of its staff for whatever reason related to your Insurance

12.2. The Insurance shall not cover any Property or Stock for which a material misdescription, misrepresentation and/or omission of a material fact is done by the Customer.

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13. Amendment to Product Terms & Conditions

13.1. Enterprise and/or Fido reserves the right to amend these terms and conditions without giving notice to you, and the said amendment to the extent that it does not affect the material terms set out in the Agreement, shall be binding on You.
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14. Discontinuation of the Product

14.1. Enterprise and/or Fido may discontinue the Insurance at any point in time, with prior notice to you. Any discontinuation shall be in accordance with your consumer protection rights.
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15. Disclosure of Information, Data Retention & Use of Data

15.1. You agree that Enterprise or Fido may:

1. query third parties for your information for purposes of aiding Fido and/or Enterprise decide in respect of your claim.

2. report to the appropriate authorities in the case of suspected fraud or unlawful activity and Enterprise shall cooperate with the lawful authorities in respect of any investigation into any suspected unlawful activity by you.

3. share your Account information and Personal Information with each other for purposes related to the Insurance.

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15.2. .You agree to hold Enterprise and Fido harmless from any and all claims, demands, costs, liabilities, losses, and expenses (including reasonable attorneys' fees and legal costs) arising out of or in connection with such disclosures, except in the case of negligence or fraud on the part of Fido. 

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16. Security and Authentication

To help prevent any security breach, you should read and follow any security procedures advised from time to time.

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17. Disclaimer and Limitation of Liability

17.1. Enterprise and/or Fido make no warranties, express or implied, regarding your Insurance, including but not limited to

1. Implied warranties of merchantability or  fitness for a particular purpose, except as expressly provided in the applicable insurance policy.
2. The uninterrupted or error-free operation of your Insurance.

17.2. In no event will Enterprise and/or Fido be liable for:

1. Any indirect, special, incidental, consequential, or punitive damages.
2. Loss of profits or revenue.
3. Damage to your reputation.
4. any other loss or damage arising from or in connection with the Insurance except to the extent that such liability is expressly assumed under this Agreement or cannot be excluded or limited under applicable law.

17.3. Enterprise and/or Fido’s liability, if any, shall be limited to correcting any errors or omissions or re-crediting any incorrect debits.

17.4. In no event shall this liability, if any, exceed any amount debited in error.

17.5. The limitation of liability shall survive the termination of your account with Fido 
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18. Governing Law and Jurisdiction

These Terms and Conditions are regulated and governed by Ghanaian law. The Courts in Ghana will have exclusive jurisdiction and competence over any disputes in any way related to these Terms and Conditions.
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19. Contact Information

19.1. In trying to communicate any information, Fido and/or Enterprise may contact you by telephone, SMS or e-mail using the last telephone number or e-mail address given by you.

19.2. You may contact Fido on the following contact details:

Telephone: +233596922420; 
Via e-mail: info@fido.money. 

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