PRODUCTS AND SERVICES
FIRE/EXTRANEOUS PERILS POLICY
This type of policy provides indemnity to the insured in the event of loss or damage to property covered under it as a direct result of; fire outbreak, lightning or explosion. Other extraneous perils such as social disturbances like strike and riot, and natural disasters like storm damage, flood and earthquake can also be covered by an extension of the standard scope of the cover.
The items to be insured are usually made up of the following:
- Buildings
- Office Furniture, Electrical & Electronic Equipment
- Plant and Machinery
- Stock of Raw Materials and finished goods
- Loss of Annual Rent for alternative accommodation
The policy also contains various other extensions that are granted at no extra cost to the policyholder. The replacement cost of the items to be insured will have to be supplied to us for assessment to facilitate quotation of the premium payable.
CONSEQUENTIAL LOSS POLICY
This type of policy, often referred to as "business interruption insurance" is designed to indemnify the insured against loss of productive capacity or future earning power which may occur as a result of loss or damage to the premises and property insured under the Fire/Extraneous Perils in 1 above.
This policy is normally taken out in conjunction with the Fire Policy so that when the latter pays for the material damage to property insured under it, this will pick up the intangible loss that will flow from the primary loss of the Fire perils.
The items usually covered under this policy are as follows:
- Gross Profit
- Salary and Wages
- Auditor's fees
The sum insured to be indicated against the items of Gross Profit should represent the difference in turnover and the total of standing and variable charges.
The sum insured on Salary and Wages will be what would be required to maintain some key staff pending resumption of business while the sum insured on Auditor's Fees will represent charges that any firm of accountants will make in preparing papers for insurance claim.
BURGLARY/HOUSEBREAKING POLICY
This type of policy is designed to indemnify the insured against loss or damage resulting from theft or attempted theft, which is accompanied with actual forcible or violent entry into or out of the premises or any attempt thereat.
The items usually covered under this policy are similar to those under the Fire/Extraneous Perils policy in 1 above with the exception of Buildings and Loss of Rent. The replacement cost of the relative items would have to be supplied to enable us submit our quotation.
FIDELITY GUARANTEE POLICY
This is a form of policy that protects an organization against loss of money or valuable stock as a result of dishonesty or fraudulent activity of employees
It is possible to grant cover on; named basis, positions basis or on a blanket basis. In any of these cases, the number of persons and the limit of guarantee on any single loss would be advised as well as aggregate amount of guarantee in a given year. Once we have this information, we would be in a position to quote for premium payable.
PUBLIC LIABILITY POLICY
This policy also covers the insured against legal liability to third party for cost and expenses incurred in respect of accidental death, bodily injury and accidental damage to property occurring within the insured's premises or at work-away premises.
The vicarious liability of the insured's employee can also be covered provided it arises in the course of carrying out their official duties. Please indicate the limit of cover required to enable us advice the premium payable.
GOODS IN TRANSIT POLICY
This is also an "All Risks" policy covering goods being carried from one location to another. Any loss not specifically excluded under the policy is covered and the insurance is suitable for any organization that is engaged in movement of goods either by road or rail and the cover will operate when the goods are being conveyed by owner's vehicle or Hired vehicles. Losses arising from Fire and Theft are also covered under this policy.
For underwriting purposes, we will require the following information to enable us submit quotations:
- Nature of Goods
- Destination of Goods
- Total Value of Consignment
- Limit anyone carrying/vehicle
- Duration of Cover
GROUP PERSONAL ACCIDENT / EMPLOYEES’ COMPENSATION SCHEME
This type of policy is designed to foster the welfare of employees as well as reduce the financial strain that an organization could undergo in the event of accident, death or bodily injury to a member of staff.
The policy provides a worldwide cover on 24 hours basis and benefits payable in respect of Death and Permanent Disability are usually expressed as multiple of salaries. Cover also extends to payment of a weekly benefit in the event of temporary total disability resulting from bodily injury to the insured person as well as a certain allowance for expenses incurred on medical treatment as a result of accidental injury. Death or injuries from natural causes are however not covered.
To enable us quote for this policy, we would require the following information:
- Total Number of Employees
- Estimated Annual Salaries
- Multiple of Salary required for Death or Permanent Disability
- Limit per capita for Medical Expenses
WORKMEN'S COMPENSATION POLICY
The Workmen's Compensation Decree of 1987 requires all employers of labour to take out this policy for the benefits of workers who may sustain injury resulting in death or disability in the course of their duties.
The scale of benefits stipulated by the decree for death and permanent disability are 3.5x and 4.5 x annual salary, respectively, while weekly benefit at the agreed scale is equally payable for a period not exceeding 24 months in the case of temporary total disability.
Reasonable medical expenses incurred on treating sustained injury are also covered.
The following information will be required to enable us submit quotations:
- Category of Employees
- Number in each Category
- Estimated Annual Earnings
MOTOR INSURANCE POLICY
This class of insurance is made compulsory by Government through the legislation known as the Motor Vehicle (Third Party) Insurance Act of 1945.
The Third Party only cover, which is the minimum type of insurance legislated upon, provides indemnity to policyholder against legal liability to Third Parties for death, bodily injury and property damage.
The most popular type of cover under this policy is comprehensive insurance which, in addition to the cover provided under the Third Party only, will also indemnify the policyholder for loss or damage to the vehicle resulting from road accident, fire and theft. The premium payable for the various forms of cover under this policy is regulated by a statistical table of rate known as "tariff" which is approved by Government.
To enable us advise the premium payable in this regard, we will require the following information:
- A list of the vehicle to be insured showing make, type, cubic capacity, year of manufacture and the value.
- The type of Cover required.
MARINE POLICIES
CARGO: The policy issued here is to provide indemnity for loss or damage to imported goods being conveyed by sea or air. The All Risks type of cover known as Clauses "A" provides indemnity to the insured in the event of total or partial loss of the goods while the restricted cover known, as Clauses "C" would provide indemnity in the event of total loss only.
To enable us determine the premium payable in this regard, we would require information on the nature and value of goods being imported as well as the type of cover required.
HULL: This type of policy is issued on vessels and yachts to provide indemnity for any loss, damage or liability that may arise from their use. The scope of cover provided is either an "all risks" or "total loss only" while the policy usually carries a deductible of about 10% of the value of the vessel or yacht.
To enable us submit quotation for this risk, we require; the current inspection report done by a qualified marine engineer on the vessel as well as the type of cover required.
AVIATION POLICY
This policy provides comprehensive cover against loss or damage to insured aircraft while operating anywhere in the world. Cover also extends to include the operator's legal liability to Third Parties for death, bodily injury and property damage. Liability to passengers is also covered up to a certain limit selected.
In order to ensure full protection for our clients, we reinsure as much as 90% of this type of risk in the London Aviation Market through one of our overseas associates. The essence of this arrangement is to obviate the problem of absorption in the Nigerian Market, which has limited capacity for Aviation Insurance, and also to afford our clients the opportunity of having a dollar/sterling based insurance policy.
To enable us arrange for quotation, the following details would be required:
- Age of the aircraft
- Condition of the engine
- Experience of the crew
- Value of the aircraft
MACHINERY BREAKDOWN POLICY
This policy is designed to cover any damage to a plant or equipment while working or at rest, or being dismantled for the purpose of cleaning, repairing or overhauling. In the same vein, boiler and pressure vessels can be covered under a separate but similar policy.
To enable us quote for this risk, we require the following information:
- Make & Type of Equipment
- Year of Manufacture
- Current Replacement Value
ELECTRONIC EQUIPMENT POLICY
This policy is designed to cover any loss or damage that could result while any computer and or equipment insured is working or at rest.
The cover under this policy also extends to include loss or damage to external data media such as diskettes and tapes containing processed information while such are kept within the premises.
The increase in cost of working, as a result of damage to the main computer equipment, is also covered and indemnity is provided for alternative means of carrying on operation. With payment of an additional premium, this policy can be extended to cover the risk of theft.
To enable us quote for this risk, we will require the following information:
- Make & Type of Electronic Equipment
- Current Replacement Value of the item(s)
- Cost of replacing damaged diskettes and restoring lost data
- Cost of hiring alternative computer equipment for continuation of operation together with personnel and transportation costs.
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LIFE ASSURANCE PRODUCTS
Term Assurance Policy -
This policy is designed to pay a benefit to the dependants of the life assured when death occurs within a specified period of time, and is usually written with payments of very low premiums. It also gives the assured the option to convert to other types of life products available when desired, for this policy does not give consideration to the investment element.
To enable us arrange for this type of policy for an assured we require the following information:
a) Age of the proposer
b) Occupation
c) Habits and games the assured is involved in.
d) Health history
e) Family history of the proposer
Whole Life Assurance Policy -
This policy is designed to pay a benefit to the beneficiary of the life assured in the event of death whenever it occurs, it is a permanent contract not limited to an expiry date like in case of the term assurance policy as above. This policy has an investment element and could be used as security for a loan, either from a life office or any other lender.
To enable us arrange for this policy for an assured same requirements as in 15 above is required.
Endowment Assurance Policy -
This policy is designed to pay a benefit that contains a term assurance benefit and an investment package. The sum assured is payable on a fixed date (the maturity date) or on the life assured's (earlier) death. This policy could be used to pay for school fees or to provide for future investment.
