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Fire & Special Perils

this policy provides cover against damage or destruction to buildings and/or assets of every description itemized in the schedule of the policy occasioned by direct fire, storm, tempest, flood and tornado, explosion, aircraft, lightning, bush-fire, malicious damage, earthquake, or volcanic eruption, overflowing of water tanks, pipes or apparatus, riot, strikers, lock-out workers, impact by any road vehicle or animal.

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Consequential Loss

fire damage results in the stoppage of business activities in most cases. While this lasted, there are some bills that will continue to run whether business activities continue or not. Such bills as staff salaries/wages, electricity bills, rent, and rates, etc.
This policy is in place and will take care of the aforementioned bills during the period of business closure and reconstruction up to the period covered. The items of cover and the amount to be insured will be provided by your company and premium determination is based on the value.

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Money Insurance
The movement of cash from your office to the bank and vice versa or salaries to distant work sites and vice versa are covered by this policy. Also, cash in safe after working hours and cash out of safe or in personal custody during working hours are also covered by the policy. Premium determination is dependent on the limit per carrying which culminates in the estimated annual carrying.
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Motor Insurance

There are three major types of cover afforded by this policy namely – Comprehensive, Third Party Fire & Theft, and Third Party only.

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Marine Hull

marine vessels such as flying boats, barges, yacht, ship, houseboat, etc are covered under this policy against all risks i.e. fire, damage, theft, accidental damage, sinking, and third party liabilities. The premium determination is based on the value of the vessel(s).

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Plant All Risks

This policy provides cover against loss or damage to any earth-moving equipment and/or plants listed in the policy schedule caused by fire, accidental damage, theft, or burglary. It is extended to cover road risks, third-party liabilities, and machinery breakdown.

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Public Liability

this policy grants indemnity in respect of your legal liability in respect of accidental bodily injury or death to third parties other than your employees or damage to third-party properties other than properties belonging to you or for which you are responsible, caused by your negligence or that of anyone whose acts you are responsible or through defects in your buildings, machinery and ways of works. The premium is determined by the total annual turnover and there is always a limit of liability.

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Marine Hull

marine vessels such as flying boats, barges, yacht, ship, houseboat, etc are covered under this policy against all risks i.e. fire, damage, theft, accidental damage, sinking, and third party liabilities. The premium determination is based on the value of the vessel(s).

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Plant All Risks

This policy provides cover against loss or damage to any earth-moving equipment and/or plants listed in the policy schedule caused by fire, accidental damage, theft, or burglary. It is extended to cover road risks, third-party liabilities, and machinery breakdown.

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Group Life Assurance

This is one of the compulsory insurance policies that the 2004 pension reform act – section 9(3) stipulates that every employer of labor with a minimum number of five (5) employees is expected to maintain life assurance policy in favor of the employees for a minimum of three times annual total emolument of the employee.

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Fidelity Guarantee
This policy covers fraud, dishonesty, and theft by the specified number of staff covered in the policy schedule whose duties involve the handling of cash and/or other cash-related instruments. Apart from the insured named staff, any fraud by other staff not mentioned in the policy or snatching of money from the insured staff by unknown thief or thieves are not covered. To incept policy cover, you will supply the names of staff to be covered and limit of amounts to be covered per staff. The premium payable is dependent upon the amount of guarantee.
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Goods In Transit

As the name implies, the policy provides cover on goods carried by your own vehicles or hired vehicles against any loss or damage consequent upon accident or dispossession of the goods with the conveying vehicle by violent means on the driver and accompanying personnel by unknown persons while in transit from one location to another and vice versa. The policy will be subject to a limit per carrying which will cumulate to estimated annual carrying from where the annual premium will be determined.

Energy Insurance (Oil and Gas Exploration Risks

This is a vital cover to your establishment. This cover concerns the oil companies and their contractors generally referred to “Oil Servicing Companies”. They need to ensure that their exposures in respect of damage to or loss of their property are adequately covered. The assets can be in form of the following: Offshore exploration units, offshore platforms/pipelines, and Land rigs. The policy will provide any form of damage or loss to any of the items or components thereof. The value of each unit or combination of the units will be used to determine the premium.

Burglary and Housebreaking

this policy provides cover against robbery occasioned by forcible entry and the actual removal of items covered by the within policy. When this happens, the insurers will replace the items and/or pay the equivalent cost in cash. They will in addition repair or replace damaged doors, drawers, or walls of the premises so damaged or destroyed during the robbery operation. The total value of the insurable items will constitute the sums insured and premium computation is always based on the total sum insured.

Contractors’ and Erection All Risks

This insurance provides an all risks cover. Every hazard associated with contract works and erection of structures is covered which is not specifically excluded in the policy. This means that any sudden and unforeseen loss or damage occurring during the period of insurance to the property at the building site will be indemnified. The policy is extended to provide cover against third-party claims in respect of property damage, bodily injury, or death arising in connection with the execution of a contract. The EAR which is engineering in nature covers test-run which is not under CAR while CAR covers the civil work of the construction.

Employer’s Liability

This policy is designed to cover your legal liability to your workers who may sustain an injury that may lead to permanent disability in the course of discharge of their legitimate duties. When an injury occurs, the staff will seize to be productive while receiving treatment and salaries will be paid. The insurer will refund all salaries paid for the period of incapacity, medical expenses and if there is any permanent disability, an award will be given. The premium computation is based on the estimated total annual earnings of the insured employees.

Marine Cargo

importation of goods and other items requires insurance cover to protect the terms while in transit by sea. The policy covers any form of damage or loss, short-landing, and discrepancy. There are two classes of cover: Clauses ‘A’ and Clauses ‘C’. Clauses ‘A’ cover all risks both total and partial loss or damage and the policy can be extended to include haulage by road from the port of discharge to the insured’s warehouse. Clauses ‘C’ provides cover only when the total consignment with the conveying vessel is submerged. The premium payable depends on the total value of the consignment.

F.A.Q.

What is mean by ‘insurance coverage’?

The term ‘insurance coverage’ means, when an individual takes an insurance policy the insured will be covered by an insurance company for a specific amount for themselves or the things that he had taken the insurance policy, for which he would be paying premiums to the insurance company. The insurance company will pay the insured in case of damage or claims made by the insured according to their ‘insurance coverage’. 

What is no-claim bonus?
No claim bonus is a benefit for those who have not claimed insurance during the preceding year of cover. This will lower the premium in the following year.
How to claim the policy?
In order to claim the policy, you have to fill up the claim form and contact your financial advisor from whom you have bought the policy. You have to supplement all the required documents like original payment receipt to your insurance company. If everything is ok, you will be paid within seven days of the policy claimed.
What is the difference between “revocable beneficiary” and “irrevocable beneficiary”?

‘Revocable beneficiary’ designation gives right to the policy holder to change the beneficiary name without the consent of the named beneficiary. While in ‘Irrevocable beneficiary’ the policy holder has to take consent of the beneficiary before the name is changed. 

Is it advisable to replace the policy with another policy?
If it is not a long duration that you have bought the policy, then you can replace the policy. But in other case it is not advisable as you will lose all the benefits of the previous policy also the premium will go high as you go older. Also, the two-year period of contestability will also begin again.
What do you mean by ‘Additional Insured’?
‘Additional Insured’ is the status associated mainly with property insurance and liability insurance. The additional insured will be protected under the main policyholder. For example, a vehicle insurance policy covers all the members of the family and not only the owner.

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