General Accident Insurance

This policy provides cover against consequential or indirect losses such decreased sales, which arise from damage to an insured property. Consequential loss policies help to mitigate indirect risks arising from mishaps, and are generally sold in conjunction with regular policies that insure properties against fire, theft, and other forms of damage or destruction.

This is usually a package policy having different sections as may be required by the insured. Each section is however rated individually and all premiums summed up to arrive at a single premium for the policy.

This is usually a package policy having different sections as may be required by the insured. Each section is however rated individually and all premiums summed up to arrive at a single premium for the policy.

The policy covers all the perils of Fire and Burglary as indicated and    also covers the following properties/perils:-

1. Surrounding Facilities
2. Cost of renting alternative accommodation  during repair of damage to buildings.
3. Fire Brigade Service charges.
4. Removal of Debris.
5. Architects, Surveyors and Consulting Engineers fees.
6. All Risks Cover on items of high values.(Jewelries, ornaments, precious stones and works of art to be rated separately)
7. Contents temporarily removed for repairs.
8. Personal Liability to Third Parties.
9. Public Liability for Damage to Third Party and Public Properties.
10. Additional Living Expenses in event of damage to buildings.
11. Compensation for Death of the Insured and his/her family members.
12. Personal Accident Cover for Domestic Servants.
13. Breakage of Mirror and Glass.
14. Cover for Household Staff Goods.

This product is specifically designed to protect household goods of various descriptions of those residing in a building not owned by them against the following perils:

1. Fire and all the Allied Perils stated under Fire Policy;
2. Theft or attempt thereof or as stated under Burglary Policy
3. All Risks cover for specific items like cameras, binoculars, wrist watches, gold and trinkets and eye glasses
4. Personal Liability Cover for 3rd party injury or property damage following attack by pets or injury for defective structures.
5. Public Liability Cover for loss or damage to properties held by the public at large.

This policy covers the legal liabilities of an owner or occupier of premises in respect of loss of or damage to property or bodily injury or death suffered by any user of the premises and third parties against the hazards of collapse, fire, earthquake, storm and flood.

This insurance provides cover for all types of vehicles including private cars, commercial vehicles and motor cycles. It covers liabilities to third parties for injuries sustained and damage to third party properties following an accident.

• Third Party Liability for death or bodily injury.
• Fire damage
• Theft/Loss of the vehicle.

• Damage or loss to the vehicle arising from accident or overturning of the vehicle-either in alone or multiple accidents.
• Theft or Fire
• Medical expenses for the official occupants of the vehicle.
• Towing expenses
• Third Party Liability Cover for death or bodily injury
• Third Party Property Damage
• Loss or damage following riot, strike or civil commotion and flood.

It provides indemnity for loss of or damage to properties resulting from theft or attempt thereat following visible and violent entry or exit from the premises.

It also covers damage to building or property in the bid to effect entry or exit in connection with burglary or theft.

This policy provides cover for bodily injury (permanent or temporary) caused solely and directly by accidental, violent and visible means on 24 hours basis anywhere in the world.  Compensation is equally provided where such accident results in death or hospitalization.

Under the Workmen’s Compensation (Decree 17, 1987) all employees of a company are deemed covered irrespective of position, and medical expenses are unlimited.  The workmen compensation covers the employees only during working hours against Death, P.T.D., T.T.D and unlimited Medical Expenses (but subject to expenses incurred being reasonable with underwriter’s prior consent).

Product Liability Insurance is a form of general liability insurance meant to protect the insured from financial and legal consequences as a result of bodily injury or property damage due to the use of their business’s sold goods or products. It covers the legal and court costs of defending any claims of bodily injury, property damage, or financial losses caused by the insured’s product.

A General Public Liability policy protects the insured in respect of his Legal Liability to Third Parties for both bodily injury, death and for any loss or damage to property.

The policy indemnifies the insured against legal liabilities that may arise by reason of any neglect, error or omission committed in a professional capacity by the person insured or by any partner, director, persons who may be in his employment.

The policy also takes care of all costs, charges and expenses required to contest the case and all other expenses made with the consent of the Insurers.

This is the only policy that provides Compensation to an employer against the dishonest acts of his employees for money or stock, e.g. Cashiers, Accountants, Store Keepers, Stock brokers, Salesmen and so on.

This policy protects the owner or occupier of the building against legal liabilities for bodily injury, death and loss/damage of property suffered by any user of the premises and third parties, as a result of fire, collapse, storm, earthquake, storm, flood or any allied peril.

It also covers legal costs which are recoverable from the insured by claimants, and costs and expenses incurred by the insured.

This is a policy that provides cover against your legal liability to pay compensation for injury or damage to property caused to a third party in connection to your business. For example, if a customer slips and trips while on your business premises.

This is a policy that provides cover for the personal assets of corporate directors and officers, and their spouses, in the event they are personally sued by employees, vendors, competitors, investors, customers, or other parties, for actual or alleged wrongful acts in managing a company.

Cash-In-Transit policy provides compensation for loss of money belonging to the insured or for which the insured is responsible, occurring;

1. whilst in Transit from or to the bank.
2. whilst in the safe – the safe maybe broken into and the cash stolen.
3. whilst in personal custody or possession of responsible officials like cashiers, Accountant or Managing Director.
4. damage to the safe.

This policy provides protection for items and personal belongings that are of high value in nature and movable like Jewelries, Paintings, Cameras, Laptops, Computers, Wrist Watches etc.

It provides protection beyond the normal scope of Fire and Burglary as loss arising from accidents, larceny, infidelity and cover extends while the property insured is in transit and from one place to another, and whilst temporarily housed.

All Risk cover is a worldwide cover as any loss /damage to the insured item anywhere around the world is covered unless it is specifically restricted to a particular geographical location. All Risk does not mean that all losses are covered as there are specific exclusions in the policy.

This is usually a package policy having different sections as may be required by the insured. Each section is however rated individually and all premiums summed up to arrive at a single premium for the policy.

This product provides for loss or damage to goods whilst in Transit or during loading or unloading under two types of cover.

• Restricted Cover

Fire

Accidental Damage caused by collision or overturning of the carrying vehicle(s). Theft by violence or any attempt thereat.

• All Risks Cover

Covering the properties independent of whatever happens to the conveying vehicle.

Section 64 of Insurance Act 2003 stipulates that for buildings under construction, every owner or contractor of any building under construction with more than two floors must take an insurance policy to cover liability against construction risks caused by his negligence or that of his servants, agents or consultants which may result in death, bodily injury or property damage to workers on site or members of the public. This insurance policy also covers liability for collapse of buildings under construction.

This is an Insurance policy that provides compensation for loss or damage to the contract works, the Plant and Equipment at sites and also for the legal liability arising there from.

The insurance Policy protect the following aspect of contract activities:

• Contract work itself e.g. the buildings, roads etc.
• Plant and Machinery on site.
• Debris Removal
• Professional fees
• Public Liability
• Third Party Property Damage.

This class of Insurance is normally taken by corporate organisation when there is a need for them to erect Plant and Machinery. It provides compensation for loss or damage resulting from the installation/Erection of Plant and Machinery.

This covers sudden and unforeseen physical loss or damage, necessitating repairs or replacement to the Insured Machinery. The Machinery are protected against the following risks:

• maladjustment
• faulty designs
• misalignment
• loosening of parts
• abnormal stresses
• fatigue failure of protective devices
• entry of foreign objects
• impact
• collision
• shortage of water in steam boilers or pressure vessels and self-heating.

This policy covers damage to computers, media, and data. The cover includes damage caused by electrical disturbances, mechanical breakdown, and temperature and humidity changes, computer virus and computer hacking.

This type of insurance covers damage to goods stored in specified cold storage spaces, which occurs as a result of a change in temperature caused by a breakdown of the refrigeration equipment or accidental damage to it.

This provides covers for unforeseen and sudden physical loss of or damage to the insured items, necessitating their repair or replacement whether the insured items are;

1. at work or at rest
2. being dismantled for cleaning or overhauling
3. Or whilst being cleaned or overhauled.

It provides cover for the loss of gross profits sustained as a result of a business interruption caused by material damage indemnifiable under Machinery Breakdown insurance.

The policy compensates for:-

• Loss of Gross Profit.
• The continuing business expenses (standing charges) including the salaries and wages paid to employees.
• The increase in cost of working, i.e. the additional expenditure necessarily and reasonably incurred for avoiding or diminishing a reduction in turnover.

A bid or tender bond is a form of guarantee to the Project owner or contract awarding Agency that the Contractor will meet the terms of the bid and is capable of accomplishing the awarded contract once selected during the bidding process.

This form of bond is usually required by contract employers from Contractor either as requisite conditions to the contract or after winning a bid process.  The performance bond is meant to ensure the payment of a defaulted sum in the event that the contractor fails in the full performance of the contract.

This type of guarantee is required by employers where an initial mobilization or advance is being made to a contractor to commence an awarded contract.  Usually, the amount is the percentage agreed to the total contract sum which is to be paid as down payment for contractor mobilization.

This is a form of guarantee for lost share certificates, bonus issues, e.t.c. which were lost, destroyed or not received by the shareholders.  On application to the Registrars for a re-issue, they are requested to have the share indemnity form signed and sealed by an Insurer or a bank.

Customs bond is usually a guarantee which is given by an Insurer to the Customs & Excise board with respect to the payment of duties on imported goods which enable the customs to allow the clearance of the goods while the duty will be paid on a later date.  Regular importers who are not able to pay for duties at once can be asked to obtain a custom bond to allow their goods released while they will make payment from sale of the imported goods.

This bond is basically a formality requirement by the Federal Ministry of Labour & Productivity from all companies that apply for the issuance of Recruiter’s license that will allow them supply human capital to their clients.  Where a company is involved in recruitment of staff as an outsourced firm, they are required to obtain the Recruiter’s license from the ministry, which in turn requires this bond as comfort prior to issuing the license.