General Accident
All Risk Insurance
All Risks Insurance policy provides cover against loss of, or accidental loss of or damage to the insured items caused by all perils except for those specifically excluded. The policy is most suitable for personal valuable items and/or commercial non-heavy equipment moved frequently from one place to another e.g. portable computers, field work equipment, mobile phones, cameras, painting, jewelry etc The cover is not restricted to particular premises or location where the items are kept but is operative within the specified geographical limit
Goods -in-Transit Insurance (GIT)
This policy provides covers for loss or damage to the insured goods caused by accident a theft, fire, impact or overturning of the conveying vehicle whilst in transit by road , air , rail or inland waterway or in the course of loading or unloading or whilst temporarily housed in course of transit anywhere in Nigeria.
Types of Cover
(A) Restricted Cover – This covers only loss or damage resulting from accidental collision or overturning of the conveying vehicle. Under this arrangement, loss of or damage to goods which is not as a result of an accidental damage (collision or overturning) to the conveying vehicle is not covered.
(B) All Risk Cover – This type of arrangement provides cover against loss or damage by fire, accident, theft or pilfering while the goods are being loaded on to or unloaded from the conveying vehicle, and while temporarily stored during transit.
GIT INSURANCE Policies can be arranged in following ways:
(A) Single Transit; this is a one-off arrangement. The proposer gives the description and value of goods to be carried as well as details/particulars of the conveying vehicle. The period of the transit is also stated. As soon as the goods reaches the specified destination, cover terminates irrespective of the expiry date of the state period.
(B) Open Cover (Annual Basis); Under this arrangement, the proposer gives full description of goods stating the Estimated Annual Carrying (EAC) as well as the Limit Any One Carrying (LAOC). The LAOC is the monetary value of goods the insured intends to carry per transit. It represents the maximum liability of the underwriters in the event of a loss. The EAC is gotten by multiplying the LAOC by the number of times the transit is expected to be made per annum.
We require:
- The nature of goods
- The mode of conveyance by road, rail, air or inland water ways.
- The distance to be covered.
- The type of vehicles to be used and whether owned or hired.
- The carriage contract or Hire Agreement.
- Limit per carriage
- The estimated annual carrying.
Burglary Insurance
This class of Insurance provides compensation for Loss or Damage to the properties insured as a result of theft or any attempted theft accompanied by violent and forcible breaking into or exit from the premises. Cover however, extends to damage(s) to the building in an attempt to carry out the theft.
All costs are recoverable, including the cost of repairing damage to the insured properties as a result of burglary or attempted burglary provided the operation is accompanied by violent / forcible entry into or exit from insured premises.
The property covered by this policy are usually the content of the building within the insured premises such as furniture, fixtures and fittings, equipment and electronics, personal effects, generators etc.
You can buy this insurance for both Private and Business premises.
Fidelity Guarantee
This policy provides compensation to an employer against the dishonesty, fraudulent, embezzlement acts of his employees for Money or Stock. Such employees are Cashiers, Accountants, Storekeepers and so on.
Cover could be arranged in any of the following two ways:
- Individual Basis – Named basis
- Blanket/Umbrella Basis – for certain category of staff or all employees
You will be required to give the maximum amount of money you will entrust in the custody of your principal employees e.g. Accountants, Cashiers, Supervisors, etc.
- Your limit of exposure anyone loss
- Aggregate limit (i.e limit anyone period of insurance)
Public Liability
This policy indemnify the insured against is legal liability to third parties for personal injury by accident and/or damage to their properties arising from the insured’s business operations carried out in the premises.
The policy cover all sums that the insured shall become legally liable to pay as damages following:-
- Accidental death of or bodily injury to any person.
- Accidental loss of or damage to property not belonging to the company or member of its staff, and not being in charge or under the control of the company or a person acting it’s behalf.
- Legal cost recoverable by any claimant from the insured company
- Cost and expenses incurred prior consent of the insurer in connection with the insured’s business
Professional Indemnity
This policy protects 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 or person who may be in the insured’s employment.
Many professions are required to have PI insurance cover as a regulatory requirement or as part of their professional authorization. These include engineers, solicitors, accountants, architects, insurance brokers and financial advisers.
The policy covers all costs, legal charges and expenses required to prosecute the cases brought against Professionals in the course of discharging their professional duties.
Money Insurance
This policy is design to indemnify the Insured against all risks of loss of money whilst in transit, cash in premises as a result of theft accompanied by violence by any person, cash in personal custody and cash in safe/ counter, loss of or damage to safes and strong room resulting from theft of money or any attempt threat during business hours/out of business hours.
Directors and Officers Liability
Directors and Officers insurance policies offer liability cover for company managers to protect them from claims which may arise from the decisions and actions taken within the scope of their regular duties.
Directors and Officers (D&O) Liability Insurance — This policy is design to cover the directors and officers for claims made against them while serving on a board of directors and/or as an officer. D&O liability insurance can be written to cover the directors and officers of for-profit businesses, privately held firms, not-for-profit organizations, and educational institutions.
Group Personal Accident
Group personal accident policy is a benefit policy that provides for Death , permanent temporary disability benefits and medical expenses to employees as a result of accident as a result of violent, visible and external means. It is designed to improve the welfare of employees as well as reduce the financial strain on the organization in the event of accident, death or bodily injury to a member of staff.
The policy also provides cover on 24-hours basis .
Death Benefits: (100% of Benefit selected)
This ensures the payment of capital sum to the employees in the event of accidental death. The death or bodily injury must occur within 12 months and the injury/ accident must be directly responsible for the death of the insured.
Permanent Total Disablement:
Benefits ensure the payment of a permanent disability award in the event of an accident which prevent the insured from attending to the duties of his usual business and loss of ability to earn income (loss of both eyes or two limbs ) .
Temporary Total Disablement:
This is a bodily injury, which will directly prevent the insured from attending to his business or occupation for a considerable time. It ensures payment of weekly benefit to employees during the period of incapacity.
Builders Liability
This a compulsory Insurance by Law and it covers all buildings under construction with more than two floors against all construction risks resulting from the Builder’s negligence or the negligence of the Builder’s workers, agents or consultants which negligence may result in bodily injury or loss of life or damage to the property.
This policy provides indemnity against Legal liability of the insured as damages and legal cost and expenses in respect of construction risk caused by Negligence, Error, Omission or Commission resulting into:
- Death bodily injury to or illness of employees or workmen of the contractor(s) or the Principal or any other firm connected with the contract work or members of their families at the constructive site
- Accidental bodily injury or illness (whether fatal or not) to third parties at the site;
- Accidental loss or damage to property belonging to third parties occurring in direct connection with the performance of the contract happening on or in the immediate vicinity of the Contract Site.
- Legal costs and expenses incurred with the written consent of the Company.
Professional Healthcare Insurance
This a compulsory Insurance by Law and it covers all Health Care Providers in Nigeria (Hospitals, Clinics, Doctors Nurses Dentist etc). This policy provides indemnity for the insured as damages and legal cost and expenses arising from legal liability to clients and third parties for breach of contract or the duty to render the standard of service for which the professional has been hired resulting in death, disability or injury by shock involving the physicians the medical Centre, medical institution, medical professionals including ancillary services like nursing, therapy, laboratory, investigations and vicarious liability arising specifically from:
Negligence (Failure of a practitioner to exercise the required standard of care for the protection of his/her patient)
Errors (Healthcare interventions not carried out as they ought to have been)
Mistakes (Errors in the judgment or the understanding of a diagnosis).
Omissions (Oversights in the clinical management of a patient).
Occupiers Liability
The Law describes “Public building” to include any tenement house, hostel, a building occupied by a tenant, lodger or licensee and any building to which members of the public have access for the purpose of obtaining educational or medical service, or for the purpose of recreation or transaction of business.
This policy provides indemnity against Legal liability of the insured arising from ownership, maintenance or use of the designated premises, including the right of ways immediately adjoining the premises or buildings resulting into death bodily injury or property damage sustained on or around the premises by any user or member of the public.
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