Fire & Special Perils Insurance

The risks covered here are loss or damage to the insured property caused by fire, lightning, malicious damage, explosion, flood, bursting and overflowing of tanks, pipes and apparatus, riot, strikes and civil commotion, storm and tempest, aerial devices, aircraft, horses, cattle and impact damage, earthquake, tornado, tempest and bush fire.

 COMPREHENSIVE AUTOMOBILE INSURANCE (Motor Insurance)

Covers A standard comprehensive motor insurance grants the following covers: Section I It provides indemnity against loss of or damage to the insured vehicles occasioned by:

• Fire;
• Theft;
• Accidental damage and
• Malicious act.

Section II Legal liability to third parties arising from the use of the vehicle(s): 2.1 bodily injury - Unlimited but reasonable 2.2 property damage - Limited to N1,000,000.00 Legal costs and expenses incurred with the insurer’s consent.

Group Life Insurance

The pension reform Act of 2004 stipulates that every employer of labour having at least five employees must put in place a Group Life Assurance policy. The policy covers death to employees arising out of any cause whatsoever. The minimum benefit payable to beneficiaries under the policy as stipulated by the law is three (3) times the annual total emolument of the employee following death, either through accident or natural means/any cause.

Marine, Aviation & Hull Insurance

This policy covers all forms of risks to your vessels. The insured risks include perils of the sea and other navigable waters, fire and explosion, theft, accidents, jettison, piracy, earthquake, accidents in loading, discharging or shifting cargo or fuel. Possible liability to third parties are also covered.

Burglary & House Breaking

The Policy provides cover against loss or damage to your premises and the contents as a result of forcible entry or exit from the premises. The cover provided is theft of insured items by “forcible and violent entry into or exit from the premises” and through ordinary threat of violence.

The cover assures you of the replacement of the valuable contents of your house such as generating sets, television sets, safes, lamps, air conditioners etc where they are lost or damaged in the event of burglary or any attempts of same.

The items to be covered under the policy are as follows:

• Office contents of every description in your head office and any other locations.
• Removable parts and various accessories of generating set of every description.
• Stocks in trade including raw materials, work in progress and finished goods

Because the theft of the entire content looks remote and the entire generating set cannot be stolen, the cover under the policy is better be on First Loss Basis where the first loss limit will represent the maximum liability of insurers in case of any claim.