This type of policy is designed to indemnify the insured against loss or damage resulting from theft or attempted which is accompanied with actual forcible or violent entry into or out of the premises or any 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/Special Perils in 1.1 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.

This form of policy is tailored to the needs of individuals and can be taken out by corporate bodies for the benefit of specific employees especially the executive management. The policy’s scope of cover is very wide and it includes all the range of perils highlighted under the fire/Extraneous Perils policy above as well as loss or damage resulting from theft.

It also provides, as an option, a personal liability cover of up to 200,000. In respect of each individual whose property is covered under the policy. Items usually covered under the policy are as follows:

• Buildings
• Personal Effects
• Jewellery and Precious Articles

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 I above.

This policy is normally taken out 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
• Auditors 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 that is required to maintain some key staff pending resumption of business while the sum insured on Auditors Fees will represent charges that any firm of accountant will make in preparing the papers for an insurance claim

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 world – wide cover on 24 hours basis and benefits payable in respect of the Death and Permanent Disability are usually expressed as multiples of salaries.

Cover also extends to pay weekly benefits in the event of temporary total disability resulting from bodily injury to the insured person as well as certain allowance for expenses incurred on medical treatment as a result of accidental injury. Death or injury from natural causes is however not covered

This insurance deals with insurance cover on goods transported by Sea, Air and Land. 

We can classify marine insurance into two (a) marine cargo (b) marine hull

Marine Cargo refers to the cargo i.e the goods being carried by the vessels. In insurance cover, cargo includes the goods the freight, handling charges, port duties on goods and insurance and a possible 10% of the cost of cargo.

Marine Hull refers to the vessel itself (ship/boat or plane) the engine or machinery, the third party and crew/passenger liabilities

This insurance covers both the hull and its machinery against any unforeseen physical loss or damage, It can be extended to cover the third party bodily injury or death arising from the damage and also the crew and passengers liability up to the limit stated in the schedule of the policy with additional payment of premium.

These can be arranged into three sections:

Section I – Hull and machinery
Section II – Third Part Liability
Section III – Crew and Passengers Liability

This is a form of policy that protects an organization against loss of money or valuable stock as a result of dishonesty or fraudulent activities of employees. It is possible to grant cover on named basis , positions basis or on a blanket basis.

In any of these cases, the numbered of persons and the limit of guarantee on any one loss would be advised as well as the aggregate amount of guarantee in a given year. Once we have this information, we would be in a position to quote for premium payable.

This policy has a very wide scope of cover and is specifically tailored to suit protection of portable and valuable items such as jewellery, cameras, and mobile phones.

The attraction of the policy stems from the fact that cover will operate wherever the item is lost or damaged. The policy covers practically all risks with certain exclusions such as electrical derangement or defect

This is another type of All Risks Policy, which is designed to cover any fortuitous event that could result in the loss of cash while in the course of transit either to, or from the bank.

The cover will also operate while the money is on the premises of the insured and while in a securely locked safe. The policy can also be extended to cover cash in the personal custody of selected management staff.

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.

This policy covers 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 the movement either by road or rail and the cover will operate when the goods are being conveyed by owners vehicle o hired vehicles. Losses arising from Fire and Theft are covered under this policy.

Cover could be arrange either as All Risk or restricted depending on what the insured want.

The Workmen’s Compensation Decree of 1987 requires all employers of labour to take out this policy for the benefit of workers who may sustain injury resulting into death or disability in the course of their duties.

The scale of benefits stipulated by the decree for the death and permanent disability are 3.5 and 4.5 annual salary respectively while weekly benefits 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.

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 policy holder 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 various forms of cover under this policy is regulated by a statistical table of rate known as “tariff” which approved Government.

The Group Life also known as Death – in – service provides compensation for the deceased’s dependant, while the Pension scheme assists individuals to save for their retirement and also to ensure that every worker receives their retirement benefits as at when due