PROPERTYINSURANCE


Our general insurance services includes but not limited to the followings:

Fire/Extraneous Perils Insurance


Scope of Cover: The policy will provide indemnity for loss or damage to any of the properties insured resulting from fire, lightning, and the extraneous perils of tornado, flood, earthquake, explosion, riot, and strike, malicious damage, impact, aircraft damage, bursting and overflowing of water tanks, pipes and apparatus, bush fire.

It will cover all your assets, movable and immovable except Motor vehicles and Motorcycles.

Subject Matter: On your various properties or properties held in trust or on commission situate anywhere in Nigeria.

Discounts:  We will negotiate various discounts with the insurers to ensure you pay the minimum possible premium for the most comprehensive cover. These discounts includes Long Term Agreement Discount, Fire Extinguishing Appliance Discount and  Sprinkler Installation discount

Extensions: We recommend the following extensions to your Fire policy at no additional cost to you; Reinstatement Value Condition, Architects’, Surveyors’, Consultants’, Legal and Other Fees Clause, Temporary Removal Clause, Removal of Debris Clause, Property Acquisition Clause, All Other Contents Clause, Local authorities reinstatement Clause

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BURGLARY/HOUSEBREAKING INSURANCE


Scope of Cover:  The policy will provide indemnity for loss or damage to the insured properties resulting from theft accompanied by actual forcible and violent breaking in or out of the premises or any attempt thereat or if there should arise any damage to the premises falling to be borne by you and which shall be due to any such theft or attempt thereat.

Subject Matter: On your various property or properties held in trust or on commission contained in your premises situate anywhere in Nigeria.

Discounts: Five -Year Long Term Agreement Discount.

Extensions: All other contents clause.

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GOODS-IN-TRANSIT INSURANCE


Scope of Cover: This policy will provide indemnity for loss or damage to Goods-in-Transit resulting from accidental collision or overturning of the conveying vehicles, fire, theft, riot and strike, loading and unloading risks.

Subject Matter: On various plants, machinery, equipment, and spare parts in transit anywhere in Nigeria.

Remarks: This Insurance will be on declaration basis and you have to submit at the end of each insurance period, the total value of Goods-in-Transit for premium adjustment purposes. If the actual premium earned is higher than the provisional premium paid, you will be required to pay an additional premium while a refund will be given if otherwise, subject to a maximum return premium of 25% of the provisional premium paid.

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FIDELITY GUARANTEE INSURANCE


All Insurances covering loss by theft or burglary of property or cash exclude loss in which any of your employees is involved as principal or accessory. We recommend that you take out this Insurance to cover the infidelity of your staff that is in key positions with valuable items and large sums of money entrusted to their care.

The sums insured for each person would represent the total amount you think such a person can be responsible for at any given time or the maximum amount or value of goods which you feel any such individual can easily embezzle.

Defalcation by staff, even trusted ones has been known to occur and we therefore think you should avail yourselves of this protection.

Remarks:  Character Reference Clause: Kindly ensure that all employees to be insured under this policy have, at least, two satisfactory character references at the time of being employed. Whoever is to handle goods or money should be someone whose previous employers can vouch for. This is in compliance with the policy condition which stipulates that a minimum of two certified character references should be obtained prior to confirmation of the employee.

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PLANTS ALL RISKS INSURANCE


Scope of Cover: Loss or damage to the Plants insured including parts of the Plants as a result of fire, lightning, explosion, extinguishing of a fire or subsequent demolition, aircraft or other aerial devices or articles dropped there-from, collapse of buildings, flood, inundation, escape of water from water containing apparatus, earthquake, subsidence, landslide, avalanche, hurricane cyclone, volcanic eruption or similar natural catastrophes, theft or any attempt thereat of a complete item of machinery, impact or collision with anything external to the item of machinery in which such parts are incorporated.

Exceptions: The policy does not cover:

  1. Mechanical or Electrical failure or overheating of the machinery.
  2. Testing involving the imposition of abnormal conditions, intentional overloading or experiments.

Extensions: The policy can be extended to cover breakdown of any of the machineries insured with the exception of replacing parts during routine maintenance.

Subject Matter: We recommend that your generating plants, heavy equipments in the open and mobile plants be insured under this policy. Please let us have a list of such equipments and their corresponding values.

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MOTOR INSURANCE


Insurance on vehicles are classified according to their use.  We however recommend that all your vehicles should be insured on comprehensive basis.

Scope of  Cover: The policy will cover loss or damage to the insured vehicles from accidental collision or overturning, fire, theft, malicious damage, whilst in transit including the process of malicious damage, whilst in transit including the process of loading and unloading incidental to such transit by road, rail, inland water way, lifts or elevators, loss or damage to third party properties including medical expenses(subject to policy limit) of owner, driver or any occupant of the motor vehicle as a direct and immediate result of an accident to the vehicles.

Extensions:

Riot and Strike:  Motor policies do not provide any indemnity for loss or damage to the vehicles insured as a result of Riot and Strike.  This extension can be granted at an additional premium of 0.5% of the insured value.

Tornado and Flood:  Cover is also not granted for loss or damage to vehicles caused by the extraneous perils of flood and tornado.  This extension can also be granted at an addition premium of 0.5% of the insured value.

Remarks: We recommend that all vehicles should be insured on their replacement values so that you can be reasonably reimbursed in the event of a claim.

We intend to negotiate a high fleet discount with the insurers on your entire motor portfolio.  A fleet discount has two main advantages:

  1. Immediately a vehicle is added to the schedule of the policy, it enjoys this discount without having to wait for one year as in the case of no claim Discount.
  2. In the event of a claim, your vehicle involved in an accident will not lose its discount; come renewal as in the case of No Claim Discount.
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ELECTRONIC EQUIPMENTS INSURANCE


We recommend that all equipments with memory and computers should be insured under this policy, more so when breakdown is covered whereas same is not covered under the Fire and Burglary policies.

Scope of Cover: The policy will cover loss or damage to the insured equipments from accidental causes, impact, water damage, malicious damage, damage due to negligence or carelessness, theft and damage done by thieves, fire, lightning, flood, riot and strike, aircraft.

Extension: The policy will be extended to cover electrical or mechanical breakdown.

Exclusion: The policy will not cover subsidence, landslide, and derangement unless accompanied by damage otherwise covered, wear and tear, and gradual deterioration due to atmospheric conditions, rust, corrosion or oxidation.

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HOUSEHOLDERS COMPREHENSIVE INSURANCE


As an incentive to Senior Management Staff, many organizations provide them with furnished accommodation.  The contents of such accommodation and their (Management Staff) personal effect is the subject matter of this Insurance.

Scope of Cover: The policy covers fire and the extraneous perils of tornado, flood, explosion, earthquake, riot and strike, malicious damage, aircraft, impact, bursting and overflowing of water tanks, pipes and other apparatus, bush fire, burglary and larceny (theft either through forcible and violent breaking into or out of the premises or not, including collusion of domestic servants).

Subject Matter: On household furniture, furnishings, fixtures, fittings, equipments of all description including personal effect.

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