FIRE INSURANCE
The standard fire policy covers damage to property caused by fire,
lightning or explosion, where this explosion is brought about
by gas or boilers not used for any industrial purpose.
This basic fire policy is limited in its scope.
The following important perils known as special perils can be
added for adequate protection of your assets at very reasonable
cost:
* Storm, impact or flood
* Burst Pipes, earthquake, aircraft
* Riot, civil commotion
* Malicious damage
* Explosion
* Impact.
HOUSEHOLDERS INSURANCE
This policy is specifically designed to cover the contents of
residential accommodation which your company may either own or
rent. This is especially required for the company's rented and
furnished apartments of top management staff of your company.
This form of policy can be arranged, in addition to the basic
perils of fire mentioned above, to provide cover against damage
caused by collapse of television aerials, leakage of heating system
and the breakage of underground water pipes, sanitary fittings
and many more risks. If you select to adopt this form of protection,
your policy would cover all company owned furniture, household
effects and other contents against, Fire, Burglary and a wide
range of other perils including your legal liability as tenants.
Applicable Rate - .85%
BURGLARY HOUSEBREAKING POLICY
This type of policy is designed to indemnify the insured against
loss or damage resulting from theft or 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/Extraneous perils policy in with
the exception of Buildings and Loss of Rent.
Applicable Rate - .35%
Discount 7.5% LTA
GOODS-IN-TRANSIT
This form of protection is designed to provide for loss or damage
to goods in course of transit. The movement of goods may usually
be divided into two categories namely:
1) Imports and Exports by sea or by air usually
by a MARINE POLICY; and
2) Internal Movements by road, rail or inland
waterway usually covered by a GOODS IN TRANSIT POLICY.
MARINE CARGO INSURANCE
For marine shipments, we shall arrange broad policy cover, giving
regard to the
particular nature of cargo. All our cargo programmes are designed
to achieve a simple
structure integrated with our clients own administrative procedures.
Special
programmes are available for sensitive products that require them
such as fresh or
frozen produce, meat and fish shipments. In addition, the policy
can be (and in fact
should be) extended to include:
a) WAR CLAUSES
b) STRIKES, RIOTS AND CIVIL COMMOTION.
Apart from conventional marine cargo physical
damage Insurances we provide contingency, difference in conditions,
increased value and marine consequential loss and delayed start
up insurance.
MOTOR INSURANCE
The Nigerian Insurance Market offers a wide range of covers from
basic `Act' only insurance to full comprehensive as follows:-
‘Act’ Only Cover
This policy provides cover up to the basic requirement of the
Nigerian Road Traffic Act, i.e. it provides for liabilities which
you may incur for personal injury to Third Parties Only.
Third Party Only. This provides for liabilities which you may
incure for:
(a) Third Party
Personal Injury
(b) Third Party
Property Damage
Third Party, Fire & Theft. This extends the
basic third party policy to cover loss or damage to your own vehicle
caused by Fire and/or Theft.
Comprehensive. This goes beyond Third Party Fire and Theft insurance
to cover loss or damage to your own vehicle caused by accidental
collision or overturning.
Comprehensive cover is substantially more expensive than the lower
grades of but the entire burden is shifted to your insurers who
will make good the damage to your car even though a third party
may be responsible.
With restricted cover you yourselves must chase
up responsible third parties for repair costs. However, with older
cars, it is more economical to take restricted cover as in some
cases the comprehensive premium represents a high proportion of
the vehicles value.
PECUNIARY INSURANCE
MONEY INSURANCE/CASH-IN-TRANSIT
This type of policy is designed to provide cover against loss
of money through theft, fire and other causes; whilst in transit
or in locked safe. It can also be extended to include crossed
cheques and a very limited fidelity cover provided the loss involves
cash and is discovered within three working days.
FIDELITY GUARANTEE INSURANCE
This form of protection is designed to cover your company against
the financial consequences of dishonest acts by your employees
involving cash, accounting, stocks or stock control.
LIABILITY INSURANCE
PUBLIC LIABILITY INSURANCE
This important form of protection is designed to cover your company
against legal liabilities which you may incur from third parties
for:
(a) Death;
(b) Injury;
(c) Property Damage arising out of the negligence of your company
or your employees whilst they are engaged on your company's business.
We recommend the basic policy be extended to
include Liabilities arising out
of the following:
1. Fire, Explosion, Flood, Defective Sanitation
2. Water and Air Pollution
3. Lifts, Hoist, Cranes, Plant and the movement of unlicensed
vehicles off the public highway
4. The provision of food and drink
5. The administration of first aid
6. Riot and Strike
7. Car Parking Facilities
8. Work carried out away from your premises.
These can normally be added without additional
cost. In addition we strongly recommend you consider a Products
Liability extension which would afford you protection against
liabilities arising out of goods sold, supplied or manufactured
or from defective workmanship on the part of your employees.
EMPLOYEES/STAFF WELFARE POLICIES
WORKMEN'S COMPENSATION
This is a welfare policy made compulsory for all employers by
the Workmen's Compensation Degree of 1987. The degree has the
following provisions:
1. ALL EMPLOYEES are to be protected, including
casuals and non- Nigerians.
2. NO SALARY DIFFERENTIATION i.e. it includes
all employees whether earning more or less than N=1,600.
3. LEVELS OF COMPENSATION
(a) Death 42 months earnings
(b) P/Disablement 54 months earnings
(c) Temp. Total Disablement.
The benefit payable for 24 months is as follows:-
Full salary for the first 6 months; half salary
for the next three months, one quarter salary for the remaining
15 months period.
EARNING INCLUDE - Basic wages, Food, Fuel, Quarters.
Also overtime or other special Remuneration for work done, whether
by way of bonus or otherwise of a contract character or for work
habitually performed.
MEDICAL AND TRANSPORT EXPENSES
The Decree gives no limit and allows for "any reasonable
expenses incurred within or (with approval) outside Nigeria."
Employers.
liability under this item could be considerable
if the employee is seriously injured and where he has to go outside
Nigeria for treatment.
To enable us obtain a quotation please let us
have detail of estimated annual earnings under the following headings.
(Earnings have been defined by the Decree as Basic Wages, Food,
Fuel, Quarters, Overtime if of a regular nature, and other special
Remuneration including Bonus).
ESTIMATED
CATEGORY OCCUPATION NO. ANNUAL EARNINGS.
1. Clerical/Administration
2. Supervise/Light Manual Work
3. Manual Work/Engineers.
PERSONAL ACCIDENT INSURANCE
The object of this type of cover is to provide benefits to employees
who may be killed or injured at work or otherwise, whilst in the
service of the company as follows:-
Death. A fixed capital sum
