NEED INSURANCE ADVICE?

Ensuring your property is protected can be paramount to ensuring its longevity.
Your investment in your property, and its contents is protected and can be a key indicator of financial stability in the unfortunate case of significant damage.

We live in a very transient society, where employees can often come and leave in short periods of time. Often companies here hire new employees with little background on their previous experience.

By taking a Fidelity Guarantee policy you are ensuring your company is protected in the long term, regardless of which employees you bring on.

For more information on our Fidelity Guarantee Insurance, please don’t hesitate to get in touch.

Companies are required to pay compensation to their employees for any accident or injury at work, and hence Workmen’s Compensation is compulsory for all businesses in Nigeria. Moreover, Workmen’s Compensation is compulsory in most countries, and businesses are required to display a certificate of insurance at all their places of work.
Additionally, accidents are inevitable in any workplace, especially if the work involves manual labour on a day-to-day basis. By taking a Workmen’s Compensation policy you are ensuring that your company and its most valuable asset, your employees, are safeguarded against accidents and their effects.

For more information on our Workmen’s Compensation cover, please don’t hesitate to get in touch.

The policy could be effected to cover a specific project. It could equally be effected on open basis where all projects (falling within the previously agreed limits) are declared prior to commencement of such projects based on the prior declarations, premiums are then adjusted at the end of the policy period.

This policy is designed for use by contractors, or employers of contractors, where contract conditions do not require (compel) the contractor to insure.  It is usually divided into two major sections:

• Material Damage

    Contract Works

All risks of loss or damage to the whole of the contract works whether permanent or temporary including materials incorporated therein the property of the insured’s or for which they are responsible (but excluding contractors tools, plant and equipment) whilst on the site of work or in transit thereto.        

    Temporary Buildings

Temporary buildings meant for residential offices and stores together with their contents including contractors stock in warehouse, spare parts and tools, office furniture, fittings and equipment the properties of the insured’s or for which they are responsible whilst at the contract site or in transit thereto

• Third Party Liability

Legal liability to third parties for accidental bodily injury or death and/or damage to property including all costs incurred in defending claims for such compensation arising out of and in connection with the execution of the contract works.

Contrator’s All Risk/Erection All Risk Insurance is often demanded as part of an industry standard when entering into contracts.
Moreover, it safeguards your company against the natural risks that occur within construction or erection, and ensures you are protected against any potential liability.
For more information regarding Contractor’s All Risk or Erection All Risk Insurance, feel free to get in touch.

There are three main classes of cover offered in the Nigeria market. 

1.    COMPREHENSIVE COVER

This provides the maximum coverage possible.  It could be likened to the All Risks cover in respect of household or industrial properties.  It is however subject to a number of exclusions which tends to make the “Comprehensive” title a misnomer.

It, amongst others, affords indemnity in respect of theft, damage to own vehicle, third party liability for both bodily injury and property damage. 

2. THIRD PARTY ONLY

This provides a restricted cover in the sense that damage to own vehicle is excluded.  Only third party liability is covered.

3. THIRD PARTY FIRE & THEFT

This provides in addition to third party liabilities, cover against fire and theft loss to own vehicle.  Accidental damage to own vehicle is however excluded.

INTEREST

The interest to be protected under this class of insurance could be classified as follows:-

1. PRIVATE CARS

All private passenger cars including four wheel drive vehicles whether owned, leased, used in connection with the company operation or by officials of the company. Policy also covers third party property damage. 

2. COMMERCIAL VEHICLES (GOODS ONLY)

All goods carrying vehicles including Pick-up van(s) whether owned/leased, used in connection with the company’s operations.                                 

3. COMMERCIAL VEHICLE (OMNI – BUS)

            All passenger-carrying vehicles other than private cars.

4. COMMERCIAL VEHICLE (SPECIAL TYPE)

            Mobile cranes, Fork lifts, Refuellers, Hydrant servicer and the likes.                                  

5. MOTORCYCLES

We provide a tailor-made solution for every individual client. We carefully assess your needs, and do not over- or underinsure our clients. We ensure that you get value for money, with flexible payment options and affordable premiums.

For more information about our motor insurance cover, please don’t hesitate to get in touch.

The three most common bases of arranging marine cargo insurance are the following:

1.         Institute Cargo Clauses ‘A’

The cover is “all risks” of loss or damage to the subject matter insured except as stated below.  This is the widest cover available.

1.         Institute Cargo Clauses ‘B’

This covers loss or damage to the cargo insured reasonably attributable to fire or explosion, vessel or craft being grounded, stranded, sunk or capsized, overturning or derailment of land conveyance, conveyance, collision or contact of vessel or conveyance with any external object other than water, discharge of cargo at a port of distress, earthquake, volcanic eruption or lightening. 

1.         Institute Cargo Clause ‘C’

This covers loss or damage to the cargo insured reasonably attributable to fire or explosion, vessel or craft being stranded, grounded sunk or capsized, overturning or derailment of land conveyance, collision or contact of vessel or craft with any external object other than water and discharge of cargo at a port of distress. 

The policy will usually cover loss of or damage to goods whilst in transit (i.e. whilst actually on the vehicle or other means of transit), whilst the goods are being loaded onto or offloaded from the vehicle, and whilst the vehicle is temporarily garaged in the course of transit. There are two broad alternative bases of cover:

All Risks

This covers loss or damage caused by any accident or misfortune (all risks) to goods, unless resulting from a peril specifically excluded by the policy.

Restricted Cover

This will usually cover loss or damage to the goods arising from a limited range of perils, such as overturning or collision.

             Benefits                                                         Minimum

1. Death/Permanent Disablement                            4.5 times annual earnings
2. Temporary total disablement     

      per week (maximum of 104weeks)                   2% of annual earnings per week.

3.  Medical Expenses/                                                        Unlimited
4.  Reparation Expenses                                               N50,000  per capita or more.
5.  Transport, Burial , & other expenses                             Negotiable    

Our recommendation is anchored on the twin planks of cheap rates and wider scope of cover. As a matter of fact, there are some extensions under the combined cover as enunciated above which are not available under standalone workmen’s compensation or group personal accident policies. To cap it all, the combined cover also lends itself to easy administrations.

Companies are required to pay compensation to their employees for any accident or injury at work, and hence Workmen’s Compensation is compulsory for all businesses. By taking a Group Personal Accident policy, you not only meet that requirement but also present a significant attraction towards potential employees and staff retention.
By taking a Group Personal Accident policy you are ensuring that your company and its most valuable asset, your employees, are safeguarded against accidents and their effects.

For more information on our Group Personal Accident cover, please don’t hesitate to get in touch.

Performance Bond (PB)

This policy is designed to provide financial compensation to the principal party to a contract for all claims and liabilities to the tune of the total contract amount as a result of failure or non-performance or improper performance of the contracts. Under the policy the insurance company, being the surety of the contractor in this context, undertakes to pay to the contractor upon first demand any such amount, as the contractor shall require, not exceeding the full contract value.

Advance Payment Bond (APB)

This aspect of the bond insurance is issued only to cover the advance payment given to the contractor as against the full contract value. Most contract agreements require that mobilization or advance payment for certain percentage of the full contract value be given to the contractor and upon satisfactory completion, the balance amount is paid. The advance payment bond guarantees the amount so advanced for the contractor in the event of failure on the paid of the contractor.

While the fire policy caters for loss/damage to assets resulting from fire and the burglary policy, loss/damage resulting from theft, one vital exclusion on both policies is that loss/damage to money (and similar items such as stamps, bullion e.t.c) is not covered.  Loss/damage to money resulting from fortuitous events (which are usually described by the policy schedule) is the province of what is known as a money insurance policy.

As mentioned, the circumstances in which loss/destruction of money are covered are usually spelt out in specific policy schedules, but generally speaking these would include whilst money is in transit, on your premise during working hours or in securely locked safe outside working hours.  Most money policies are also usually extended to cover loss while money is in the personal custody of designated officials of the insured. 

In addition, the proposed policy will provide limited fidelity (dishonesty of staff) cover provided the loss is discovered within a specified period of time, usually seven days. As with other property policies, there are various extension clauses that may be added to enhance cover provided by the basic policy at little or no extra cost.  In our own proposal for your institution, we intend incorporating such beneficial clauses as:

–           The riot and strike extension clause

–           Damage to safe extension clause

These would be discussed further during subsequent meetings with you. 

To enable insurers assess your own exposure accurately, we require the under-noted details:

• The estimated amount of money you envisage would be carried within a given year.  This would depend on the volume of cash transactions you are likely to be involved in during the year.
• The maximum amount of money you normally carry during a given Transit. 
• The maximum amount of money you are likely to hold in safe during and after working hours as well as the make, type and value of the safes.
• The maximum amount of money you are likely to keep on your premises (not in the safe(s) during working hours.

Operating with cheques and cash is a frequent occurrence in day-to-business, by adopting a Money Insurance policy you are ensuring that your bottom line is secure.
Almost every company in the Nigeria still conducts a portion of their business with cash, and ensuring that these assets are safe and secure will ensure your company and its future is protected.

Machinery Breakdown Insurance is not required by law, but it is widely accepted as an industry standard. For many businesses, their machinery represents one of their most valuable assets with machines being valued in the millions.
Ensuring your investment is safe cannot be overstated, moreover ensuring that your company does not have to re-invest significant amounts in new machinery could be crucial to your company’s bottom line.
Machinery Breakdown Insurance can also be extended to an “all risks” cover, wherein all possible risks are insured unless specifically excluded.
For more information on Machinery Breakdown Insurance, feel free to get in touch

The policy covers loss of or damage to the insured appliances/equipments such as computers together with auxiliary and air-conditioning equipments, from accidental causes while situated within the specified premises. Cover under this policy is on “All Risks” basis, covering loss/damage from external or internal causes, subject to policy exceptions. The perils covered includes, fire, malicious damage, theft and damage done by thieves.

• Loss of revenue or additional expenditures e.g. extra costs of using alternative computer facilities.
• Costs of recompiling data · Electronic/Electrical Appliances

Accident covered : As per material damage policy

Indemnity period : To be selected in accordance with the maximum repair/replacement period

Time exclusion :    To avoid minor stoppage, at the initial period following the accident will be excluded

Product liability insurance is recommended for any business that supplies products. Even with products that appear entirely safe, there’s always the potential for something to go wrong – and accidents do happen. Claims of personal injury or property damage arising from product use (or product failure) can be incredibly expensive, and even if you’re not at fault, you may still incur considerable legal costs while defending yourself.
 
Product liability insurance safeguards your business by providing cover against such claims, including legal defence costs. So you can confidently go about your work, knowing that your protected if something goes wrong.

Cover all the essentials*
 
It’s important to choose a product liability insurance policy that protects your business in case you supply a product that malfunctions, fails or causes harm.
 
With our product liability insurance products, you can be confident that you’re protected against a wide range of scenarios, such as:
 
•       Damage caused by software that you supply
•       Injury caused by equipment that you supply
•       Illness caused by food, beverages or vitamins that you supply

Public liability insurance is recommended for any business that interacts in public places. In every line of work, there’s always the potential for something to go wrong – and accidents do happen.
 
Claims of personal injury or property damage can be incredibly expensive. Even if you’re not at fault, you may still incur considerable legal costs while defending yourself.
 
Public liability insurance safeguards your business by providing cover against such claims, including legal defence costs. So you can confidently go about your work, knowing you’re protected if something goes wrong.

Cover all the essentials*
 
It’s important to choose a public liability insurance policy that covers your business and your staff (including directors, partners and employees) while they are acting within the scope of their duties.
 
With a public liability insurance policy, you can confidently protect your business against a wide range of circumstances, including injuries caused by slips or falls on your premises.