This Insurance policy will provide cover on your Buildings, contents therein, including plant/machinery, Computers, against the risks of fire damage/loss and lighting.  Other special perils which may be purchased to make the cover more comprehensive include the risks of Explosion damage, Earthquake damage damage from aircraft or other Aerial Devices, Storm, Tempest, Flood, Burst of pipes, Riot, strike and civil Commotion, Malicious Damage and Bush fire damage.  It is advisable that your Insurance Cover under this heading be arranged on Reinstatement basis, whereby the building (if destroyed by Insured Perils) will be rebuilt on new for old basis up-to the sums insured.

After a fire incident the tendency is for the office to stop normal operations until insurers rebuild the building.  This insurance is therefore against the loss of profit during interruption in production due to fire or any of the special perils.

The cover provided is for the loss or damage to your property insured resulting from theft or attempted theft involving forcible and violent entry or exit into and from the insured’s premises.

House owners’s Comprehensive Insurance is usually arranged to provide cover to your residential buildings against fire and special perils.  This policy will also provide cover against Burglary incidents resulting to claim. 

The Policy of Householder’s Comprehensive insurance covers the contents of the residential buildings against fire and special perils, including theft of such contents named in the policy.

It is statutory that all motor vehicles on a road should be insured against Liability to third party injury or death.  In Nigeria, insurance for private and commercial vehicles are usually arranged on Third Party only basis or Comprehensive cover.  Depending on the cover chosen the policy will provide cover against loss or damage to the motor car and or its accessories, whilst thereon or against your liability to third parties as a result of accident arising out of the use of the motor car.

The arrangement of insurance policy for motorcycles is same as explained in the motor insurance above.

The insurance of maritime-adventure is arranged to cover loss or damage that may arise out of all marine-adventure.

Marine insurance could be obtained to cover:

1. THE HULL – i.e. the ship on Voyage.
2. THE CARGO – It is statutory that importers must insure all goods into Nigeria
3. THE THIRD PARTY LIABILITY – Loss or damage to third parties or  their properties (arising out of maritime adventure) are  insured.

For proper protection, it would be advisable that you insure all your inward cargoes on I.C.C. “A” which provides cover on all known maritime perils excluding war and warlike situations but which could be covered on payment of extra premium.

If your consignments are usually regular it may be desirable to obtain ‘An Open Cover’.  This will make sure that cover is on course even though the ship carrying your consignment has set sail whilst the shipping documents have not been received in your office.

This policy is on “All Risks” basis and could be taken in the name of the contractor or in the joint names of PRINCIPAL and CONTRACTOR.

The contract works policy covers:

1. Contract Works (including Temporary works)
2. Construction Plant and Equipment
3. Debris Removal
4. Public liability
5. Workmanship

The major perils covered are as follows:

 
Fire, Lightning and Explosion
Flood Inundation
Landslide Storm, Cyclone
Blasting
Theft of Construction Materials, etc
Collapse of contract works, etc.

The “All Risk” insurance policy may be arranged to cover your office machines on “All Risks” basis.  The Machines, Electric calculators, Typewriters etc could be arranged under the fire and Burglary policies but the perils covered would be limited compared to the cover provided under the “All Risks” policy.  “All Risks” are usually covered except those specifically excluded by the policy.

This insurance is arranged to protect you against your professional mistakes to your clients and customers.  This may arise out of professional negligence or omission resulting to claim from your principal.

The Computer Insurance is a recent innovation in the Nigerian insurance market and we can arrange for this policy to indemnify you in respect of loss, damage or liability arising from any event occurring during the period of insurance while the computer is at work or at rest.

The adverse trend in theft arose and malicious damage has led to the need for this Class of insurance.  The insurance of Glass Damage would provide cover against Destruction or damage to all fixed glass, including windows, door glazing, fanLights and showcases.  The policy is on indemnity basis, meaning that insurers would take depreciation into consideration when a loss occurs.

Damage by fire, lightning, explosion is not insured under this policy as this is normally covered under the fire and special perils insurance mentioned above.