Recommended Policies

This implies the bringing together of ALL the risks associated with the factory/production, with the exception of Group Life Cover, Motor Vehicles and marine Insurance under one policy and one document, making it absolutely easy for you to get the needed details without searching through a volume of files.

To indemnify the insured against loss or damage to the properties listed in the schedule resulting from the perils of fire, explosion, lightning, aircraft and any other aerial devices and/or particles dropped therefrom, earthquake or volcanic eruption including flood or overflow of the sea occasioned thereby, storm, tempest, tornado, hurricane, cyclone, typhoon, including overflow of the sea, escape of water from any tanks, apparatus or pipes, impact by any road vehicle or animal, malicious damage, riot, strike and civil commotion, as well as bush fire.

Annual rate: 0.225%

Less: 7.5% Fire Extinguishing Appliances Discount

Less: 7.5% Long Term Agreement Discount

to indemnify the insured against losses arising from business interruption resulting from lack of production as a result of material damage caused to properties insured in Section A above. This covers loss of profit, Auditors’ fees, and wages for staff that will be retained during the period of indemnity. This is the period within which normalcy is expected to return, and is usually between six (6) and 18months.

Annual rate: Different rates apply to Loss of Profit, Auditors’ fees, and Wages for staff

Annual rate: 0.25%t

To indemnify the insured against loss or damage to plants of various descriptions and other equipment including, but not limited to, Transformers, Passenger Lifts, Service Lifts, Water Boilers, Chillers, Generators, Laundry equipment, Kitchen equipment, Electric panels etc, resulting from fire, theft, explosion, impact, and other forms of damage, including machinery breakdown which covers sudden and unforeseen physical loss or damage principally from sources within the equipment either while working or at rest.

Annual rate: 0.75%

To indemnify the insured for Loss of Profit, Auditors’ fees, and Wages for staff and cost of hiring substitute equipment (where necessary) during the indemnity period.

Note: An amount should be set aside for hiring of substitute equipment, say, 5m, and another amount for work-in-progress, say 25m.
Average Rate: 0.70%

To indemnify the insured against loss or damage to insured properties contained in the buildings/schedule described in Section A above or any other property belonging to the insured or held by trust on them resulting from the perils of burglary/housebreaking or attempt thereat, accompanied by violent entry into and/or exit from the insured premises, including “Hold-up”.

Average Rate: 0.215%

Less: 7.5% Long Term Discount

To indemnify the insured against all risks of loss or damage to computers and electronic equipment by accident or unforeseen losses which can materially affect the subject matter of insurance. This policy is usually arranged in sections, namely:

• Material Damage, which covers physical loss or damage
• External Data media, which covers loss of stored Data
• Consequential loss or increased cost of working which covers the cost of hiring substitute equipment following breakdown or material damage.

Note: If your computers are part of the items insured under your fire and burglary policies, they need to be removed and be specifically insured under the computer ALL RISKS Section, since having them in the three (3) policies amounts to an over-lap and surplus insurance.

Average Rate: 1%

To indemnify the insured against all direct financial losses arising from acts of fraud or dishonesty committed by any of the insured’s employees involved in the handling of cash, accounting, stocks or for whoever the insured requires guarantee during the insurance period and discovered during the currency of the policy or within six (6) months of its expiry or termination of employment, whichever comes first.

This policy can be in any of the following formats:

To indemnify the insured against all risks of loss or destruction of money, belonging to the insured or held by them on trust or commission for which they are legally responsible in circumstances or situations described in the schedule. This covers money in transit from the bank or to the bank and cash in safe/personal custody.

Average Annual Rate: 0.175%

To indemnify the insured against their legal liability to third parties arising from accidental death or bodily injury (excluding the employees) or damage to property while carrying on their normal business in the insured’s premises as a result of their negligence or that of any person for whose acts they are responsible, or arising out of defects in machinery, ways and works, and from the consumption of the insured’s products.

Note: An amount should be set aside for hiring of substitute equipment, say, 5m, and another amount for work-in-progress, say 25m.
Rate: 0.015%

To indemnify the insured for damages or loss of goods belonging to them or for which they are responsible while being conveyed within Nigeria by Road, rail, sea or air as a result of fire, accident, up-turning of the carrying vessel or craft or during loading and/or un-loading.

Note: An amount should be set aside for hiring of substitute equipment, say, 5m, and another amount for work-in-progress, say 25m.
NOTE: The question as to whether the goods are conveyed by employee drivers and vehicles owned by the insured plays a huge role in determining the premium rate.

Annual Rate 0.25%

Less 7.5% Long Term Agreement Discount.

To indemnify the insured against loss or damage to insured building and household contents resulting from fire and allied perils, theft/burglary and third party liability, including medical expenses. The policy extends to provide personal Accident, cover for the insured and his family members residing with him, public liability cover for visitors who have legal reasons to be on the premises. There is also an “ALL RISKS” Section that covers movable articles such as cameras, watches, jewellery, phones, etc.

Note: An amount should be set aside for hiring of substitute equipment, say, 5m, and another amount for work-in-progress, say 25m.
Annual single Rate 1%

This is a 24- hour global cover which combines the features of workmen’s compensation insurance and Group Personal Accident insurance covers. The scheme seeks to indemnify the insured against legal liability/financial expenses arising from death/injury to employees caused by external, violent, accidental and visible means not only while in the course of their employment (in accordance with Decree 17 of 1987), but globally and on a 24- hour basis.

Benefits schedule

RATING: The benefits above have their respective rates and formulae for arriving at premium payable, but the average rate is about 0.8%.