Our Products
Scope of Cover
This policy covers loss of or damage to the motor car resulting from accidental collision or overturning, fire or theft. Unlimited liability for death/bodily injury to third parties and liability for damage to third parties’ property.
Types of coverage
- Third Party Only: This covers bodily injury including death of Third Parties caused by accidents occurring on public roads. Claimants’ costs and other costs incurred are also recoverable. Third Party property damage is covered in addition to bodily injury and costs described above. Third Party property damage limit is N3,000,000 for private vehicles and N5,000,000.00, whilst bodily injury and death are unlimited.
- Third Party Fire and Theft: Loss of or damage to the insured vehicle caused by fire and theft is covered in addition to the covers available under the “Third Party Risk only” cover described above.
- Comprehensive: This is the widest cover available in motor insurance as it covers accidental damage to the insured vehicle in addition to the covers available under the two described above. It also covers theft of the vehicle.
Scope of Cover
A motor trade insurance policy is designed for those who earn their living by selling, buying, repairing or generally doing anything related to cars. This insurance is for small, big or even part-time motor traders.
Scope of Cover
Health insurance offers a wide range of benefits, including medical, dental, vision, and mental health services. Our goal is to ensure that every individual covered under this plan has access to high-quality healthcare while helping you manage costs effectively. After thorough research into the HMO industry, we have curated the most reputable plan types and coverage options for you.
Scope of Cover
Fidelity Guarantee insurance is an insurance policy designed to reimburse/protect the Insured (the employer) for the loss of money or property sustained as a direct result of acts of fraud, theft, forgery, embezzlement or dishonesty by an employee in the course of employment.
Types of Policy
- Individual Policy
- Collective Policy
- Floating policy or Floater
- Position Policy
- Blanket Policy
Underwriting
- Designation of Employees to be covered
- Limit Anyone Loss
- Aggregate Limit any period of insurance
- Number of Employees to be covered
The Buyers: Banks, Microfinance and other organisations
Scope of Cover
This type of insurance covers any awards of damages given to a member of the public because of an injury or damage to their property caused by you or your business. It also covers any related legal liability to third party, costs and expenses as well as accidental death. This policy is suitable for all industrial units and business establishments exposed to liability arising out of accidents in the course of their business operations.
Additional covers
- Pollution risks caused by a sudden, unintended and unexpected cause which takes place at a specific time and place during the policy period
- Transportation risks outside the premises arising out of an accident directly caused by dangerous materials or hazardous substances while being transported by rail, road, or pipeline.
- Cover for multiple units: The insured’s non-manufacturing premises, such as offices, depots, godowns, etc., located at different places and incidental to the insured’s business activities can be covered.
The Buyers: Suitable for all industrial units and business establishments exposed to liability arising from accidents during their business operations.
Scope of Cover
The policy covers the insured against all liabilities which the Insured shall become legally liable to pay as damages to third party consequent upon accidental death/injury or disease to third parties including damage to third party property due to any manufactured product defect.
Additional covers
Public liability is generally not an expensive form of insurance, however for the purpose of underwriting the underwriter can be influenced by a number of different factors stated below
- The type of business activities of the insured
- The size of business measured by revenue i.e. (Estimated Annual Turnover) or staff numbers;
- The location of the business, especially if they are considered high-risk such as airports or chemical factories;
- Whether or not subcontractors are engaged can also have an impact in some cases.
- The types of products sold.
Scope of Cover
The policy covers the insured against all liabilities which the Insured shall become legally liable to pay as damages to third party consequent upon accidental death/injury or disease to third parties including damage to third party property due to any manufactured product defect.
Additional covers
Public liability is generally not an expensive form of insurance, however for the purpose of underwriting the underwriter can be influenced by a number of different factors stated below
- The type of business activities of the insured
- The size of business measured by revenue i.e. (Estimated Annual Turnover) or staff numbers;
- The location of the business, especially if they are considered high-risk such as airports or chemical factories;
- Whether or not subcontractors are engaged can also have an impact in some cases.
- The types of products sold.
Scope of Cover
Agricultural insurance policy is designed to cover crops/forestry, livestock, machinery and equipment used in connection with farming activities against accidental destruction, damage, loss or death of livestock due to fire, lightning, explosion, windstorm, excessive rainfall, flood and/or inundation,
malicious damage, subsidence, and landslide, damage by wild animals, riot, strike and civil commotion, aircraft and other aerial devices and/or articles dropped therefrom, uncontrollable pests and diseases, drought, hail, theft, and other perils that fall within the scope of the policy.
Scope of Cover
This policy covers loss of money whilst in transit, in insured safes or in personal custody of the insured employees and also damage to safe.
- Cash-In-Transit * Cash-In-Safe
- Cash-In-Personal custody of trusted employees * Damage to Safe
Underwriting Requirements
- Description of the risk.
- Limit of Liability Anyone’s Loss
- Estimated Annual Limit
- Number of Employees to be covered
The Buyers: Any organisation handling cash. I.e. Banks, Microfinance, financial institution etc
Scope of Cover
This policy covers loss or damage to property of the insured as a result of theft accompanied by forcible and violent entry into or out of the premises, together with loss or damage to the premises arising from any attempt of theft.
Underwriting Requirements
- Value of contents to be insured
- Nature of the content of the building
Scope of Cover
It provides compensation to the insured for loss or damage to the building and contents as a result of fire & special peril and theft.
Underwriting Requirements
- Value of the building
- Mode of construction of construction.
- The Insurance history and claim experience of the building.
- Location of the building
The Buyers: House owners, Companies etc
Scope of Cover
This is a policy that provides cover for all risk of accidental damage to the insured goods whilst in transit. It also covers damage to the goods while loading and unloading.
Underwriting Requirements
A completed proposal is required to obtain a full description of the risk.
- The nature of goods to be carried
- Limit per carrying
- Mode of conveyance
- Estimated annual carrying
- Security of the vehicle
- Maintenance of vehicle
- Loading and packaging of goods
- Discipline and control of driver
The Buyers: Companies/Individual that dealers with haulage of goods
Scope of Cover
This policy provides cover against all risk of loss or loss to the insured cargo from its point of origin to its final destination.
It provides cover against the following:
1. Fire or Explosion.
2. Vessel or craft being stranded, grounded, sunk, or capsized.
3. Overturning or derailment of land conveyance.
4. Collision or contact of vessel, craft, or conveyance with anything other than water.
5. Discharge of cargo at port of distress.
6. Jettison.
7. General average sacrifice & salvage charges.
8. Both are to blame for the collision.
9. Washing overboard.
10. Entry of sea, lake, or river water into the vessel, craft, hold Container, etc.
11. Total loss of any package overboard or dropped while loading onto or unloading from
vessel.
12. Earthquake, volcanic eruption, lightning
Types of Marine Cargo Insurance
Institute Cargo Clauses ‘A’ – All risk cover. It covers losses for all perils stated above except those
excluded by the policy.
Institute Cargo Clauses ‘B’ – It provides cover for items 1-12 listed above.
Institute Cargo Clauses ‘C’ – Provides cover for items 1-7.
Underwriting Requirements
A completed proposal is required to obtain a full description of the risk.
- Pro-forma invoice
- Value of the goods
- Types of Goods Carried
- Where the goods is coming from
- The frequency at which the Goods are being carried
- Whether it is an open cover or single transit
The Buyers: Companies/Individual that dealers with haulage of goods
Scope of Cover
Marine Hull Insurance Policy
This Policy covers loss of or damage to the Insured vessels (Cargo ships, Tankers, Fishing boats, Yachts, Tugboats, barges, and other commercial or private vessels) including any spare part of the vessel described in the schedule of the policy as given by the Insured caused by any of the following:
• Fire and Explosion
• Perils of the seas, rivers, lakes or other navigational waters
• Piracy (is typically an act of robbery or criminal violence at sea)
• Negligence of Masters, officers, crew or pilot
• Any other perils of the sea
The policy can be extended to provide Protection & Indemnity Cover which covers the following:
• Liabilities arise in respect of collision with another ship, known as “running down”
• Liabilities arise in respect of collision with a fixed object known as “harbour” and
• Cost Incurred for the removal damaged wreckages caused by collision
• Bodily injury or death to third party
Exclusions:
• Wear and tear or gradual deterioration.
• Willful misconduct by the shipowner.
• Damage caused by illegal activities or improper maintenance.
• Nuclear risks or war (unless explicitly covered by an add-on).
Purpose:
• Provides financial protection for shipowners and operators.
• Helps maintain business continuity in the event of damages or losses.
Scope of Cover
The policy covers fire, theft, and accidental external damage to any of the insured’s plants and machinery. It also covers the insured plants or equipment while they are moved from one place to another for repairs or other purposes.
Scope of Cover
This class of insurance seeks to provide indemnity to the insured while traveling as fare-paying passengers. It provides cover against bodily injury that results in death or permanent disablement, provided such death or disablement occurs within 90 calendar days immediately after the date of the accident causing such death or permanent disablement.
The policy will also compensate the insured person up to a maximum limit for flight cancellation and /or delay for at least 8 consecutive hours.
The policy will in addition compensate the insured person for any inconvenience arising out of delay of checked in baggage to a subsequent flight caused by the airline and also damage to baggage.
Lastly, the policy extends to provide emergency medical assistance benefits up to a maximum limit at the nearest hospital in case of a mishap during the trip.
Period of Coverage: The coverage starts when the insured person arrives at the airport premises on the departure date and ends upon the insured person’s departure from the airport at the point of arrival.
Scope of Cover
The policy covers:
- Deaths of employees while in the service of the employer, either death resulting from accident or through natural causes.
- Permanent disability through disability must be 100%
- Additional cover like burial expenses can be added at extra cost.
Life Assurance Benefits
In the event of the death of a member during service with the employer, a life assurance benefit (or sum assured) of three times the annual emolument (which usually comprises basic salary, transport and housing allowance) shall be payable.
Rating (Premium for Group Life Assurance)
There are two ways of calculating premium under group life assurance policy:
WHEN ONLY AVERAGE AGE IS GIVEN: In this case, the underwriter applies a uniform rate to the sum assured of all members of the scheme.
WHEN AGES OF MEMBERS ARE DECLARED:
In this case, the underwriter applies different rates to
the sum assured of scheme members depending on their ages. This means that the applicable rate is a function of each member’s age.
Underwriting Requirements
- Name of the assured
- Age of each member of the scheme
- Annual emolument (which comprises basic salary, housing and transport allowance
- Multiple of annual emoluments to use to determine the sum assured. This is usually 3 and cannot be more than 5
- Nature of work carried by the assured
- Designation of each member of the scheme
The Buyers: All organisations with more than 5 employee
Scope of Cover
The policy covers unforeseen and sudden physical loss of or damage to the insured machine whilst at work or rest and during cleaning, inspection, over-hauling or removal to another position.
The sudden and unforeseen damage include:
- Faulty material, design, construction and erection
- Vibration, Maladjustment or Mal-alignment
- Defective lubrication, loosening of parts, defect in casting and material
- Excessive electrical pressure
- Carelessness or malicious Act
- Physical explosion, fuel gas explosion in boiler
Underwriting Requirements
- Value of machine
- Nature of business of the insured
- Use of the Machine
Scope of Cover
The policy covers unforeseen and sudden physical loss of or damage to the insured machine whilst at work or rest and during cleaning, inspection, over-hauling or removal to another position.
The sudden and unforeseen damage include:
- Faulty material, design, construction and erection
- Vibration, Maladjustment or Mal-alignment
- Defective lubrication, loosening of parts, defect in casting and material
- Excessive electrical pressure
- Carelessness or malicious Act
- Physical explosion, fuel gas explosion in boiler
Underwriting Requirements
- Value of machine
- Nature of business of the insured
- Use of the Machine
Scope of Cover
This policy pays for losses on behalf of the insured resulting from any claim first made against such insured during the period of insurance or extended reporting period for any wrongful act committed in their capacity including defence cost and subject to the limit of liability and other terms and conditions of the policy.
It covers the Directors and Officers of the Insured in respect of only claims first made against them during the period of insurance which occurred when the decisions made by the directors and officers of the company resulted into loss and liability for the Shareholders of the company as well as other people who could be directly affected by such decisions
The Buyers
Directors and officers of corporate organizations, institutions, or societies are examples of those who can adopt this policy.
Underwriting Requirements
- Limit of Indemnity
- The Number of Directors and Officers to be covered
- Occupation of the Insured
Scope of Cover
IAR Insurance policy is a Comprehensive Package Policy which covers almost all risks and perils, which a large industry may face during its operation.
It combines different insurance covers under a single insurance policy. Hence, it can also be called Combined Insurance Policy.
Examples of policies that could be combined to form an Industrial All Risks Insurance Policy include some
or all of the following:
- Fire & Special Perils Insurance Policy (Material Damage)
- Burglary & Housebreaking Insurance Policy
- Plant All Risk Insurance Policy
- Fidelity Guaranty Insurance Policy
- Money Insurance Policy
- Machinery Breakdown Insurance Policy
- Public Liability Insurance Policy
- Product Liability Insurance Policy
- Goods in Transit Insurance Policy etc
Importance
- It provides wide range of cover to the Insured. Hence, it covers the Insured against different kind of perils or risks.
- It also entitles the Insured to a Group Discount off the premium payable under the policy
- It is cheap
- It reduces the administrative cost of the Underwriter
The Buyers
Directors and officers of corporate organizations, institutions, or societies are examples of those who can adopt this policy.
Underwriting Requirements
- Limit of Indemnity
- The Number of Directors and Officers to be covered
- Occupation of the Insured
Scope of Cover
This Policy covers the Insured, his Executors, Administrators or Assignees against any loss or claim caused by breach of their professional duty to any of their clients which could be as a result of negligent, error, omission committed in good faith during the currency of the policy.
Examples of those that can take up the policy include the following:
- Accountants and Tax Agents
- Insurers
- Architects and Designers
- Finance & Mortgage Brokers
- Immigration Advisers
- Solicitors
- Engineers
- Estate Agents
- Travel Agents and Tour Operators
- IT Consultants and other Consultants
- Advertising Firms
- Medical Doctors etc
Underwriting Requirements
- Limit of Indemnity
- The Profession of the Insured
Scope of Cover
A bond is a written and signed undertaking made by one party called the “Surety” to pay a certain amount of money to the “Principal,” otherwise known as the “Employer,” if certain conditions are not fulfilled within a stipulated period of time by the “Contractors,” also known as the Insured.
Bond can be refers to as a surety the principal of a project ask from a particular contractor
Parties to a Bond
- Contractors/Insured
- Principal/Employer
- Surety/Insurance Company/Bank
Types of Bond
- Advance Payment Bond
- Performance Bond
- Counter Indemnity Bond
- Credit Bond
Underwriting Requirements
- Letter of Award.
- Certificate of incorporation
- Article & memorandum of association
- Company’s profile
- Last three years audited account/six (6) months bank statement
- Copy of contract agreement/letter of award
- Certificate of completion or evidence of past performance of similar contract
- Passport photographs of two (2) directors of the company
- Duly executed indemnity agreement with the company seal
- Duly executed personal indemnity by two directors of the company
Scope of Cover
This policy is designed to improve the welfare of employees as well as to reduce or remove completely the financial burden that may be incurred by any organization in the event of an accident,
death, or bodily injury to a member or staff of the Organization.
The policy provides 24-hour coverage worldwide, and benefits payable in respect of death and permanent disability are usually expressed as multiples of salaries.
Cover also extends to pay weekly salary in the event of temporary total disability up to a maximum period of 104 weeks resulting from bodily injury to the insured person as well as certain allowances for expenses incurred on medical treatment as a result of accidental injury.
It should be noted that GPA policy can be provided in two different ways, which include the following:
– BLANKET BASIS: This where the names and other details of the Insured’s employees are not disclosed to the Underwriter(s), apart from the total annual emolument of the employees.
– NAMED BASIS: Here, the names and other details of the Insured’s employees are disclosed to the Underwriter(s).
It should be noted that the Blanket Basis is preferable to the Open Cover Basis because new members can be added to the scheme automatically without paying an additional premium.
Underwriting Requirements
- Total Number of Employees with their Total Annual Emoluments
- Limit per staff for medical Expenses.
- Multiple of salary required for Death or permanent Disability
- For GPA: Total Annual Emolument * 3 or * 4 or *