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This type of insurance cover has been specifically packaged to take care of a lot of sources of loss which otherwise may require separate insurance covers. The cover includes fire, lightning, explosion, earthquake, tornado, storm & tempest, flood, bursting or overflowing of tanks apparatus or pipes, aircraft and other aerial devices, riot & strike, malicious damage, impact with vehicles or animals bush fire, etc.
The policy is also extendable to include the additional cost in rebuilding or reinstatement in respect of (a) Architects or Consulting Engineers' fees, (b) removal of debris, (c) compliance with Local Government directives regarding rebuilding ; or to cover (a) goods held in trust or on commission and (b) goods temporarily removed to another place. In addition your newly acquired property can be automatically covered from time of acquisition, even before you advise the insurer!
To assist in identifying the items you are to specify your property on the basis
Of Buildings; Furniture Fixtures & Fittings; Stock in Trade; Household goods and Personal effects; Rents; and Miscellaneous.
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This insurance may be in respect of building and/or its contents. Our policy provides against Fire & Special Perils; loss of Rent, being free benefit; Burglary, with larceny extension in some cases; Liability to members of the public as occupier; Personal Liability of the Insured to members of the public generally.
There are four optional sections of the policy viz- Buildings, Contents, All Risks and, Personal Liability.
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In Nigeria as in most countries of the world Motor Insurance in respect of liability to third parties is compulsory. However, insurance covers available go beyond the compulsory insurance requirements.
The standard covers available in the Nigerian Market are 'Act Only' Cover, 'Third Party' Cover, 'Third Party Fire and Theft' Cover, 'Comprehensive' Cover.
The second cover, 'Third Party' cover, is actually the least cover in the market today. It covers both death and bodily injury of a third party as well as damage to the property of the third party.
The third cover, 'Third Party Fire and Theft', covers the risk contained in the second cover above and in addition covers loss or damage arising from Fire and/or Theft. The premium payable for this risk is normally 60% of the premium due on the 'Comprehensive' Cover described hereunder.
The forth, 'Comprehensive' Cover, combines all the covers in the third party above and in addition cover own vehicle accidental damages as well as other risks. The Comprehensive Cover is operative irrespective of whether the Insured is responsible for the accident, provided it is not intentional.
Motor insurance generally is divided into Private and Commercial. Where it is used for own business, social, domestic, pleasure purposes and the seating capacity does not exceed six it is considered Private. Those classified as commercial are those with seating capacities starting from seven and are normally used for carriage of goods and/or passengers.
For Comprehensive Covers Premium is normally 10% of the value of the vehicle under private class and 11.5% of the value for commercial vehicle.
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This covers loss of or damage to the insured goods arising from theft, fire, impact or overturning of the conveying vehicle whilst in transit or in the course of loading or unloading or whilst temporarily housed in the course of transit.
The policy may be arranged on 'per consignment' basis or on an 'annual' basis. Under the annual form of arrangement the Insured needs to specify the limit of carrying (limit of compensation per accident) and also make a good estimate of the total annual carryings. The Insured is also expected to keep record of all carryings within the annual policy period and to declare it at the end of period for the adjustment of the provisional premium.
Goods in transit policy can be taken up by the owner of the goods or by the transporter. Though the standard cover is ‘All Risks' the cover may be restricted at the request of the Insured in order to save premium.
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This type of insurance covers employees or group of people against loss of life or bodily injury arising from accidents both in the course of work and outside work situations. It is a 24-hour cover but can be limited to exclude accidents arising in the course of one's employment – with a resultant reduction in premium. This is particularly so where the employer already has workmen's compensation policy.
The benefits provided for are death, permanent disablement, temporary total disablement, and medical expenses. The employer is expected to categorize the employees and indicate the benefit to be covered as required under the workmen's compensation insurance above. For employees the benefits insured under the death and permanent disablement is usually a multiple of the annual earnings of the employees, while the temporary total disablement benefit is the equivalent of daily earning per day. Medical expenses can be any amount chosen by the employer.
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The Workmen's Compensation Decree of 1987 makes employers liable to the employees or their dependents for death of or bodily injury to employees arising out of and in the course of their employment or apprenticeship. The extent of their liability is spelt out in the decree providing for such compensations as loss of earnings due to temporary incapacity to work, death or permanent disability. In addition reasonable medical expenses are reimbursable to the employee or apprentice. Compensation can be up to 4.5 years total earnings in the case of permanent total incapacity.
Employers are expected to insure this risk out of reasonable precaution but the decree also provides for compulsory insurance and this will come into force as soon as the necessary regulation is out.
To effect this type of insurance proposers are expected to categorise their employees based on the actual nature of work performed rather than position and hierarchy. E.g., Clerical, administration, directors, accountants, marketers engineers & technical staff, messengers, cleaners, labourers, drivers, security men, etc. The estimated annual earnings of these groups are also to be indicated.
- Apart from some specified minor exceptions, this covers losses from all perils. It is usually granted to an assessed client or one who has some outstanding business with the company. The cover is operative while the property is in any location within the geographical limit and includes the risk of larceny. It is preferred for high value articles and attracts a high rate of premium.
- Fidelity Guarantee is available for employers who may sustain losses of money or other property. Guarantee is provided for specified amount per employee under the name/designation basis. Under the All Employees basis a 'limit per loss' is indicated as well as an 'aggregate limit per period of insurance'. The premium payable depends on which of the two bases is used.
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Certain standards of skill are expected from the professional men and organisations of various descriptions. They have duties to their customers the breach of which will lead to claims for damages.
Our Professional Indemnity insurance indemnifies the insured for claims against them by third parties in respect of neglect, error or omission in advice or performance of their professional duties and fulfillment of expectations. A doctor may give the wrong treatment, a lawyer may not present a case well, an architect may wrongly design. The cover may be a business booster for the professional if he has to show his clients that he is backed up with a Professional Indemnity policy.
To effect the insurance the proposer should select and indicate a limit of indemnification per claim and an aggregate limit per year.