FIRE AND SPECIAL PERILS INSURANCE

This policy provides cover for loss or damage to your properties, e.g. office building, equipment, and other movable properties resulting from the perils of :-

1. Fire, Lightning, Bush fire, Explosion, Earthquake, Fire Aircraft, impact (including your own vehicle).
2. Tornado, Flood, Windstorm, Hurricane, Busting and over flowing of tanks and apparatus.
3. Riot, Strike and Malicious Damage.

• Our standard fire rate is 0.5% (for a above)
• For the additional perils our rate is 0.075% (for b & c above)

BURGLARY AND HOUSE BREAKING INSURANCE

This policy provides cover against loss or damage to your properties e.g. office building, equipment, and other movable properties, by theft following actual forcible and violent entry into or out of your premise or any attempt at such act.

• Our rate ranges between 0.35% - 0.5% depending on the nature of the content of your office buildings.

MOTOR INSURANCE

This policy provides cover for the insured against loss or damage to the vehicle and or its accessories arising from:

1. Accidental collision or overturning consequent upon mechanical breakdown or wear and tear.
2. Fire, External explosion, Self-ignition, Lightning etc.
3. Malicious act.
4. Third Party Liability.
   • i) Death or bodily injuries: unlimited.
   • ii) Third Party property damage: TPPD limit of N1, 000,000.00 attract no premium.

Our rates for the different classes of cover are as stated below:

• Comprehensive covers (1-4 above)- Private Motor (cars) 5% of the value. Commercial Vehicles 6.5% of the value
• Third Party covers (4 only) – N5,000.00 per car
• Third party cover for Commercial vehicles – N10,000.00 per vehicle

Note:
We also install tracking devices free of charge on any vehicle worth N3million and above.

PUBLIC LIABILITY INSURANCE

This policy provides cover against legal liability for damages and claimant costs and expenses in respect of:-

1. Injury to third party.
2. Accidental damage to property happening during any period of insurance in connection with the insured’s business their liability for products

• Our standard rate is 0.1%. A flat premium could also be charged if you give us your desired limit of liability per occurrence and an estimated annual limit.

MONEY INSURANCE

This provides cover to the Insured against:-

1. Loss of money belonging to the Insured or the which the insured is responsible as follows:
   • - While in transit
   • - From any of the Insured premises as a direct result of theft.
   • - From a locked safe or strong room at any of the Insured premises.
2. Loss or damage to safes, strong rooms resulting from theft of money or any attempt at such act.

WORKMEN’S COMPENSATION INSURANCE

This policy provides compensation to employees for death or bodily injury by accident or disease arising out of and in the course of employment as required under the Workmen’s Compensation Decree 1987. This class of insurance is tariff rated.

Our rates for your kind of business (casual workers) are:
0.345%
Plus 15% for medical expenses

BENEFIT PER EMPLOYEE

1. Death benefit: 42 months earnings
2. Permanent Total Disability: 54 months earnings depending on percentage of disability.
3. Temporary Total Disability: Weekly Benefit subject to maximum of 104 weeks.
4. Medical Expenses: Unlimited but reasonable.

MARINE INSURANCE

This insurance will avail you cover for shipment of your goods and allied products from abroad to Lagos or any other port of destination in Nigeria.

Rating: Clause ‘A’ 0.3% - 1%
Clause ’C’ 0.185% - 0.3%

Note:
The nature of goods being imported determines the actual rate to be applied.

PLANT ALL RISK INSURANCE

This policy provides indemnity for loss damage to plant on site and all other insured locations.

To give our quotation under this class of insurance, we require a comprehensive list of your plants/engines and their models.

CONTRACTORS ALL RISKS INSURANCE

This is an all risk policy providing indemnity for loss of damage to construction work, loss or damage to construction equipments as well as Third Party Liability to the public at construction or erection site.

The covers also extend to cover temporary building, equipments and materials while in transit.

PROFESSIONAL INDEMNITY

This policy provides protection to the insured against his/her legal liability resulting from negligent advice or service giving to clients, and is designed to safeguard the insured against claims made by clients for any resulting loss or damage to their reputation.

Others include:

• Oil & Gas / Special Risks
• Personal Accident policy
• Goods-In-Transit Insurance
• Aviation Insurance
• Product Liability Insurance
• Machinery Breakdown Insurance
• Fidelity Guarantee Insurance
• Performance Bond and Advance Bond
• Consequential Loss Insurance

GROUP LIFE ASSURANCE

• A group life insurance contract covers the members of a particular group. The group could be employees, members of a club, society, association etc. It provides financial compensation in the event of death of a member of the group.
• In the case of employers, Group Life Assurance Policy or Death-In-Service Benefit Scheme is a contract of insurance designed to provide for the payment of capital sum (sum assured) to the dependants of an employee who dies while in the service of the employer.
• Group Life Assurance policy is compulsory by virtue of the Pension Reform Act 2004. Section 9 subsection 3 of the Act requires employers to maintain life insurance policy or death-in-service benefit scheme in favour of their employees for a minimum of three (3) times the annual total emolument of the employees.
• This is the cheapest form of assurance cover and the cost is borne by the employer. The underwriting requirements are very favourable and not as stringent as in individual life cases.

GROUP LIFE

1. Basically a death cover designed to provide the agreed level of Benefit
2. Provide financial succor to the family of the deceased
3. It is provided solely by the employer for the employees benefit
4. It is renewable annually
5. It works in line with the provisions of the law
6. It could be arranged to provide for additional benefits such as: disability insurances, burial expenses, accidental medical expenses etc

GROUP PERSONAL ACCIDENT ASSURANCE

Group personal accident assurance provides benefit for bodily injuries sustained during the period of insurance by an employee caused solely and independently of any other cause by accidental, violent, external and visible means resulting in disablement or death.

• Disability Benefit
  This cover is designed to provide benefit to employees who may suffer one form of accidental disability or the other in the course of their employment without necessarily resulting to death. It is arranged to cover Total Permanent Disability as well as Total Temporary disability.
• Accidental Medical Expenses Benefit
  Medical expenses benefit is designed to cover medical, surgical and hospital expenses necessarily incurred and expended in connection with any injury by accident suffered in course of duty.
• Burial expenses
  For an organization or association concerned with ensuring that employees/members get a befitting burial at death, this benefit makes provision for additional cover to cater for the financial burden of the funeral arrangement as an additional benefit.

ADDED BENEFIT

• All or part of the death benefit can be converted to Dependants Annuity until the last dependant attained the age of 21years
• Benefits under the group policy can be converted to individual policy after separation.
• Provision for use of unutilized premium as credit balance for reduction of subsequent renewal premium.
• Premium charged to be noted as expense for tax purpose
• There is a profit sharing arrangement on the scheme.

REQUIREMENT FOR QUOTATION

On request, we will readily supply a quotation to you on any of the options. Sample quotations are also available to guide your choice of the most suitable plan.

The following data will be required:-

1. Name of the employees/member
2. Date of Birth
3. Level of Benefit Required {Sum Assured}
4. Total Emolument
5. Commencement date

CLAIMS ADMINISTRATION

On the death of a member of the scheme, the employer will be required to perform the following functions:

• Immediate Notification/Submission of claims forms.
• Submission of other supporting documents, i.e.

1. Medical Certificate of Cause of Death
2. Certificate of Death
3. Certificate of burial
4. Proof of Age
5. Police Report (If death by accident)

In case of disability benefits

1. Medical certificate confirming the degree of disability
2. Evidence of actual medical expenses incurred

GENERAL SCHEME MANAGEMENT

• We will work with the Human Capital Department.
• The department will furnish us with the details of members of staff
• The cost and benefit analysis schedule will be prepared based on total emolument
• Free cover limit will be determined based on total sum assured and the total number of personnel
• Medical underwriting may be done
• Reinsurance will be done to ensure extra protection for the scheme members
• Yearly report of the scheme performance will be made available