Agriculture Life Assurance Mandatory Policies Custom insurance policies
Aviation Insurance
Aviation Hull: Aviation Hull insurance is generally divided into three: Hull – Loss or Damage – This is effected by the owner or operator against loss or damage to the aircraft itself. Third Party Liability indemnifies the insured for all sums legally due to third parties resulting from accidental injury to or death of persons or damage to property on …
Marine Insurance
Marine Cargo Marine cargo insurance has undergone series changes and legislation to get where is presently is. Before 1976 all goods imported into Nigeria where insured by the overseas supplier; in 1976, the government of Nigeria passed a decree making it compulsory to take marine policies in Nigeria on goods being imported into the country. There are presently three types …
Engineering Insurance
Erection All Risks Erection All Risks policy protects the insured who manufactures or erects plants and machinery, against financial loss due to sudden and unforeseen damage to property, machine, structures, installations, etc. on the site, while being stored, erected, tested and maintained. The cover is taken out on Single Contract or Individual Basis (where each contract work is individually rated …
Motor Vehicle Insurance
Third Party Motor Insurance is required by law in Nigeria. The principal legislation on motor insurance in Nigeria is the Motor Vehicles (Third Party Insurance) Act 1945. and it makes it compulsory for cover to be arranged to cover third parties for personal injuries, death and property damage. There are four kinds of private motor policies: Third Party Only: This …
Liability Insurance
Public Liability This policy is essentially for corporate organizations and it is designed to indemnify the insured against all sums (including litigation costs and expenses) for which he/she is legally liable in respect of accidental bodily injury to or illness of any person (resulting to death or not) and accidental loss of or damage to property, resulting in connection with …
Accident Insurance
Workmen’s Compensation The policy is required of employers by law to provide compensation to workmen for death resulting from injury, permanent total disability, permanent partial disability, temporary disability, and medical expenses and cover is limited to official working hours. In Nigeria, there are provisions relating to compensation both in the common law and specific legislation passed by government. The principal …
Pecuniary Insurance
Fire Consequential Loss This policy is mainly suitable for manufacturers and it covers loss of earning power following damages/loss caused by fire/special perils. It makes good (net) profit lost, fixed/standing charges, cost of working/additional expenses, wages and auditors’ fees. Machinery Consequential Loss Machinery consequential loss policy covers loss of revenue resulting from interruption or interference to business caused by an …
Property Insurance
Fire & Special Perils A standard fire policy covers Fire (whether resulting from explosion or otherwise), Lightning, and Explosion of boilers or gas used for domestic purposes for lighting or heating as long as the building does not form part of a gas work. For an additional charge, the policy can be extended to include special or additional perils such …