BURGLARY/THEFT INSURANCE

The burglary/theft policy covers the insured against loss or damage to the insured property consequent upon actual, forcible and/or violent entry into or exit from the premises, or damage to insured property or to the premises as a result of theft or any attempt threat including armed robbery/hold-up.

Types of insured properties are:

1. Any person of business with property to the insured whilst kept in the premise that required coverage for stock-in-trade belonging to the insured.
2. Goods held in trust or on commission for which the insured is responsible
3. Furniture, fixture, fittings and utensils
4. Household goods and personal effects

EXCLUSIONS

1. Damage occasioned by fire or explosion
2. Theft by insured, members of his family and employees
3. War, strike, riot, civil commotion and kindred risks
4. Radioactive contamination

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Annuity Plan (Pension)

Annuity is a program where the retiree transfer his/her pension fund to an insurance company for them to pay him/her monthly, bi-annually or quarterly.

In annuity program, payment is made to the retiree for LIFE(that's till the person dies) irrespective of the fund transferred to the insurance company and also at a higher interest rate of return.

Its basically for retired people who have been notified that their pension is available for collection.

At this point, the retiree has two options to either go for Programmed Withdrawal or Annuity in which a particular amount would be paid to him/her either per month or bi- annually or quarterly as chosen by the retiree for life.

Annuity product is designed to pay retirees' for the entire duration of their life, no matter how long they live.

Annuity is very secure and easy to do. No story, no terms and conditions when its time to collect their money because it would be sent to their account every month like salary.

The goal of annuity is to provide a steady stream of income during retirement.

Note:

You have to choose between programmed withdrawal and Annuity on retirement.

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Term Life Assurance

If your family relies on your income, then this should be an extremely important part of planning for your family’s future. One is never ready for death to occur but you can duly plan for it and leave your loved ones in safe hands.

When you buy a Term Life policy, it pays your stated beneficiaries a specified amount in case anything happens to you during the term of the policy.

Features

1. The minimum entry age is 18.
2. The maximum entry age is 70 for the insured person. However, the cover will cease when the person reaches the age of 75.
3. The life protection cover amount is between NGN500,000 to NGN200,000,000.
4. The policy term lasts between 1 year to 20 years.
5. The premium will be paid monthly, quarterly or annually and is dependent on the age, gender and health of the insured person.
6. All accidental death cover starts upon the receipt of the first premium.

Benefits

1. It could serve as additional security to secure loan.
2. It gives peace of mind to the life assured.
3. Affordable and cheap form of insurance for every member of the family.
4. 24 hours life assurance protection for policyholder.
5. To relieve the family of financial commitments associated critical illnesses and death.
6. Prompt disbursement of benefits.
7. To help protect the beneficiaries against financial hardship.

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School Fees Protection Plan

School Fees Protection Plan is a group/individual child education contract that protects students/pupils of participating schools from premature stoppage of schooling as a result of death of the parents or guardian.

This Plan is designed to ensure the continuity of the child’s education through prompt and regular payment of school fees.

The scheme applies to all levels of education.

Features

1. It is a one-year renewable plan
2. It has a minimum sum assured which is currently set at N250, 000.00 per annum.
3. It provides lump sum benefit on death of the life assured.
4. It does not attract any surrender or withdrawal/termination benefits.
5. It ensures continuity of policy if the child is transferred to another school.
6. All payments will be made out of the sum assured.
7. The assured are the parents or guardian responsible for the upkeep of the child.
8. Insured parents/guardians must not be above the age of 59.
9. Premium is paid along with the school fees per term or per session.
10. Sum assured may be reviewed at the intervals to adjust for increment in school fees.

Benefits

1.It assists to save for the future quality education of the child.
2. It ensures continuity of good education for the child in the event of the death of the sponsor.
3. It could serve as additional security to secure the loan.
4. It gives peace of mind to the life assured.
5. It’s an affordable and cheap form of insurance for every member of the family.

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Oil and Gas Insurance

Do you work in the Oil and Gas Industry? Then this is for you.

Oil & Gas insurance offers Comprehensive Packaged insurance protection for risks generated by Oil & Gas activities such as

• Onshore Risks
• Offshore Risks
• Oil Platforms (Rigs)
• Pipelines
• Operators Extra Expense
• Oil Tankers

It protects all parties against the financial consequences of accident which may lead to loss or damage to properties, business interruption and injury to workmen and third parties.

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All Risks Insurance

"All risks" is a type of insurance coverage that automatically covers any risk that the contract does not explicitly omit. For example, if an "all risk" homeowner's policy does not expressly exclude flood coverage, then the house will be covered in the event of flood damage.

"All risks" are also called open perils, all perils, or comprehensive insurance.

PERILS/RISK COVERED

1.Fire
2. Theft
3. Accident from any fortuitous cause
4. Wear and Tear and depreciation
5. Damage/Deterioration occasioned by moth or vermin or by any process of clearing, repairing or rusting
6. War or warlike operation, civil commotion
7. Mechanical derangement and electrical breakdown
8. Detention or confiscation by custom or other authorities
9. Consequential loss

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Business Insurance

Business insurance is considered a fundamental part of every business. Depending on the type of business you own, insurance may be available to help protect your business against these risks. If business insurance is available, and you do not obtain it, the slightest mistakes can spell financial ruin. Protecting your business against such unexpected occurrences should be your concern.

Cargo Insurance
Cargo insurance can ensure that you are protected from the financial consequences of loss of or damage to your cargo.

Consequential Loss Insurance
Consequential Loss Insurance compensates you for lost income if your company has to vacate the premises due to any peril covered under your fire insurance policy.

Contactors All Risk Insurance
Contactors All Risk Insurance will help you to overcome the financial loss from unforeseen events that cause severe damage to the construction.

Electronic Equipment/Computer Insurance
Electronic Equipment/Computer Insurance helps cover losses or business interruption which might occur when such equipment are exposed to unforeseen risks.

Erection All Risk Insurance
EAR insurance policy offers insurance against losses and damage due to sudden, unexpected events which cause total or partial damage during erection works.

Fidelity Guarantee Insurance
Fraud and stealing in the workplace is on the rise, occurring in even the best work environments. Fidelity Guarantee insurance can help to minimize and cover the losses.

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Business Insurance Continuation

Fire Insurance
Fire Insurance is an insurance policy, where buildings used for business, buildings and dwelling house are safeguarded against risk of fire and other such perils.

Group Term Assurance
This policy is taken by employer to cover lives of his employees. It can be included in employee welfare package to attract talented employees and retain them in service.

Health Insurance
Group Health Insurance Plan is a key component of many employees' benefit packages the employers provide for their employees.

Hull Insurance
Hull insurance helps indemnify you against losses from dangers encountered while at sea.

Keyman Insurance
Key person insurance helps local businesses recover the loss they may undergo following premature death or total permanent disability (TPD) of key persons.

Machinery breakdown Insurance
Machinery breakdown insurance provides a mean of reducing losses arising from breakdown of machinery important for businesses.

Group Personal Accident Insurance
Group personal accident Insurance provides comprehensive personal accident insurance coverage and liability insurance protection against accidental death or injury.

Public Liability Insurance
Public liability insurance protects against the financial risk of being found liable for death or injury, loss or damage of property or loss resulting from negligence.

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Takaful Insurance

Takaful is a Shariah compliant insurance option grounded in Islamic Muamalat (Islamic transactions) products. ... The term Takaful also refers to the concept of Islamic insurance based on mutual cooperation, where both risks and funds are shared between the insured and insurer.

The Difference Between Takaful and Conventional Life Insurance

Although essentially both Takaful and conventional life insurance serves the same purpose of providing coverage, there are major differences between the two as can be seen below:

Intent
Individual enters the agreement to contribute to a fund that can potentially help those experiencing the unfortunate situation. On the other hand, a conventional insurance policy is purchased as a personal financial security for an individual, and the insurance company is the risk bearer.

Investment
The conventional investment units of insurance will invest based on their assessment of what fits their profiles. However, Takaful investments will follow strict principles. Takaful cannot invest in anything that has elements of gambling, uncertainty or the practice of lending money at unreasonably high-interest rates.

Returns
If there is extra money because of low claim rates by insurers under Takaful, it will be distributed to participants. While the profits from investments will be distributed to both participants and shareholders.

Takaful operators make money through performance fee or by sharing the surplus. But the total amount of payment from the surplus that Takaful operators get cannot exceed the amount that is paid to Takaful participants.

However, under conventional insurance, extra money and profits belong to the shareholders of the insurance companies.

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PROFESSIONAL INDEMNITY INSURANCE

Professional Indemnity (“PI”) Insurance is an insurance package designed to protect business offering professional advice or services. Professions that often require Professional Indemnity Insurance include: Consultants, Engineers, Architects, Doctors, Pharmacists, Web/Graphic Designers, Advertising Agents etc.

Scope of Cover:

It protects against claims for "Business Injury" which means any financial loss that they suffer as a result of:

1. Any negligent act, error or omission
2. Unintentional Infringement of Intellectual Property Rights
3. Loss of Documents/Data entrusted to the insured
4. Unintentional libel, slander, defamation
5. Unintentional breach of confidence, confidential duty or misuse of information

Professional Indemnity will pay all reasonable costs incurred in the defense (i.e. legal fees) or settlement of such claims arising from the above.

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Money Insurance

This is written on an “All Risks” basis to cover any accidental loss or damage of cash while in transit either to or from banks, cover can also extend to money in or out of a safe on business premises, in the personal custody of designated management staff or employee but will exclude or limit cover for employee dishonesty.

For underwriting purposes, the following information are required:
• Limit of money to be carried in any single transit
• Estimated Amount to be carried in any one year
• Limit of cash to be kept in securely locked safe
• Limit of cash in personal custody of designated management staff

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Fidelity Guarantee Insurance

This policy covers against any dishonesty, forgery, fraud on misappropriation of company’s fund or cash, goods or stock, embezzlement as well as property by an employee which leads to financial loss.

If any of the above listed arise, the number of persons and the limit of guarantee against any one loss would be advised as well as aggregate amount of guarantee in a given year, however this must be reasonable.

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Public Liability Insurance

Owning a business or being self-employed can be a risky thing. Even if you don’t think about it in that way, every interaction your business has with the general public is a risk. For example:


1. A customer slips and falls in your store
2. A guest is injured at an event or conference your business is hosting
3. A client sits in one of your chairs and the chair collapses injuring them
4. Your store sign falls down and hits a pedestrian in the head

We live in a very litigious society and you face the risk of being sued every single day. Many of these risks have to do with your business premises or the type of operations your business performs. To protect against this, it is recommended that most business carry Public Liability insurance (PLI).

Why Purchase Public Liability Insurance?

If your business is frequented by members of the public, you work in a public space, or if you work at a client’s location, you would likely need this type of insurance as there is potential for you to cause bodily injury or property damage to a 3rd party.

For example, if you damaged a customer’s floor while installing cabinets in their kitchen, your Public Liability Insurance policy would cover you.

For a lot of small to medium-sized businesses, the effect of needing to pay damages for bodily injury or property damage can have a severe impact on the financial bottom line of the business and the owner(s). Damages awarded in recent years have been so big that it could potentially bankrupt you. With these types of stakes on the line, it makes sense to pay a manageable premium in order to stave off a potentially catastrophic event.

Key Coverages

1. Sums you’re legally liable to pay to a 3rd party for bodily injury or property damage

2. All costs and expenses incurred for defending any claims against you

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Burglary & Theft Insurance

This insurance policy is suitable for every individual who is exposed to the risk of theft, burglary and house breaking which must be as a result of forceful or violent entry or exit from the premises.

Scope of Cover:

1. Protection to the insured person’s assets and property, such as: Property contained in business premises, stocks owned or held in trust or commission.

2. Damages to the premises

3. Cash, valuables, securities (locked in a safe or cash box or strong cupboard).

4. Computer/Electronic Equipment
Provides cover against all risks of physical loss or damage to computer/electronics and periphery equipment either working or at rest.

The insurance provides covers for loss or damage resulting from: Fire, Theft, Breakdown, sudden and unforeseen damage, cost of re-instating data into data carrying media.

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Machinery Breakdown Insurance

It provides indemnity in respect of the cost of repairing or replacing insured machinery as a result of breakdown whilst the machinery is:-

(a) Working
(b) At rest
(c) Being dismantled, moved or re-erected for
the purpose of cleaning
(d) Repairing or overhauling
(e) Inspection or installation in another
position within the situation of the risk

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Personal/Group Accident

The policy protects the Insured against loss or damage as a result of death or bodily injury casued by accident, violence, external and visible means independent of any other cause. It is a benefit policy and is not subject to the principle of indemnity. (An insured may not be compensated by the insurance company in an amount exceeding the insured's economic loss.)

POLICY TYPES

Under this policy we have:
1. Personal accident
2. Group personal accident

The distinction between the two is that whereas the Personal Accident Policy is issued to an individual, Group Personal Accident Policy is issued to a number of persons, normally the employees of a business. The policy is taken by the organization which is the umbrella person on behalf of its employees.

For the Insurer to be liable under this policy, the injury must be accidental and the accident must be:

Violent: The smallest degree of violence is sufficient to satisfy the requirement of the contract.

External: The cause must arise from outside the body, but internal injury is sufficient to give rise to a valid claim if caused by external means.

Visible: The triggering cause of injury must be visible, if this were constrained in its popular sense it would exclude the inhalation of an invisible gas, however if a man who was running for a bus dropped dead from heart failure, the insurer will not be liable because no injury was caused by external and visible means.

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Following

All Risk Insurance Packages

The term “All Risk” is used to describe a policy covering theft, loss or accidental damage to property.

All risk insurance is widely used in property insurance. It details a list of risks that are covered under a property policy.

All risks insurance is an extension of the fire & special perils policy. Though it is called ‘all risks’ it does not cover the insured against everything, there will be a number of exclusions and conditions, but it sets a broader scope of cover.

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Goods-In-Transit Insurance

This policy protects the insured from loss or damage by any accident or misfortune whilst the property insured is being transported either by road, rail or whilst temporarily housed during transportation process subject to the policy terms, conditions and exceptions.

The cover will be in effect when the goods are being conveyed by owner's vehicle or hired vehicles. Losses arising from Fire and Theft, Collision or overturning of the conveying vehicle[s] are covered under this policy.

For underwriting purposes, the following information are required:
• Nature of Goods
• Destination of Goods
• Total Value of Consignment
• Limit Anyone carrying per vehicle
• Duration of Cover

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Consequential Loss Insurance

This policy protects and covers the insured against the shortfall in gross profit resulting from interruption or indirect delay in carrying out its obligation as a result of fire damage which affects the building, plant or machinery use for production.

Note: Policy cannot operate in isolation without a fire policy in place.

Scope of cover

• Gross Profit
• Salary and Wages
• Auditor's fees

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Householders/House Owners Insurance

It is an insurance policy that protects against loss or damage to the property caused by fire, some natural causes and acts of vandalism.

Policy Types

There are two basic types of Household Insurance; Contents Insurance and Building Insurance.

Contents and Buildings Policies can be bought separately or together in one package.

Contents Insurance
Contents Insurance covers the contents of a home such as furniture, carpets, clothes, television, refrigerators, jewelry and so on. In other words, what you would take with you if you moved.

Buildings Insurance
Buildings Insurance protects against damage to the actual structure of the home and to its fixtures and fittings together with garages and outbuildings. There is limited cover for boundary walls, gates, paths, drives and swimming pools. In general, anything that would be left behind if the occupier moved is included in Buildings Insurance.

If you're renting, Buildings Insurance is paid by the landlord, not you.

Scope of Cover
Damage caused by fire, explosion, lightning, earthquake, the impact of aircraft, vehicles or animals
• Theft or attempted theft, the breakage of aerials,
• Oil leaking from a central heating system.
• Damage caused by riot and malicious persons,
• Storm, flood, the escape of water from tanks or pipes, subsidence, landslip or heave, and falling trees.

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Fire & Special Perils Insurance

The Fire Cover
The Policy covers accidental and unintentional loss or damage to property(s) and their contents, arising from the dangers of fire as well as from allied perils such as storm, earthquake, Lightning, Explosion of gas used for illuminating or domestic purposes etc.

Scope of Cover:
• Buildings
• Stock in trade
• Furniture, Fixtures and Fittings
• Plant and Machinery

Special or Extra Perils Cover
Where the insured wants to cover the property against more perils, he may choose from a wide range of special or extra perils such as:
• Explosion
• Riots and Strikes
• Malicious Damage
• Earthquakes
• Flood
• Storm and Tempest
• Escape of Water
• Burst Pipe
• Aircraft or other aerial devices
• Impact
• Bush Fire

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Bond & Guarantees

Bond indemnifies the principal who can either be a company, bank, government against the defaults or non performance of the Insured/Contractor.

Types of Bonds
List below are the types of Bonds underwritten by Insurance companies:

Advance Payment Bond
This bond is usually effected by a contractor before any advance payment is made to him by the principal either as mobilization fee or advance payment of the contract value at various stages of the contract works. It guarantees that the amount advanced is utilized for its purpose or be refunded if not used. Amount recoverable is the difference between the amount advanced and the contract work already done plus value of materials already supplied.

Counter Indemnity Bond
A counter indemnity or guarantee is a guarantee issued by Insurance Company to a bank or to another insurance company. It indemnifies the bank /Insurance Company against failure of the client to perform. The bank/insurance company transfers the risk to an insurance company, which in turn bears the burden of compensating the bank/Insurance company in case of default.

Custom Agent Bond
It is usually taken by custom agents and it protects the government against risk of evasion by custom agents of custom duties and taxes.

Performance Bond
This policy binds the insurer as surety that the physical work as contained in the contract agreement is completed by the contractor according to specifications, and the time specified. If the contractor defaults, the surety pays damages for non-performance or for not completing the contract according to specifications.

Tender / Bid Bond
This is required in connection with submission of tender for contract. The bond guarantees that if the contractor, having been awarded the contract, fails to take up the contract, the insurer (surety) pays for the difference between the contractor bid and that of his nearest competitor who will take up the contract thereafter.

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Oil & Energy Insurance

Oil & Gas Insurance offers cover for all operations and assets relating to the exploration, exploitation, drilling, refining and storage of oil and gas. It also includes the insurance of Petrochemical risks such as insurance of assets, operations and liabilities arising out of production and consumption of intermediate and final products of chemical derived from Gas and Crude petroleum.

The purpose of oil insurance is to protect all parties against the financial consequences of accident, which may lead to injury to workmen and third parties in addition to loss or damage to properties.

Risks covered are:
• Onshore Risks
• Offshore Risks
• Property
• Operations

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Motor Insurance

Motor Insurance covers are in the following range:
1. Private Motor
2. Commercial Motor
3. Motor Cycle

These policies can either be a Comprehensive cover or Third party only.

Comprehensive Policy: covers the Insured against loss or damage arising from:
• Accidental collision or damage to your vehicle
• Fire & Theft of the vehicle
• Third Party Property Damage Liability up to N1 million
• Third Party Bodily Injury & Death
• Malicious Damage
• Insured personal accident benefits up to a reasonable amount
• Insured’s medical expenses up to a reasonable amount
• Free vehicle tracking device for Autos of N3.5 million and above

Third Party Policy: This cover is restricted to loss or damage to Third Party property and bodily injury/death. It is available to all vehicles licensed for Nigerian road use.

Scope of Cover:
• Third Party Bodily Injury unlimited (As per Court Award or Agreement).
• Third Party Death unlimited (As per Court Award or Agreement).
• Third Party Property Damage up to N1 million.

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Five Steps To Utilize Your 3rd Party Insurance When An Accident Occurs

In this article, you will learn five steps to utilize your 3rd party insurance, but first, let me tell you about my experience.

Sometime last year, someone hit my car from the back. The impact was so bad that my fan belt pulled off. The boot was badly damaged. I was not in the car when the accident occurred, so naturally, I was called.

The person who drove my car was furious.
” I was very careful”, he insisted. “I don’t even know what the boy was thinking about!”, he fumed.

I asked to speak with the person who hit my car. Immediately the young man got on the phone, he began to beg. He was almost in tears. He pleaded with everything he held dear and asked to be forgiven. Calmly, I asked him if he had any Insurance. To my shock and surprise, he said no.
“Are you sure?” I asked. “How have you been escaping from the police without having Insurance?” I asked.
“Ma, I just have normal papers” he responded. “The one they gave me with my license”

I asked him to take pictures of the documents he had and send them to my WhatsApp number.
Immediately he sent the documents, I quickly scanned through them and saw that he had a 3rd party Insurance policy with an Insurance company. I then typed the policy number on the NIID Portal to see if it was genuine. I was pleasantly surprised when his details popped out. He had valid 3rd Party Insurance!!

I just asked him to take a snapshot of his driver’s license and then write a small note for me, admitting that he had caused the accident. Then I told him that he was free to go home.

Everyone at the scene seemed surprised. How did I let him go just like that?
You can now imagine my shock when I was woken up early the next morning by his call. It was around 6am or so. I could tell that he did not sleep. It was a Saturday morning.
“Ma, please I beg you in the name of God” he pleaded. “I am the son of a widow, I don’t have any money on me, the accident was a mistake. Please don’t report the case to the police”.

It was my turn to be shocked.
“Police? I asked. “Who said anything about the police?”
“You took pictures of my driver’s license and made me admit that I caused the accident”
I could not help laughing.

Then I calmly explained to him that my car was comprehensively insured and that I only took his details to enable my Insurance company to claim their subrogation rights from his Insurance company. This way, even though my Insurance Company would pay for the damage to my car, they would recover the money from the Insurance company which insured his own car.

A few days later, my car was fixed.

Most drivers in Nigeria have 3rd party Motor Insurance policies but very few of them ever read the policies to know the extent of their protection.

It usually baffles me to see drivers exchanging words (and sometimes blows) anytime there’s a car accident. And then I keep wondering if neither of them has a 3rd party insurance.

In Nigeria, once a driver has a 3rd party Insurance and an accident occurs the driver at fault, his Insurance Company will be liable to compensate the 3rd party, up to a maximum of N1,000,000 (One Million Naira).

The Insurance company would usually engage the services of a loss adjuster, who would assess the damage and advise the company of the appropriate amount to be paid for repairs.

So next time someone hits your car, take these 5 steps:

1. Take pictures of the two cars at the scene of the accident.
2. Ask for the Insurance policy of the person who caused the accident.
3. Log in the policy number on the NIID Portal via www.askniid.org. This is a database set up by the government for confirming the genuineness of all Motor Insurance Policies. Then take a picture of the Insurance policy and his/her driver’s license.
4. Ask the driver to write a note for you, admitting that the accident occurred.
5. Check the website of the Insurance company and call them to lodge your complaint.

Once the Insurance company is reputable, your car would be fixed in a matter of days.

Do stay safe.

GROUP PERSONAL ACCIDENT (GPA)

GPA is a group scheme accident insurance policy that provides members of the insured group with 24-hour, all-year-round insurance cover against accident. The policy pays for: death, permanent disability, temporary disability, and medical expenses resulting from an accident.

FIRE AND SPECIAL PERILS INSURANCE

This product provides cover for business premises against loss or damage to property, injury or death to persons caused by fire and related perils such as flood, storm, tempest, riot and strikes, malicious damage, explosion, burst water pipes.

GOODS IN TRANSIT INSURANCE

This policy provides cover for goods against loss/damage or theft whilst in transit by road or inland waterways. It also covers the goods while loading or unloading, and while being temporarily garaged in the course of the transit. Two types of cover are available:

a) All Risks Cover pays for loss/damage caused by accident, fire or theft, while
b) Restricted Cover pays for loss/damage caused only by accident.

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OIL AND GAS INSURANCE

This provides cover for assets, liabilities and personnel of companies in both the upstream and downstream sectors of the Oil & Gas industry. This also includes oil servicing companies and support services.

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MARINE INSURANCE

(a) Cover for Goods: Marine insurance policy provides cover for goods transported by sea from the port/warehouse of embarkation to the port/warehouse of disembarkation. It pays for the goods lost/damaged by accident while in transit.

(b) Cover for Hull: Marine policy also covers ships, boats, or large vessels owned by insured.

LIFE INSURANCE

Life insurance is the cornerstone of financial plans. Life insurance plans vary and are largely dependent on the requirements of the insured.

Life insurance policies typically pay out a sum of money either on the death of the insured person or after a set period.