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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Annuity for Life!

Be assured of a monthly steady income at retirement (age 60 or 35 years of service).

What is Life Insurance?

Life insurance is an insurance contract wherein the insurance company promises to pay a designated beneficiary a sum of money (sum assured) in exchange for a premium in the event of insured’s death. The life insurance plan provides coverage for a specific period. Apart from term insurance, which is a pure form of insurance, there are many variants in life insurance that also come with savings element attached to it.

Importance of Life Insurance

Life insurance is one of the most important financial products in your portfolio. Following are some of the major reasons for which you need life insurance cover.

1. To avail future financial security for your loved ones even when you are not around.
2. To secure your children’s future educational and other needs.
3. For your family to deal with unpaid debts in your absence.
4. To save for your golden years through pension plans.
5. To achieve your long-term financial goals by way of disciplined investments into an endowment or unit-linked insurance plans.
6. To avail tax benefits under Section 33(4d) of the Personal Income Tax Act (PITA), 2011.

Advantage of Life Insurance

Life insurance products come with numerous benefits depending on the policy that you avail. Here are the key benefits offered by life insurance plans or investments:

Safety and security: Death is unavoidable. But, unfortunate events like death can have a financially devastating impact on dependants. Life insurance provides the needed protection during the demise of the family of the insured. The lump-sum amount can help the family achieve financial stability. Ultimately, by protecting the loved one’s life insurance gives you peace of mind.

Wealth creation: Life insurance plans like money back plans, endowment plans and unit-linked investment plans come with ‘investment’ component attached to it. This helps you in building wealth for you and your family’s future.

Tax benefits: Life insurance is one such financial product that gets favourable tax treatment. The premiums you pay towards life insurance policy qualifies for tax deduction under Section 33(4d) of the Personal Income Tax Act (PITA), 2011 thus help you save tax. Lump-sum proceeds of life insurance are free from income tax.

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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Insurance jargons (Terminology)

Insurer: Insurer is the party in the insurance contract who underwrites an insurance risk or the one who provides you with the financial coverage during an unforeseen event.

Insured: Insured is the party in the insurance contract whose interests are protected by the policy.

Insurable interest: Insurable interest is the prerequisite for every insurance policy. A person or entity seeking insurance has an insurable interest in the subject matter when any damage or loss would impact in financial hardship.

Beneficiary: An individual who is eligible to receive the insurance proceeds if the insured person dies.

Sum insured: Sum insured is the maximum amount that the insurance company will pay you if the insured event takes place.

Excess: Excess is a fixed amount or a percentage of the claim amount that insured needs to pay before the insurer compensates the remaining.

Deductible: Deductible is the pre-decided portion of the loss that is paid by the insured.

Types of Insurance

There are various insurance products available in the market. List of insurance types is non-exhaustive. However, insurance policies are broadly categorised as follows:

1. Life Insurance
2. General Insurance (Non-Life)
3. Halal Takaful (Islamic Insurance)

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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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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What is Insurance and why do I need it?

Insurance has many forms and functions but really just for one purpose to ‘’Provide Peace Of Mind’’.

How does insurance work?

When you buy an insurance policy, you make payment to the insurance company for the amount of risk cover that you seek. Insurance companies pool the money paid like this by individuals and entities and then use them to compensate for the losses and damages arising out of insured events.

Reasons to Insure:

Reduce worry, help to prevent loss and to free up capital because insurance protects your assets in case of future losses.This security applies to individual and businesses.

Taking an insurance policy today!

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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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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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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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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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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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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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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Insurance Services

Kindly contact me for ur:

Motor Insurance to cover accident, theft & fire;

Fire policy for ur homes, shops, business premises, schools, boutique;

Marine insurance for import & export of goods

Public liability insurance for schools, hotels, hospitals, offices;

Insurance bond either bid bond, advance payment, or performance bond for contractors;

Group Life to protect ur staff, members of association, & get ur PENCOM cert;

Travel health Insurance to get ur visa & provide protection when you travel abroad;

Goods-in-Transit to protect ur goods during transportation;

Children Education Plan to save & secure ur child's education;

Maximum Investment Plan to save and achieve ur financial goals;

Annuity to earn monthly income after retirement for life;

Mortgage Protection Plan to secure ur household in case of default in repayment of the loan;

Personal Accident to compensate against death, permanent disability & medical expenses;

Group Personal Accident to compensate against death, disability & medical expenses of loved ones, association members, & students;

Professional Indemnity for doctors, nurses, lawyers, architects, accountants, brokers, etc;

Loss of Employment Scheme to earn income for 24 months after loss of job;

And other classes of insurance to meet ur needs.

Thank you

08036048707
http:///2348036048707

Insurance Services

Kindly contact me for ur:

Motor Insurance to cover accident, theft & fire;

Fire policy for ur homes, shops, business premises, schools, boutique;

Marine insurance for import & export of goods

Public liability insurance for schools, hotels, hospitals, offices;

Insurance bond either bid bond, advance payment, or performance bond for contractors;

Group Life to protect ur staff, members of association, & get ur PENCOM cert;

Travel health Insurance to get ur visa & provide protection when you travel abroad;

Goods-in-Transit to protect ur goods during transportation;

Children Education Plan to save & secure ur child's education;

Maximum Investment Plan to save and achieve ur financial goals;

Annuity to earn monthly income after retirement for life;

Mortgage Protection Plan to secure ur household in case of default in repayment of the loan;

Personal Accident to compensate against death, permanent disability & medical expenses;

Group Personal Accident to compensate against death, disability & medical expenses of loved ones, association members, & students;

Professional Indemnity for doctors, nurses, lawyers, architects, accountants, brokers, etc;

Loss of Employment Scheme to earn income for 24 months after loss of job;

And other classes of insurance to meet ur needs.

Thank you

08036048707
http:///2348036048707

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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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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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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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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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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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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otomatic:


Define the term "guaranteed period " please.

@otomatic, the guaranteed period for immediate annuity is 10 years. If the retiree is still alive after this period, the insurance company will continue to pay him/her monthly, quarterly or yearly as agreed.

Larry1960:


What of if one is on Annuity and dies during the period can the balance be transferred or what happens to the balance

@Larry1960, if a retiree who is on Annuity dies during the guaranteed period, the balance of the fund will be paid to the named beneficiaries or next of kin.

Human life can never be without risks. The best wa1y to deal with risks is to get insured. Buy Insurance; if not for yourself, for your family.

Take an Insurance Policy today to avoid premium tears.

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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drceejay:
Annuity is sure the best over Programme withdrawal .Pls if u are in Abuja or its environs and u want to do annuity or u have someone who want needs to benifit from this annuity .pls contact me on 07036874269.
God bless.

Annuity is the way to go. It guarantees the retiree monthly, quarterly or yearly payments for life.

Choose Annuity!!!

Annuity remains the best option for retirees. It guarantees the retiree a steady monthly, quarterly or yearly income for life.

Choose Annuity!!!

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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Consequential Loss or Loss of Profit Insurance

This covers the financial loss to your company, resulting from reduction in earnings or increased cost of working following damage by an insured perils covered under Fire/Special Perils Insurance.

What is covered?

1. Net profit which would have accrued if the fire incident/special peril had not happened.
2. Fixed charges as interest, rents rates etc. which are compulsorily payable although no business activities is taking place in the premises again. These are called standing charges in the policy.
3. Expenses which will help to facilitate the resumption of normal business and minimize loss of net profit e.g. hiring of temporary premises, engaging the services of extra staff or working overtime. This is called increased cost of working.
4. Wages of staff whose services will have to stop immediately due to the fire damage – retained wages of skilled employees whose services are needed/for quick return of the business activities of the company.
5. Auditors’ fee of the Auditors employed to prepare any claim under the policy.

This cover is always arranged to cover an agreed sum under the following headings:

1. Gross profit
2. Wages
3. Auditors Fees

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