Group Life Assurance Scheme provides cover for members of a particular group such as company employees or members of a club, society, association, church, mosque etc. This insurance is compulsory for all registered companies at least having three and above employees by law and the law requires the scale of benefit to be at least three times the staff total annual emolument.

Aviation insurance is an insurance coverage geared specifically to the operation of aircraft and the risks involved in aviation. Aviation insurance policies are distinctly different from those for other areas of transportation and tend to incorporate aviation terminology, as well as limits and clauses specific to aviation insurance.

As against the goods in transit insurance, the cover is provided for losses sustained whilst the goods are in transit by sea or air outside the country.  The insurance is deemed to be in force from the time the goods leave the warehouse for commencement of transit, continues during the ordinary course of transit and terminates at the final warehouse.   

The insurance can be taken on all types of vehicles including private cars, commercial vehicles, motorcycles and trailers. Where cover is on a “Comprehensive” basis, the insurance covers the risk of fire, theft, accidental collision and malicious damage.  It also covers liabilities to third parties for injuries sustained or damage to third party properties as well as cost of towing the vehicle to the nearest repairer following accidental damage.

Third-Party insurance provides for both the risk of liability to third parties for injury as well as damage to third-party properties only.   

However, a “third party, fire and theft” insurance can also be granted where in addition to the risk of liabilities to third parties, the risks of fire and theft are also covered.

Marine Hull refers to the vessel itself, the engine or machinery, the third party and crew/passenger liabilities.

However, the liability aspects can be insured separately or even with another insurer.

These can be arranged on voyage or time basis. Voyage policies provide coverage for the vessel from a specific port to another named port. It covers the vessel against all marine time perils for the entire voyage irrespective of the time it takes to cover the distance. Policies can also be arranged on time basis. In this case, the cover is for a specific period irrespective of the distance or the route. Within the agreed period, the vessel is held covered against marine time perils.

The cover provided under this class of insurance is for theft of the properties insured following a forcible and violent entry into or exit out of the premises or any attempt thereat.  Cover is also given for damage to the building in course of entry as well as damages to other contents insured.

A standard fire insurance policy covers the risk of loss, destruction or damage of properties as a result of fire, lightning and explosion.  This scope of cover can however be extended to insure allied perils such as flood, storm, tempest, tornado, earthquake, impact, aircraft damage, bursting and overflowing of water tanks, bush fire, riot and strike as well as malicious damage.

Owners of buildings or tenants can purchase this policy. This policy is designed to cover both building & the contents of private dwellings against risk of Fire & Special Perils, All Risks, Personal Liability against claims from visitors and third parties arising from the Insured’s negligence or omission, Burglary & Housebreaking or attempted threat, Public Liability & Personal Accident.

For a Homeowner: This insurance cover is designed to cover both building & the contents of private dwellings.

For a Tenant: This insurance cover is designed to cover only the contents of private dwellings.

Contents include: Furniture, household utensils, kitchen electrical goods, personal effects and valuables.

All major industrial concerns having high values in one or more locations are eligible to take All Risks Insurance Policy. The policy offers cover against damage arising from all perils covered by:

• Fire and Special Perils policy
• Burglary Insurance policy
• Limited Fidelity Guarantee & Money Cover
• Business Interruption due to fire and special perils policy

Group Personal Accident insurance provides compensation for death or bodily injury caused by accidental, violent, external and visible means to any employee or members specified in the schedule. It covers the members anytime and anywhere in Nigeria. The above covers:

• Death: Whether it result from natural or accidental means, a lump sum

    as specified in the schedule will be paid to the members’ beneficiaries.

• Permanent Disability: If any member becomes permanently disabled due to accidents, a lump sum as specified in the schedule will be paid to the member.
• Temporary Disability: A weekly sum insured can be paid to the member during the time he or she is out of work due to injury.

• Medical Expenses: If any member is hospitalized as a result of injuries or sickness caused by accident, a limit or certain percentage of the total emolument or as specified in the schedule will be paid to the employee.

This insurance provides compensation for liabilities incurred against the members of the public whilst the insured or any one acting on their behalf is in course of duty.  Hence, cover is for liabilities for injuries sustained by third parties as well as damage to third party properties.

Professional Indemnity insurance provides necessary financial protection for professionals in such a precarious situation due to alleged neglect, error or omission whenever and wherever committed or communicated in the conduct of the insured’s business in their professional capacity.

Cover under the insurance is in respect of loss, destruction or damage by any accident or misfortune to the properties insured whilst at any location within the Federal Republic of Nigeria.

The insurance provides cover for the properties insured against the risk of accidental loss or damage from causes such as defects in casting and material, faulty design, faults at workshop or in erection, bad workmanship, lack of skill, carelessness, shortage of water in a boiler, physical explosion, short circuiting, storm or from any other cause other than that excluded.  These risks are covered whilst the machinery is working or at rest or being dismantled, moved or re-erected for the purpose of cleaning, inspection, repair or installation.

The insurance covers loss or damage caused by and solely due to explosion or collapse to any boiler or pressure vessel against:

– Damage (other than by fire) to any boiler or pressure vessel;

– Damage (other than by fire) to other property of the insured;

– Liability of the insured at law to third parties either in respect of accidental injury or damage to their properties.

The insurance covers computers, data carrying materials or air conditioning plants against loss or damage to the property arising from accidental damage or breakdown.  

In addition, the insurance can provide for an increase in cost of working as a result of an accident as well as the loss of revenue or loss of gross profit consequent upon damage.

Bonds can briefly be described as guarantees by insurance companies, attesting to your credibility as a company to third parties which have business dealings with your company.

Following an interruption of the smooth operation of your business, the insurance covers loss of profit, wages payable and auditor’s fees payable due to the occurrence of a fire incident or any of its allied perils.

The insurance covers the risk of loss or damage by any accident or misfortune to the insured’s goods whilst in transit or whilst in course of loading onto or unloading from the vehicle or whilst temporarily housed in the ordinary course of transit within Nigeria.

The insurance covers loss of the company’s money and money instruments i.e. cash, cheques, postal and money orders, whilst in transit or in the safe or whilst in the personal custody of the employees.

In line with the provisions of the Workmen’s Compensation Decree 1987, it is compulsory on any employer of labour to provide financial compensation to an employee following an injury sustained in the course of duty and resulting in death, permanent or temporary disability.  This insurance covers this risk.  

Note that all premiums are negotiable except for compulsory insurances where premiums are regulated. Volume and nature of the risk exposure will reduce the premium.

This policy provides coverage for property damage and third-party injury or damage claims, the two primary types of risks on construction projects. Damage to property can include improper construction of structures, the damage that happens during a renovation, and damage to temporary work erected on-site. 

Third parties including subcontractors may also become injured while working at the construction site. CAR insurance not only covers those associated risks but also bridges these two types of risks into a common policy designed to cover the gap between exclusions that would otherwise exist if using separate policies.

The aim of agriculture insurance is the protection of Nigerian farmers against the effects of natural hazards through the operation of a mechanism that ensures an indemnity by way of compensation sufficient to keep these farmers in business after suffering a loss. The product is usually designed for livestock including poultry and piggery and crops of different varieties.

Travel insurance enables a traveller to travel with peace of mind. Whether you are travelling for business, pleasure or for school, travel insurance is designed to provide cover for risks associated with travelling temporarily outside your country of residence, no matter your travel destination.

Health insurance is a type of insurance that helps cover the cost of an insured person’s medical and surgical expenses.

Insurers use the term “provider” to describe a clinic, hospital, doctor, laboratory, healthcare practitioner, or pharmacy that provides treatment for an individual’s condition. The “insured” is the owner of the health insurance policy or the person with the health insurance coverage.

The pension insurance contract is an insurance contract that specifies pension plan contributions to an insurance undertaking in exchange for which the pension plan benefits will be paid when the members reach a specified retirement age or on the earlier exit of members from the plan.