OUR SERVICES
We render purely a professional service by identifying and analyzing the various risks to which the business of our existing and potential customers are exposed to. Consequently, we design and recommend adequate risk management techniques capable of eliminating or reducing the incidence of loses when they occurred on the business activities of our customers.
We also aim at ensuring for our clients, competitive premiums, highly responsive claims services and simple contract of insurance policies. We do not charge clients directly for any services rendered rather our fees are paid as commission by the insurance companies that we may place your risks with.
In addition to our preparedness to design tailor-made insurance products for your needs, we also offer ready-made products that are traditionally available within the local market when considered adequate for your operational needs. You however reserve the right to take up any of the products in order of convenience. The products are as discussed below:
LIFE ASSURANCE POLICY
1. Group Life Assurance Cover
2. Individual Life Assurance Cover
– Life Assurance Savings Plan
– Endowment Plan
– Credit Life Insurance
3. Annuity
4. Health Insurance Plan
GROUP LIFE COVER
The purpose of the scheme is to provide a Guaranteed Lump Sum three [3] times the annual total emolument of the employees cash benefit [usually a multiple of employee’s annual emoluments] in the event of death of an employee while in the service of your organization.
INDIVIDUAL LIFE ASSURANCE <
This Policy guaranty a cash payment of Maturity value or/with death benefit should death occur during the policy period.
Annuity
Annuity is a type of Insurance Plan which is design for retiree and it require the policyholder to pays out a lump sum or regular Installments in the accumulation period and get regular payments for the rest of his/her life or as long as he/she lives for a pre-specified fixed period.
Health Insurance Plan
This is a type of insurance policy that pays out a benefit amount that is stated in the Certificate as a Lump Sum if the insured person is diagnosed with a specified critical Illness during the Term of the policy
FIRE AND SPECIAL PERILS POLICY
This type of policy will provide indemnity to the insured in the event of loss or damage to property covered under it as a direct result of fire, lightning and explosion. Other extraneous perils such as strike, riot flood, earthquake and allied perils can also be covered. This policy will give adequate cover for your property e.g. Buildings, office fixtures and fittings, plant, machinery and the likes.
BURGLARY AND HOUSE BREAKING POLICY
This type of policy will indemnify the insured against loss or damage resulting from theft or attempted theft which is accompanied by actual forcible or violent entry into or out of the premises or attempted threat. This will appropriately cover items such as Office tools and equipment, Furniture’s and fittings Plants, Machinery and other items of general description except Buildings.
FIDELITY GUARANTEE POLICY
This is a form of policy that protects an organization against loss of money or valuable stock as a result of dishonesty or fraudulent activity of employees.
It is possible to grant cover on named basis, positions basis or on a blanket basis. In any of these cases, the number of persons and the limit of guarantee any one loss would be advised as well as aggregate amount of guarantee in a given year. Once we have this information, we would be in a position to obtain competitive quotes.
MONEY INSURANCE POLICY
This type of policy is designed to cover any fortuitous event resulting in the loss of cash while in the course of transit either to or from the bank. The cover will also indemnify the insured for loss of cash on its premises and while in a securely locked safe. The cover at the option of the insured can be extended to cover cash in the personal custody of selected management staff. We shall request that you confirm the maximum sums of cash likely to be on premises or in transit from Ban to office and vice-versa
ELECTRONIC EQUIPMENT POLICY
This policy is designed to cover any loss or damage that could result while any computer and or equipment insured is working or at rest.
The cover under this policy also extends to include loss or damage to external data media such as diskettes and tapes containing processed information while such are kept within the premises.
The increase in cost of working, as a result of damage to the main computer equipment is also covered and indemnity is provided for alternative means of carrying on operation. With payment of an additional premium, this policy can be extended to cover the risk of theft. For Insurers to quote for this risk, we will require the following information:
– Make & Type of Electronic Equipment
– Current Replacement Value of the item(s)
– Cost of replacing damaged diskettes and restoring lost data
– Cost of hiring alternative computer equipment for continuation of operation together with personnel and transportation costs.
GENERAL ACCIDENT INSURANCE
PROFESSIONAL INSURANCE POLICY
A Professional Indemnity Policy is an Insurance cover to protect against Legal Liability of a professional to pay damages to persons who has sustained loss arising out of his professional negligence or that of his employee in the conduct of the business.
in respect of its employees who sustain bodily injury, illness or disease arising out of and in the course of their employment with the insured. The Workmen’s Compensations Act requires all employers of labour to take out this policy for the benefit of their employees. The scale of benefits provided should be minimum of 3.5times of Annual Earnings for Death and 4.5times Annual Earnings for Permanent Disability. This is as stipulated by the relevant Act.
PUBLIC LIABILITY POLICY
A public liability policy covers the insured against legal liability to third party for cost and expenses incurred in respect of accidental death bodily injury and accidental damage to property occurring within the insured’s premises or at Work Away Premises. The vicarious liability of the insured’s employees can also be covered provided it arouse in the course of carrying out his official duties. We advise that we have your confirmation of a lump sum to be adopted as Insurers Limit of indemnity.
PRODUCT LIABILITY POLICY
A product Liability Policy is design to cover the negligence of a manufacturer arising out of damages/Loss arising out of defective product. This policy will provide for Legal Liabilities to pay damages for Bodily Injury, Illness or Death to any consumer of such product.
PERSONAL ACCIDENT INSURANCE POLICY
This is a policy that provide protection for liability for the Act of negligence of an individual in a private capacity.
It provide compensation for personal liability of the Insured and member of his family residing with him in respect of their Legal Liability to third party for any injury, Illness, Death or damage to property arising out of their private activities.
GROUP PERSONAL ACCIDENT INSURANCE
This type of policy is designed to foster the welfare of employees as well as reduce the financial strain that an organization could undergo in the event of death or bodily injury to a member of staff arising as a result of any injury sustained through accidental, violent, external and visible means. The policy provides a world-wide cover on 24 hours basis and benefits payable in respect of Death and Permanent Disability are usually expressed as multiple of salaries. Cover also extends to pay weekly benefit in the event of temporary total disability resulting from bodily injury to the insured person as well as reasonable allowances are provided for expenses incurred on medical treatment as a result of an accident.
The beauty of this policy is a result of our product development initiative as it affords our clientele a combinative protection from risk exposures resulting from or in the course of their business and as well accidental or bodily injury arising outside the employers business.
To enable us quote for this policy, we require the following information:
– Total Number of Employees
– Estimated Annual Salaries
– Multiple of Salary required for Death or Permanent Disability
– Limit per capita for Medical Expenses
Concluding, we would like to mention that the Group life Scheme takes care of Death in Service while the Combined Group Personal Accident Cover will take care of accidental injury and disability that do occur more often than Death.
General Third Party Liabilities The scope of this section is to indemnify the insured in respect of liabilities to third parties incurred during the course of the construction of the project. The liabilities may be in respect of;
– Loss of life, personal injury or illness
– Loss of, or damage to, or loss of use of property.
You will agree with us that the scope of cover of the Contractors All Risk takes care of your request in respect of (a) Plant All Risks and (b)Third Party Liability.
MOTOR INSURANCE POLICY
This class of insurance is made compulsory by Government through the legislation known as the Motor Vehicle (Third Party) Insurance Act of 1945. The Third Party Only cover which is the minimum type of insurance legislated upon provides indemnity to policyholder against legal liability to Third Parties for death, bodily injury and property damage.
The most popular type of cover under this policy is comprehensive insurance which, in addition to the cover provided under the Third Party only, will also indemnify the policyholder for loss or damage to the vehicle resulting from road accident, fire damage or theft. The Premium payable for the various forms of cover under this policy is regulated by a statistical table of rate known as “tariff” which is approved by the Government. To enable us advise the premium payable in this regard, we will require the following information:
– A list of the vehicle to be insured showing make, type, cubic capacity, year of manufacture and the value.
– The type of Cover required.
MARINE CARGO POLICY
The policy issued here is to provide indemnity for loss or damage to imported goods being conveyed by sea given the nature of items likely to be conveyed and your operational needs. The All Risks type of cover known as Clause “A” provides indemnity to the insured in the event of total or partial loss of the goods from manufacturers point to point of delivery in Lagos. While we confirm that Clause A cover will actually meet your request, we need to mention for your information, that Clause C cover though restricted still exist in our market.
Insurers will base their assessment of quotes and terms on the nature and value of goods being imported as well as the type and scope of cover required.
MARINE HULL INSURANCE
This is an All Risk cover against any form of loss or damage to the insured Vessel subject to the policy exceptions. Vessel will be described as the vessel herself, machinery; gear and other equipments such as would normally be sold with the vessel.
All Risks Cover includes loss/damage to insured vessel, liability to third party other than passengers, liability to passengers and other risks not specifically excluded from the policy.
POLICY EXTENSIONS
– PROTECTION AND INDEMNITY COVER (P&I): By incorporating this extension, the policy provides indemnity in respect of Legal liability to Third Party for both injury/death and damage to property arising out of the use of the insured vessel.
– WRECK REMOVAL INSURANCE: This extension provides compensation in respect of costs and expenses incurred for the removal of the wrecked vessel from the point of wreck to the nearby yard.
AVIATION COVER
Type: Airline Hull And Spaces “All Risks”/Hull Total Loss Only And Liability Cover.
Cover Provided: Aviation Insurance provides cover for all flight related risks that can cause damage to the aircraft and all accessories while in use or out of use. This also covers all liabilities attaching to the use of the aircraft.
OIL & GAS INSURANCE POLICY
Oil and Gas Insurance is an insurance policy that covers human life, the environment and property from any accidents of oil and gas organization activities. Thus, the industry needs to be insured to cover certain proportion of the liability in case of any accidents.
ERECTION ALL RISK INSURANCE POLICY
The Erection All Risk (EAR) policy offers coverage against any physical loss/damage caused due to construction work, installation of machinery, etc. Not only this, it will also take care of any damage caused to third-party properties (including bodily damage)
This Policy is also extended to cover testing period of construction works.
CONSTRUCTION ALL RISKS INSURANCE POLICY
This policy provides an all risks cover in respect of loss, damage or liability incurred in respect of your construction projects.
The subject matter of this policy includes all materials, components, parts, machinery, equipment or any other property destined to become part of the completed project.
The policy is of two major sections which are;
Section 1 – Material / Physical Damage Cover: The perils covered here are; All risks of physical loss damage or destruction to the whole or part of the works while at the contract site or at any other site used in the execution of the contract or in transit within the territorial limit of Nigeria to the insured location. The purview of our material damage cover extends to afford you indemnity in respect of extra perils such as Riot, Strikers Locked-Out Workers, Tornado, Earthquake or Volcanic Eruption and allied Occurrence.
Loss damage or destruction due to the following is covered by this section four policy:
– Temporary Buildings and Works at Site
– Contractors Plant and Equipment
– Existing Property or Property held in Trust or under control of the insured.
– Debris Removal
BOND CREDIT GUARANTEE AND SURETYSHIP INSURANCE POLICY: Bond is a kind of Insurance protection that guarantees the repayment of contract sum to the Principal as a result of default of a Contractor appointed by the Principal.
Types of Bond
Advance Payment Bond
Performance Bond
Corporate Bond
Credit Bond