The Group Life Policy is designed to meet the requirements of the statutory group life policy under section 4(5) of the Pension Reform Act, 2014. In addition, it provides some additional benefits which could be attached to the main policy depending on the circumstances of the employer.

Benefits:

1. Compliance with the law (Pension Reform Act 2014)
2. Relief to the government of financial commitments associated with death or accident of a public servant
3. Service and employee loyalty & high motivation level for the citizenry.
4. Attract talents to public service and retain current staff
5. Higher cover for staff in critical functions or jobs in high-risk environment.

Other Policy Features

• 24-hour mortality cover devoid of geographical limitations
• Risk cover against death from any source
• Optional Benefits to enhance risk coverage
• Accidental death cover
• Permanent disability benefit
• Option of higher risk cover or differential risk cover for employees in different job roles, grades

Additional Benefits

• Instant financial assistance for dependents of the deceased for emergency situations i.e. school fees, house rent and medical bills etc.

-Our Group Personal Accident (GPA) covers Riot, Strike, and Civil Commotion (a general exclusion in standard GPA policy.

Scope of Cover:  The Fire Policy will indemnify the insured against losses resulting from Fire. It covers other perils of fire like Lightning, Explosion of Boilers and/or of Gas. Aircraft or other Ariel devices and Articles dropped there from, Riot, Strike, Lock-Out Workers, Malicious Damage, Earthquake or Flood, Escape of Water from Tanks and Pipes, Impact by any Road Vehicle or Animal. The product is designed to indemnify you against any loss or material damage to your buildings, furniture, fixtures & fittings, plants and machinery.

This is often treated as an extension to public liability but could be issued on its own and in such cases, the premium is based on the Estimated Annual Turnover

It covers the Insured’s legal liability for bodily injury or loss or damage to property caused by the Insured’s products or goods.

Survey of the Insured Premises is highly desirable and should be carried out.

Scope of Cover:  The Burglary/Theft policy will indemnify you against loss of or damage to your Stocks, computers, furniture, electrical & electronic equipment as a result of burglary and any other damage to the building resulting from forcible or violent entry or exit from the building

This class of Insurance is normally taken by a corporate organization when there is a need for them to erect plant and machinery.

It provides compensation for loss or damage resulting from the installation/erection of plant and machinery.

The policy could be written either on short period basis or on annual basis such as in

the type of machinery to be installed.

This policy covers the vehicles of an individual and corporate organization against any loss or damage caused by accident or any violent means; it includes

This policy indemnifies against any loss due to any accidental means.

The scope of cover is:

Accidental damage to the insured vehicle

Loss by theft or fire.

Liability to third party (bodily injury and property).

In addition, this policy is extended to cover Strike, Riots and Civil Commotion if so desired.

1. Third party property limit of up to N 1 Million
2. Unlimited liability for death & bodily injury to third parties
3. Free Strike, Riot & Civil commotion extension
4. We will bear reasonable cost of towing a damage vehicle up to N50,000.00

Plant All Risk Policy that covers loss or damage to plant and every occasioned by the Insured Perils such as Fire, Lightening, Burglary, All Liability arising there from.

Inspection/Survey should be carried out before the commencement of policy so also must the plant be inspected periodically.

Details of the plant must be obtained in the completed Proposal Form.

It also covers the legal liability in respect of accidental bodily injury to any person and accidental damage to property arising out of the usage of the plant.

Electrical Equipment Insurance is an Accident Insurance on an All Risks basis cover in sudden and unforeseen losses which can materially affect the subject matter of Insurance.

The Insurance provides covers for loss or damage resulting from:

–         Fire, Lightening Explosion, Falling from Aircraft

–         Smoke, Soot, Corrosive gasses

–         Water and humidity

–         Burglary and so on

It does not however cover liability loss, consequential loss, failure or interruption of gas, water or electricity supply.

There are three main sections in the policy viz:

(1)      Material Damage

(2)      External Data Media

(3)      Increased cost of working

Accidental Material Damage:  This means that loss of damage to property from any sudden and unforeseen clause (usually from outside of the property itself) other than by breakdown.

It is important that causation must be external.

Breakdown Means:  Damage to an Insured item resulting from the actual breaking distortion of electrical burn out or the failure of any part of the Computer Installation, occurring during

This class of Insurance is governed by Decree No 17 of 1987.  It covers legal liability to pay compensation to employees for injury or illness sustained in the cause of employment resulting in Death, Disablement, Medical/Transport Expenses incurred, even including cost of defending such litigation.

This provides cover for a professional such as Brokers, Lawyer, and Accountant for his legal liability towards Third Party for Injury, Loss or Damage arising from his own Professional negligence or that of his employees.

Liability arising from Breach of Contract.

This class of Insurance is a very specialized area and not much statistic are available for ease of reference; nevertheless, there are still some basic facts that need to be known.

However, all such cases under Engineering should be referred to Head Office for final approval.

This is arranged by a Company on the lives of its personnel or by a group of people coming together for the same purpose.

SPECIAL FEATURES

(1)     Temporary Disablement Benefit Only

(2)      All Sickness or Specified Diseases

(3)      Persons with previous injury or existing disability

(4)      Repatriation expenses

(5)      Occupational Hazards only.

–         Where Group Personal Accident is arranged attempt must be made by the Underwriter to fix a conveyance limit – that is the maximum loss at any given time.

–         Riot and Strike Extension if granted would attract a premium loading

–         Repatriation Expenses Extension if granted would attract 2% of the benefit desired.

–         Motorcycling Risk Extension –

Disappearance Clause would also be incorporated in the policy since the policy is a world-wide cover.  The clause tends to treat any disappearance as death after 1year of no result of seeing the person.

How to handle some of the Special Features e.g. insured subject to particular infirmity.

Contractors’ All Risks as the name implies deals with the insurance underwriting of contracts principally relating to the area of building and Civil Engineering.

When contracts are signed between the contracting parties (that is, the contractor and its Employer – owner of contract) certain conditions are stipulated in the Contract Agreement which fall within the responsibility of the contractors. One of such contract conditions is referred to as the ‘Institute of Civil Engineers Condition. Clause 21 of the condition requires the contractors to insure in the joint names of the Employer and the Contractor:

1. the permanent and temporary works (including unfixed material and other materials on site for incorporation into the contract works) to their full value
2. The constructional plant to its full value:

III.      Against all loss or damage from whatsoever cause arising (other           than the excepted perils) for which the contractor is responsible under the terms of the contract:

1. Both during construction period and the maintenance period arising from a cause occurring during the construction period or through damage caused by the contractor during works performed in accordance with the maintenance clause.

Another type of Contract Conditions under which contract is commonly undertaken is (R.I.B.A.) Royal Institute of British Architects Conditions. One of such condition is the R.I.B.A. Clause 19(2) (a). Under this clause, the contractor is required to maintain in the joint names of the Employer and the contractor insurance cover for loss or damage or liability caused to any property other than the contract works as a result of collapse, subsidence, vibration, weakening or removal of support or lowering of ground water arising out of the contract works subject to certain exclusions, e.g.:

1. i) Negligence or default of contractor, his agent etc.
2. ii) Errors omissions in the designing of the works

iii)      Nuclear or war risks.

Basic Cover:

The C.A.R. Insurance provides All Risks Insurance cover (subject to certain exceptions) in respect of loss, damage or destruction of any of the contract works both temporary and permanent while in the cause of construction or whilst on the contract site for which Insured, or his agent is responsible and until handed over by the contractor to the Employer.

However, the cover provided under the C.A.R. Insurance policy can be classified into two basic sections. Section I provided cover for the material damage cover for Third Party Liability.

Types of Policy Cover & Premium Rates

1. Single Contract Cover

2. Open, Blanket or Floater Policy Cover

Mortgage insurance is an insurance policy that protects a mortgage lender or title holder if the borrower defaults on payments, dies or is otherwise unable to meet the contractual obligations of the mortgage. Mortgage insurance can refer to private mortgage insurance (PMI), qualified mortgage insurance premium (MIP) insurance or mortgage title insurance. What these have in common is an obligation to make the lender or property holder whole in the event of specific cases of loss. Mortgage life insurance, on the other hand.

This policy provides compensation for loss or damage to valuable items caused by any accident or misfortune. These include wearing apparels, jewelries & personal ornaments, pens, gold and silver wares, cameras, laptops, mobile phones tools of trade, household effects, Pictures & Frames, Books and Miscellaneous Equipment

This covers sudden and unforeseen physical loss or damage, necessitating its repair or replacement caused by any of the insured perils such as maladjustment, loosening of parts, failure of protective devices, entry foreign bodies and shortage of water in steam boilers of pressure vessels.

• This policy will protect or indemnify the insured for loss of or accidental damage to the subject matter insured whilst in transit by road or by rail.
• There are two types of cover available. These are:
• ‘All-risks’ and
• Restricted cover.

The policy could be arranged on declaration basis or on single transit or short period basis.

This policy provides compensation to an employer against the dishonesty, fraudulent, embezzlement acts of his employees for Money or Stock.  Such Employees are Cashiers, Accountants, Storekeepers and so on. Cover could be arranged in any of the following two ways:

• Individual Basis – Named Basis as usually done for Stock Brokers
• Blanket Basis – All employees as usually provided for Bank and Client service Companies.

RATING:  The nature of business will always be a major determinant.  Hence a Bank Cashier would be rated higher than an Office Store-Keeper. The rate generally ranges from 2% to 3% and where it is issued on numbers say 79 Cashiers, a per Capital Loading of say between N100–N200 may be added.

Any compensation under this policy becomes statute barred after 12months of the expiration of the policy or 12 months after the death of the employees concerned which ever happens first.

This provides compensation for loss of money or damage to the safe.  The basic covers available are: – Loss of money belonging to the insured or for which the Insured is responsible, occurring.

(1)      While in Transit

(2)      Cash-In-Safe

(3)      Cash in personal custody/possession

(4)      Damage to Safe.

RATING:  Each of the covers is always rated differently as they present different exposure and the rate does not bother itself with the nature of the business of the proposal rather it is based on what type of cover requested for.

Two main types are: Marine Cargo and Marine Hull

1. Institute Cargo Clause “A” which is ALL RISKS and
2. Institute Cargo Clause “C” which is a restricted cover

BOND

This is a form of guarantee given by one party called the surety (insurer) that he

Should be held liable by another party called employer/creditor/ principal as the

Case may be in the event of yet other parties, (called contractor/Borrower) failure

to fulfill or abide by the term and conditions of the said contract or Agreement.

There are different types of bonds;

• Performance Bond
• Advance Payment Bond
• Bid Bond

Rating

The premium rating is by applying a percentage to the sum insured.