| FIRE/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 out break, lightning or explosion. Other extraneous perils such as social disturbances like strike and riot, and natural disasters like storm damage, flood and earthquake can also be covered by an extension of the standard scope of the cover.
This type of policy is designed to indemnify the insured against loss or damage resulting from theft or attempted theft which is accompanied with actual forcible or violent entry into or out of the premises or any attempt thereat.
The items usually covered under this policy are similar to those under the Fire/Special Perils policy with the exception of Buildings and Loss of Rent.
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 Policy, will also indemnify the policyholder for loss or damage to the vehicle resulting from road accident, fire and 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 Government.
GROUP PERSONAL ACCIDENT POLICY
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 accident, death or bodily injury to a member of staff. 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 certain allowance for expenses incurred on medical treatment as a result of accidental injury. Death or injuries from natural causes are however not covered.
HULL: This type of policy is issued on vessels and yachts to provide indemnity for any loss, damage or liability that may arise from their use. The scope of cover provided is either an "all risks" or "total loss only" while the policy usually carries a deductible of about 10% of the value of the vessel or yacht.
To enable us submit quotation for this risk, we require the current inspection report done by a qualified marine engineer on the vessel as well the type of cover required.
CARGO: The policy issued here is to provide indemnity for loss or damage to imported goods being conveyed by sea or air. The All Risks type of cover known as Clauses "A" provides indemnity to the insured in the event of total or partial loss of the goods while the restricted cover known as Clauses "C" would provide indemnity in the event of total loss only.
To enable us determine the premium payable in this regard, we would require information on the nature and value of goods being imported as well as the type of cover required.
GOODS IN TRANSIT POLICY
This is also an "All Risks" policy covering goods being carried from one location to another. Any loss not specifically excluded under the policy is covered and the insurance is suitable for any organisation that is engaged in movement of goods either by road or rail and the cover will operate when the goods are being conveyed by owner's vehicle or hired vehicles. Losses arising from Fire and Theft are covered under this policy.
CONTRACTORS' ALL RISKS POLICY
This policy is designed to cover the operations of civil engineering firms. Indemnity is provided for accidental loss or damage to the contract works being executed.
Constructional plants and equipment taken to the site of operation is also covered against loss or damage while the legal liability of the contractor to Third Parties for death, bodily injury and property damage is also covered up to a certain limit.
MACHINERY BREAKDOWN POLICY
This policy is designed to cover any damage to a plant or equipment while working or at rest, or being dismantled for the purpose of cleaning, repairing or overhauling.
In the same vein, boiler and pressure vessels can be covered under a separate but similar policy.
PUBLIC LIABILITY POLICY
This policy also 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 employee can also be covered provided it arose in the course of carrying out his official duties. Please indicate the limit of cover required to enable us advise the premium payable.
| ALL RISKS POLICY
This policy has a very wide scope of cover and is specifically tailored to suit protection of portable and valuable items such as Jewelleries, cameras, mobile phones, laptops etc.
The attraction of the policy stem from the fact that cover will operate wherever the item is lost or damaged. The policy covers practically all risks with certain exclusions such as electrical or mechanical derangement or defect.
To enable us quote for the premium, we need to be advised of the make and type of the item to be covered as well as the year of manufacture and the current replacement cost.
This is another type of All Risks policy which is designed to cover any fortuitous event that could result in the loss of cash while in the course of transit either to or from the bank.
The cover will also operate while the money is on the premises of the insured and while in a securely locked safe. The policy can also be extended to cover cash in the personal custody of selected management staff.
Bonds are not strictly insurance policy and indeed they can be issued by banks as well. A bond is a guarantee which is provided by a third party (bank or insurer) to a contract and states that a certain sum of money will be paid in the event of the contractor not carrying out his contractual obligations.
The main difference between the insurance office and the bank is the insurers tend to underwrite bonds on an unsecured basis by careful examination of the contract conditions, local conditions and the ability and standing of the contractor.
The banks seem to underwrite bonds on the collateral which they hold and the financial standing of their customers rather than by consideration of the contract itself.
A bank bond must therefore reflect on your annual accounts as a charge on your bank assets. Moreover, such bank bond attracts a much higher charge or rate of interest than that of the insurance bond. Bonds are invaluable tools in the successful execution of a contract’s job.
There are many types of bond available namely:
The type that you will require will depend on the nature of the contract and the contract conditions of the Principal.
KEYMAN ASSURANCE POLICY
This policy is for the benefit of a company or business enterprise, and covers the losses resulting from the death, disability or resignation of a keyman in the organization.
Your company may decide to insure as many key persons as possible who are vital to the survival and growth of the company for a capital sum which would be reasonable to meet the cost of replacing the training a new person to take over from the insured keyman.