Business Insurance

BUSINESS INSURANCE CATEGORIES

FIRE & SPECIAL PERILS INSURANCE

Provides coverage for the building and contents (furniture, fittings, office equipment), stock of foods and drinks as a result of fire incident, storm damage, flooding etc.

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BUSINESS INTERRUPTION

This Protect the Insured Institution against loss of income resulting from a fire incident, storm damage or flooding which prevent continuous operation of the business thereby resulting in loss of revenue.

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BURGLARY INSURANCE

Burglary policy Covers loss or damage resulting from theft by hoodlums or Armed robbers through violent and forceful entry and exit.

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FIDELITY GUARANTEE INSURANCE

This protects the Insured against Dishonesty of the employees resulting in misappropriation of funds and stock.

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FIRE & SPECIAL PERILS INSURANCE

BUSINESS INTERRUPTION

BURGLARY INSURANCE

FIDELITY GUARANTEE INSURANCE

 

MONEY INSURANCE

 

Money Insurance Cover theft of money in safe, personal custody and in transit.

PUBLIC LIABILITY INSURANCE

Public Liability Insurance protect the Insured against liability arising as a result of injury, death, theft or damage to customer's or liability to the general public resulting from the activities of the insured.

HEALTH INSURANCE

The Health Insurance Scheme will be designed to provide compensation for the cost of private medical treatment which in many cases particularly during these chaotic economic conditions can be very EXPENSIVE especially with Hospitalization and Surgery. 

GROUP PERSONAL ACCIDENT

This policy provides compensation to any member covered under the scheme for violent physical external injury resulting in death or disablement as a result of accident. It also offers compensation for medical expenses incurred in connection with such injury.

FIRE & SPECIAL PERILS INSURANCE

This provides coverage for the building and contents (furniture, fittings, office equipment), stock of foods and drinks as a result of fire incident, storm damage, flooding etc.

 

To enable SICL put the cover in place, we would require the following Underwriting information for our next line of action, these are as follows:

 

  • Sum Insured/Value of item to be insured

  • List or inventory of Items which is subject to physical survey

BUSINESS INTERRUPTION INSURANCE

This protects the Insured Institution against loss of income resulting from a fire incident, storm damage or flooding which prevent continuous operation of the business thereby resulting in loss of revenue.

 

Underwriting Considerations

This policy is tied to a fire policy and same considerations apply.  However, the following must be considered in addition to the above: -

  • Indemnity Period

  • Extensions period that may be required

  • Sum to be insured (Gross profit + Increase in Cost of Working)

BURGLARY INSURANCE COVER

Burglary policy Covers loss or damage resulting from theft by hoodlums or Armed robbers through violent and forceful entry and exit.

 

Underwriting and Rating Considerations

  • Sum Insured/Value of item to be insured

  • List or inventory of items which is subject to physical survey

 
 
 

FIDELITY GUARANTEE INSURANCE COVER

This protects the Insured against Dishonesty of the employees resulting in misappropriation of funds and stock.

 

Underwriting and Rating Considerations

  • The System of checks and supervision available in the insured’s organization.

  • Nature of the insured’s business (There are trades that are considered undesirable risks, bookmakers, casinos, money lenders e.t.c.)

  • Nature of employee’s duties

  • Sum guaranteed

MONEY INSURANCE COVER

Money Insurance covers theft of money in safe, personal custody and in transit.

 

Underwriting and rating considerations

  • Transit limits/Estimated Annual Carryings

  • Nature and How transits are made

  • Safety precautions for both transit and premises risks

  • Safes and strong rooms (Adequacy)

  • Past insurance and claims history

  • Times and routes

 
 

PUBLIC LIABILITY INSURANCE COVER

Public Liability Insurance protects the Insured against liability arising as a result of injury, death, theft or damage to customer's or liability to the general public resulting from the activities of the insured.

 

Underwriting and rating considerations

  • Name and address of the proposer

  • Nature of business

  • Nature of materials or substance used

  • Estimated Annual Turnover

  • Limit of Liability Anyone Occurrence

  • Limit of Liability Anyone Period of Insurance

  • Details of all work-away premises

  • Previous Insurance history

  • Previous Claims history

  • Declaration

  • Standard of housekeeping

 

EMPLOYEES' BENEFITS INSURANCE COVER

Employee Benefit policy is broken down as follows:

  • Life Assurance – This provides Compensation for untimely death of employees.

  • Accidental Permanent Disability- This Compensate for permanent accidental disability to the employee.

  • Accidental Medical Expenses – This pays for medical expenses arising from an accident injury to an employee in the course of employment

  • Funeral Insurance Cover - This pays for burial expenses in case of death of an employee while in service.

 

Underwriting and rating considerations

  • List/Full Names of Employee

  • Date of Birth or Age of each employee

  • Gross Emolument; Annual Basic Salary, Annual Transport Allowance and Annual Housing Allowance in line with PRA of 2014

  • Medical Limit considered for Insurance per employee

 

HEALTH INSURANCE SCHEME

The Health Insurance Scheme will be designed to provide compensation for the cost of private medical treatment which in many cases particularly during these chaotic economic conditions can be very EXPENSIVE especially with Hospitalization and Surgery. The scheme will also ensure that Employees will not have to worry about the cost of seeking treatment as at the time of emergencies. The Scheme will provide cover for your employees against pre-existing disease and no medical examination will be required as at the time of arranging the cover.

 

Finally, the Scheme can be extended to provide Insurance Cover for Employees Spouse Children, Aged Parents and Post Hospitalization Expenses including expenses associated with Pre-existing illness. In addition, Pre-existing illness and Maternity will also be covered, chronic illness like diabetes and Arthritis may also be covered.

 

The Underwriting information we will require to design this scheme will be as follows:

  1. Age

  2. Gender

  3. Occupation

 

GROUP PERSONAL ACCIDENT INSURANCE COVER

This policy provides compensation to any member covered under the scheme for violent physical external injury resulting in death or disablement as a result of accident. It also offers compensation for medical expenses incurred in connection with such injury. This type of insurance can be arranged in form of scheme to cater for the welfare of staff covered under the scheme. It is a 24 hours cover. The various benefits available are as stated below:

 

  • Death Benefit: This is the amount of money payable to the beneficiary of a deceased member. 

  • Permanent Disablement Benefit: This pays out a pre-determined sum insured in the event of the insured member becoming totally

disabled as a result of accident and hence incapacitated from engaging in or attending to any portion of the insured’s ordinary profession or occupation.

 

  • Temporary Total Disablement Benefit: This is payable as a weekly benefit where the insured becomes disable such that he can no longer engage in or attend to any portion of the insured’s ordinary profession or occupation.

  • Medical, Surgical And Hospital Expenses: This takes care of medical expenses (including operation fees, cost of medicine, surgical appliances and hospital or nursing home charges) necessarily incurred and expended in connection with any injury by accident within the meaning of the policy. The amount would be determined by the insured. However, it must be reasonable.

For SICL to put the cover in place, we would we require the following information:

  • List/Full Names of Employee

  • Date of Birth or Age of each employee

  • Gross Emolument; Annual Basic Salary, Annual Transport Allowance and Annual Housing Allowance in line with PRA of 2014

  • Proposed Medical Expenses per Employee

 

MARINE INSURANCE COVER

Marine Cargo Insurance - This class of insurance provides compensation to the cargo owner in the event of loss of or damage to the cargo whilst in course of transit between one country and another either by sea or by air.  Cover can be arranged to cover port to port only or to cover transit from warehouse in country of origin to warehouse in country of destination.

 

Marine Hull Insurance - This class of insurance seeks to provide indemnity for the vessel owners in the event of loss or damage to the vessel.  It covers the Hull (the ship or vessel), Machinery and Equipment.  Thus, it is sometimes referred to as Hull and Machinery Insurance.