COMPULSORY INSURANCE CATEGORIES
BUILDER'S LIABILITY INSURANCE COVER
This is a type of insurance that all owners or contractors of buildings under construction, that have more than 2 floors, must take up. This insurance is made compulsory under the National Insurance Act 2003.
The Builders Liability Insurance provides cover against the risk of bodily injury, death, and property damage to workers at construction sites and affected members of the public in the event of collapse of the building under construction and all others associated construction risks.
CONSTRUCTION ALL RISK AND OCCUPIER LIABILITY INSURANCE
This policy provides covers for building contractors and those involved in the building process. A Contractor All Risk provides financial compensation to the insured for the cost of restoration of works following an unforeseen accidental event leading to a loss/damage. The policy will cover
Third party property damage or bodily injury
Contract works up to the estimated value
Contractor’s plants and equipment
Principal’s existing properties on site and temporary structures
Offsite temporary storage facility
Some additional benefits that can be added at a lower additional cost are
Cost of removal of debris
Reinstatement of indemnity limit
Before SICL arrange the Cover, the under listed documents would be required:
Nature of the project
Period of contract
Sum insured. That is the complete value of the contract
Other factors as contained in the insurer proposal forms
GROUP LIFE INSURANCE SCHEME
The Group Life Insurance is designed to provide compensation to the insured beneficiary in the event of death. Group life insurance schemes can be incepted by clubs, trade association, societies etc. for their member. More importantly section 9(3) of the Pension Reform Act 2014 as amended puts in place a Death-in-Service Benefit insurance scheme on behalf of employees for the benefit of their dependent(s) in the event of death whilst in active service.
The Act requires that “Employers shall maintain Life Insurance Policy for their employees for a minimum of 3 times the Annual Total Emolument of the employee.
An annual Total Emolument is defined as Basic Salary, Housing and Transport Allowance for all companies, enterprises and the Government having five (5) employees and above on their payroll.
PROFESSIONAL INDEMNITY INSURANCE
Professional indemnity insurance protects the insured against claims for loss or damage made by clients or third parties as a result of the impact of negligent services provided or negligent advice offered. Compensation claims can be brought against the insured even if the service or advice provided is offered for free. This policy provides adequate and affordable coverage for all professionals against financial and reputational losses in the event of incidents of malpractice or unexpected outcomes.
This refers to the Insurance of vehicles against Accidental Damage, Fire, Theft or Injury incurred in the course of using any mechanically propelled vehicle on the public highway, including the use of motorcycles, motor vehicles and special vehicles. Motor Insurance could be arranged either on a Comprehensive or a Third Party Only basis.
A Comprehensive Motor Insurance shall cover you against fire damage or theft of the subject matter, in addition to indemnifying you against accidental damage to the vehicle itself. The policies will also indemnify you against liabilities towards third parties for damages or injuries sustained. The policy also provides for reimbursement of Medical Expenses incurred by the occupants.
1.Excess buy- back
2.Loss of accessories
3.Loss following strike, riot, and civil commotion.