Insurances Relating To Assets


This type of policy indemnifies the insured in the event of loss or damage to properties covered under it as a direct result of fire outbreak, lightning or explosion.

Other extraneous perils such as social disturbances like strikes, riots, and natural disasters like storm damage. Flood and earthquake can also be covered by an extension of the standard scope of cover.

The items to be insured are usually made up of the following:

  • Building (This is necessary only if you own the building or compelled by tenancy agreement to take up insurance).
  • Improvement to building including office partitioning. (This is necessary if you do not own the building but improved on it to suit your purpose).
  • Office Furniture, Electrical and Electronic Equipment
  • Plants and Machinery
  • Loss of Annual Rent for alternative accommodation.
    • The rate of premium applicable is within the range of 0.225% - 0.4% (subject to certain discounts such as Long Term Agreement and Fire Extinguisher Appliances Discounts)

      We require the replacement cost of items to be insured in line with the table below to facilitate computation of the premium payable.

Burglary / Housebreaking Policy

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 attempts thereat.

The items usually covered under this policy are similar to those under the Fire & Special Peril policy (1) above with the exception of building and loss of Rent.

The replacement cost of the relevant items would have to be supplied to enable us submit a quotation.

Premium rate: ranges between 0.3% and 0.5% (subject to a Long Term Agreement Discount).


  • Reinstatement value Condition Clause
  • Automatic Reinstatement of sum insured after loss
  • All Other Contents Clause
  • Trust Clause
  • Temporary Removal Clause
  • Property Acquisition Clause


This policy has a very wide scope of cover and is specifically tailored to suit protection of portable items such as cameras, laptops computers and mobile phones and other moveable and valuable assets.

The attraction of the policy steam from the fact that cover is effective in event of loss or damage of insured item. The policy covers practically all risks with certain exclusion such as electrical or mechanical derangement or defect.

Underwriting Requirements include: Make and type of the items to be covered as well as the year of manufacture and the current replacement cost.



  • PRIVATE MOTOR: Vehicles covered under this type of cover include cars and jeeps of different makes.
  • COMMERCIAL MOTOR: category of vehicles covered include : Buses of all types including Own goods, Bullion vans, Ambulances, Trucks and any other vehicle not being part of private cars.
  • MOTORCYCLE: Covers all kinds of motorcycles.


A) THIRD PARTY ONLY COVER: This is the minimum type of motor insurance, legislated upon to provide indemnity to policyholder against legal liability to Third parties for death, bodily injury and property damage arising from the use of motor vehicles. Government makes this class of insurance compulsory through the legislation known as the Motor Vehicle (Third Party) Insurance Act of 1945.

B) THIRD PARTY FIRE & THEFT: This policy provides indemnity against damage by fire, external explosion, self ignition or lightning, burglary, housebreaking or theft in addition to the cover provided under the Third Party Only cover.

C) COMPREHENSIVE COVER: The most popular type of cover under Motor Insurance is comprehensive insurance cover, which in addition to the cover provided under the Third Party Fire & Theft, will also indemnify the policy holder against loss or accidental damage to the insured vehicle.

Cover under this policy is regulated by a statistical table of rate known as ‘‘tariff” which is approved by the Government.

Rates of premium:

I Third Party only: - N5, 000.00 Flat on each saloon and Jeep vehicle (Govt. Approved Minimum Premium)

- Between N7, 500 – N15, 000.00 for all others

- N2, 500.00 for motorcycles

II Third Party & Theft: 60% of the Comprehensive premium

III Comprehensive: Motor Insurance tariff rates are as follows.

Noting that the rates are subject to various discounts, we are however pleased to introduce a Special Motor Insurance Package for organizations with a large fleet like yours.

The packages obtained are as contained in the next page.

To enable us advise the actual premium payable in this regard, we will require the following information:

- A list of the vehicles to be insured showing make, type, cubic capacity, year of manufacture and the value.

- The type of cover required.

Other benefits under the Comprehensive Motor Policy could be arranged free of charge or with additional premium depending on the trade of the insured as noted below.


Considering your large fleet of vehicles, we present the following packages which we believe will be of great benefit to you as offered by various underwriters consequent upon our negotiation.


  • Normal tariff rate
  • 65% Special Discount off the normal rate
  • Tracking Equipment installations by the insured
  • Plus 0.5% of Value for Riot and Strike extension
  • Plus 1% Excess Buy Back extension


  • Normal tariff rate
  • 50% Special Discount off the normal rate
  • Free Installation of Tracking Equipment by insurer subject to insured’s approval
  • Plus 0.5% of Value for Riot and Strike extension
  • Plus 1% Excess Buy Back extension


  • EXCESS BUY BACK: On a standard motor policy there is usually an Excess, this is amount of the claim that would be borne by the insured on each and every loss after which the underwriter pays the balance. It is usually a certain amount of money or 10% of the claim.
  • 'Excess Buy Back’ is an extension by which the policy excess could be purchased in return for additional premium of 1% of sum insured. Thereafter, each and every claim is paid in full by the underwriter.
  • RIOT AND STRIKE EXTENSION (RSCC): By incorporating this extension, the policy is extended to cover any loss or damage resulting from riots and strike which are specifically excluded from a standard motor policy.
  • MEDICAL LIMIT: Medical expenses is a benefit cover under private motor policy in respect of injury sustained by the insured in course of the accident. The limits granted by underwriters is usually around N50,000.00.
  • By our influence with reputable underwriters in the industry, we can obtain extension of the Limits up to around N100,000.00
  • AUTHORISED REPAIR LIMIT: This is the limit to which the insured may authorize repair of the motor car necessitated by damage for which the underwriter may be liable under the policy without prior approval from the underwriter.
  • Limit granted by underwriter is usually around N20,000.00 on which we can negotiate and extend to about N100,000.00 minimum without extra charge.
  • TOWING LIMIT: In the event of insured motor car being disabled by reason of loss or damage covered under the policy, the underwriter will bear the reasonable cost of protection and removal to the nearest repairs but not exceeding the specified limit. Limit granted by underwriter is usually very low.
  • This we can negotiate and improve upon up to N30,000.00 per insured vehicle without additional premium as against the standard limit of about N20,000.00.
  • THIRD PARTY LIABILITY: Motor policy will indemnify the insured in the event of accident caused by the use of the motor car against all sums which the insured shall become legally liable to pay in respect of :
    • Death of or bodily injury to third party
    • Damage to property belonging to anyone other than the insured.

The Limit of Liability in respect of property damage in line with Insurance Regulations is N1,000,000 but this we can extend further at no extra cost.

Plant All Risks

This policy covers loss or damage to insured machinery whilst at the situation from any cause subject to policy exceptions; damage caused by breakdown is specifically excluded. The policy covers damage due to any cause outside the machine, including fire, explosion, impact etc (although the policy can also be extended to cover machinery breakdown with an additional premium). The applicable rate of premium ranges from 0.85% to 1.5% of value.

Marine Insurance

This policy covers loss or damage to insured machinery whilst at the situation from any cause subject to policy exceptions; damage caused by breakdown is specifically excluded. The policy covers damage due to any cause outside the machine, including fire, explosion, impact etc (although the policy can also be extended to cover machinery breakdown with an additional premium). The applicable rate of premium ranges from 0.85% to 1.5% of value.

  1. MARINE CARGO: (Arranged to cover imported goods conveyed either by Sea or Air) This policy provides cover in respect of importation of equipments and other materials. It provides indemnity for loss or damage to imported goods being conveyed by sea or air. The All Risks type of cover known as Clause “A” provides you with indemnity in the event of total or partial loss of the goods while the restricted cover known as, clause “C” would provide indemnity in the event of total loss only.
  2. MARINE HULL INSURANCE : ( Arranged by Ship owners to cover the Ship herself) 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.


  • 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.


This policy could be relevant as it provides cover on the conveyance of your equipment and other working material from one location to another.

It provides cover against All risks of loss or accidental damage to your goods whilst in transit or in the course of loading and unloading or while temporarily housed in ordinary course of transit by road (in own and/or hired vehicles), rail or inland waterways anywhere in Nigeria.

Underwriting information to be communicated to us:


  • Mode of transportation i.e. owned or hired vehicle
  • Value of goods
  • Period of Transit
  • Point of origin and destination


  • Riot and Strike Extension
  • Hold up Extension

Consequential Loss Insurance

This class of Insurance is designed to indemnify you against loss of earning following damage/loss caused by fire and special perils to property insured.

What is covered?

  • Net profit which would have accrued if the fire incident/special peril had not happened..
  • Fixed charges as interest, rents rates etc. which are compulsorily payable although no business activities is taking place in the premises again. These are called standing charges in the policy.
  • Expenses which will help to facilitate the resumption of normal business and minimize loss of net profit e.g. hiring of temporary premises, engaging the services of extra staff or working overtime. This is called increased cost of working.
  • Wages of staff whose services will have to stop immediately due to the fire damage – retained wages of skilled employees whose services are needed/for quick return of the business activities of the company.
  • Auditors’ fee of the Auditors employed to prepare any claim under the policy. ,/li>

Who purchases this cover?

This is for Corporate and Individuals.