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This is a document that the principal under a contract demands from a contractor for him to perform the contract as agreed but where the contractor fails to perform the contract as agreed, the principal may call for the bond and the surety (insurer) will be liable to pay the bond value to the principal. The bond guarantees the contractor’s competence to perform a contract given to him using quality materials needed to meet up with the standard.


This is a type of bond that the principal of a contract request for before releasing a particular percentage of the bond value to the contractor in advance for the mobilization of the contract and where the contractor fails in performing the contract as agreed. The principal has the right to call for the bond from the insurer who will reimburse the principal against any monies that is lost through the default of the contractor.


This is applicable if the contract is by tender and not mutually negotiated. The bond guarantees that the party tendering for the contract will not withdraw once the job is accepted and will therefore take full responsibility for the work in accordance with its offer and specifications.


As the name implies, this is a bond that is obtained by the contractor to take care of the percentage, usually five percent (5%) of the contract value that the principal retains from the contract value. The bond guarantees that if the contractor fails, the sums which should have been retained by the principal would remain available to correct the possible defects.


This guarantees that the importer will pay the custom duties on goods imported. A law has been passed that only banks should issue custom bond but some of these banks require counter bonds from reputable insurance companies.


This policy protects the insured who manufactures or erects plant and machinery against financial loss due to sudden and unforseen damage to property, machine, structures, installations e.t.c., on the site while being stored, erected, tested and maintained. The policy provides cover on “All Risks” for:

1. Accidental damage including the risks of lifting and lowering the machinery;
2. Electrical or mechanical breakdown and explosion during testing operations;
3. Theft and malicious damage;
4. Fire, lightning, flood, storm, earthquake, subsidence, avalanche, aircraft;
5. Third party property damage incidental to the contract works.


This provides indemnity for the loss of money whilst in transit, drawers/safe or in personal custody of senior or key employees or by any cause other than infidelity, fraud or dishonesty of the insured’s employee. Cover could be extended to protect you for hold up by armed robbers and riot and strike, premium rates vary and depend on the sum insured and exposure.


This protect the insured’s assets as may be described under the interest section and attached schedule against accidental physical loss of or damage to the insured’s properties/assets from any external cause, not excluded under the conditions to the policy while in the insured’s custody and/or control.


Marine or Aviation hull provides cover for accidental loss of or theft or damage to the insured hull or ship or aircraft (including extension of cover for P & I “Protection and Indemnity” – Optional) during the period of insurance.

Marine or Aviation cargo insurance provides cover for accidental loss of or theft or damage to the insured consignment depending on the type of cover arranged (Clauses “A” to “C”).


The object of a fire insurance policy is to provide indemnity for losses or damage sustained by an organization or individual on assets arising from Fire, Lightning and qualified Explosion.

The special perils of it include explosion (without qualification), storm, tempest, flood, bursting or overflowing of water tanks, apparatus or pipes, earthquake, tornado, impact damage, riot and strike, aircraft damage, bush-fire and malicious damage.


This is a policy that can be arranged for a manufacturing company and this can only be done provided there is fire policy or machinery breakdown policy in existence. It is the appropriate policy that takes care of losses consequential upon fire damage to insured properties or machinery breakdown. By implication therefore, the consequential loss policy can be termed as a complement to the fire policy or machinery breakdown policy. It is designed to reimburse an organization for loss of revenue following the operation of a contingency insured by the fire policy or machinery breakdown. This policy is usually arranged to cover the under noted three items:

1. Gross profits
2. Wages
3. Auditor’s fees


This provides indemnity against loss of or damage or destruction to insured’s property by theft accompanied by actual forcible and/or violent entry into or exit from the premises or any attempt threat. Damage to structure in an attempt to accomplish theft is also covered subject to adequacy of sum insured.


This covers the insured against all sums legal liable to third parties for accidental death or bodily injury or loss or damage to property of third party in connection with the business carried on at any place described in the policy during the period of insurance within the geographical limit(s).


The policy provides indemnity against professional negligence which may be made against the insured or an employee of the insured by reason of any neglect, error or commission whenever and wherever committed in the conduct of the insured’s business and in the professional capacity of the insured or any person now or who may at anytime be in the employment of the insured provided that the neglect, error or omission have been committed within the period of insurance.


The policy indemnifies the insured against loss of or damage to the insured machinery from any cause outside the machine e.g fire, theft, impact or explosion.


This insurance is available to cover Boilers, Pressure Plants, Economizers, Steam Pipes, Air-receiver, and other vessels under steam or air pressure. The policy provides cover for damage to the insured boilers or pressure plants, the property of insured or for legal liability for damage to third party or fatal/non-fatal injury to third parties, all following an explosion or collapse of boilers or pressure plants as may be defined in the policy. Indemnity against loss or damage as stated below:

Section I – Damage (other than by fire) to any plant

Section II – Damage (other than by fire) to other property belonging to the insured, or held in trust or on commission or for which they are responsible.

Section III – Death of or bodily injury to any person not under a contract of service or apprenticeship with the insured as well as liability for damage to property not belonging to the insured and not in trust or on commission nor for which they are responsible.


The policy covers accidental loss or damage to computer hardwares, laptops, ipads, iphones, notebooks, increases in cost of working, and external data carrying media.


The object of this class of insurance is to indemnify for loss or damage to goods while they are in the ordinary course of transit. In other words, if anything happens to the goods while in transit, your insurers will pay for such loss or damage.


The comprehensive insurance policy provides indemnity against loss of or damage to insured vehicles occasioned by:

– Accidental collision or overturning
– Fire
– Theft


The policy covers financial loss arising from forgery, larceny or fraudulent conversion involving employees in respect of monies or goods belonging to the insured or for which they are responsible.


The Nigerian Agricultural Insurance Corporation (NAIC) was established and founded by the Federal Government to handle agric insurance of crops and livestock.

The benefit of the scheme is to protect the farmer against the devastating effects of natural disasters by ensuring the payment of appropriate compensation sufficient to bring the farmers back to production after suffering a loss. Thus, the scheme enhances overall agricultural production, encourage lending institution to provide more credit facilities to farmers and agro-allied industries, and also to indemnify farmers when they suffer losses from natural disasters.

Items that can be covered are:

1. Poultry Birds (Broilers, Breeders, Layers, Cockerels), Turkey, Ducks e.t.c.
2. Cash Crops
3. Poultry
4. Domestic Animals
5. Fishery/Fish Farm

LIFE ASSURANCE SCHEME (Individual & Group)

The policy covers death from any source, any cause and any means. It provides tangible sums to the dependants of a member of the scheme who dies whilst in the employment of the organization. This policy can also be obtained by individual person.

Group Life Assurance Policy is the cheapest form of life assurance cover and it is usually offered as an additional cover under Pension Schemes, particularly when both the employers and employees contributions are invested under any of the contracts, which guarantees no capital sum on death.


This is a form of protection available to cover your items of plants and machineries against the risks of explosion, collapse and breakdown.


This is a 24 hours cover providing financial compensation for accidental bodily injury arising from violent, physical means, which shall independent of any other cause result in death, permanent or temporary disability or medical expenses.


This provides reimbursement of hospital fees for treatment within the country and/or abroad which also covers repatriation fees of staff and/or their families depending on the scope of cover acquired. This is statutorily required by the Federal Government of Nigeria Procurement Act of 2007 Sub (8) (c), and its advantages apart from fulfilling the NHIS Act 35 include:
– A definite cap to medical expenses
– Administrative convenience.
– Preventive healthcare and health promotion services.
– Vital health indices affecting productivity of staff.
– Increase in productivity.
– Reduction of sick leave absenteeism from work.
– Availability of qualitative medical care at no extra cost throughout the life span of the premium.
– Access to a wide range of quality providers.
– Effective controls that check abuses of medical scheme and ensure quality services.
– Regular health information to you.


The Workmen’s Compensation Decree No. 17 of 1987 requires each employer of labour to pay compensation (at the level specified in the decree) to an employee who sustained injury or died whilst in the course of their usual employment. The object of the workmen’s compensation insurance policy therefore is to secure the benefit specified in the relevant decree so that employers will not have to pay out of purse the required compensation. Although this has been abolished by Employees Compensation Act 2010 (handled by NSITF), hence Workmen’s Compensation Decree No. 17 of 1987 is no longer a compulsory insurance


This covers all risks of loss or damage to insured’s property, personal effects and household items including “larceny.”


This is the business of insuring underwriters against suffering too great a loss from their insurance operations.
The combination of surplus and working excess of loss is arranged to cover fire and special perils and consequential loss while working excess of loss is arranged to protect the net retained lines of the reinsured.
General accident class (Burglary, money, goods in transit, fidelity guarantee, personal accident, employer’s liability, public/product liability e.t.c), marine cargo/hull, engineering insurance (Contractor’s/Plant/Erection All Risks, Machinery Breakdown, Electronics Equipment, Agricultural Equipment, Boiler/Pressure Vessel e.t.c) are arranged on surplus cover bases.
Quota share is best arranged for bond and guarantee policies while the usual cover for motor is working excess of loss cover.