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.
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
3. Auditor’s fees
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.
– 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 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.
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
4. Domestic Animals
5. Fishery/Fish Farm
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.
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.