Business Cover

Our Motor Vehicle Insurance covers Nigerian registered motor vehicles, commercial vehicles, motorcycles, mechanically propelled plant (such as loaders, bulldozers, excavators, etc) or trailers.
Our cover includes:
Comprehensive Cover – covers your vehicle for accidental damage, theft, fire, hijack as well as death or injury to other people (Third Party) or damage to their property Accidental Damage & Third Party Cover – cover your vehicle against accidental damage as well as death or injury to other people or damage to their property. Loss as a result of Fire and Theft is not covered. Third Party Fire & Theft Cover– covers your vehicle for damage caused by fire, theft, hijack as well injury to other people or damage to their property. Accidental damage to your vehicle is not covered. Third Party Only Cover – covers you for liability to other people where an accident causes death or injury to them or damage to their property. Accidental damage, Fire and Theft to your vehicle are not covered.

Optional cover
Out–of–Nigeria covers your vehicle where it is temporarily used either for business or private outside NIGERIA BUT WITHIN THE WEST AFRICAN countries provided notice is given to us and the necessary document obtained i.e The Brown Card. It covers you for your liability to other people where an accident causes death or injury to them or damage to their property.

Extensions/Benefits:
Discount is given depending on the number of vehicles Free cover for vehicle accessories subject to forcible entry into the car Towing Fee is covered up to a maximum of =N=20,000 provided your car is towed to a nearest and reasonable place for safekeeping or repair. Third Party Property Damage (TPPD) of =N=1million is increased to =N=2million at no additional cost. Cover for Personal effects in the vehicle following an accident and/or theft =N=20,000 Free cover for accidental breakage and/or theft of windscreen The Risk of Strikes, Riots and Civil Commotion – payment of additional 0.3% of the value of the vehicle Limit of Medical expenses is increased to =N=20,000 in event of an accident

Fire/Special Perils Insurance: covers items such as buildings, office equipment, air-conditioners, furniture, fixtures and fittings of every description, computers, telephone and telecommunications equipment, raw materials, goods being manufactured or traded and any goods that you are responsible for as part of your business activity.

Basis of Cover
Fire, explosion and earthquake Acts of nature (wind, thunder, lightning, storm, hail, flood) Bursting and overflowing of water pipes Malicious damage Impact Bush fire Strike, riot and civil commotion

Business Interruption Insurance: Covers you for the financial loss you suffer following the interruption of your business as a result of loss due to:
Fire, explosion and earthquake
Acts of nature (wind, thunder, lightning, storm, hail, flood)
Bursting and overflowing of water pipes
Malicious damage
Impact
Bush fire
Strike, riot and civil commotion

You select the period you anticipate it would take for your business to return to expected levels of turnover. Your fixed expenses are also covered for the period.

Cover includes
Loss of Operating profit – covers the reduction in your operating profit to the extent of the drop in turnover below usual levels for the period Loss of Wages – Salaries paid to employees during the time of the loss. Auditors Fees – Fees charged by the Auditors in Preparing the Company Financial Accounts Additional working expenses covers the increased costs incurred to avoid or diminish your loss of profit for the period

Burglary/Housebreaking Insurance: The insurance will pay compensation for loss, destruction or damage following the occurrence of burglary and/or housebreaking accompanied by actual forcible and violent breaking into or exit from the premises insured. Cover will extend to include damage to doors and window or other parts of the building as a result of the theft or attempted theft. Cover can be extended to Larceny (loss without actual forcible and violent breaking into or exit from the premises) at an additional cost. Items covered include movable property which is inside your office premises or which is outside and designed to exist or operate externally.

Electronic Equipment Insurance: covers your electronic business equipment including computers, licensed software, scanners, printers, copiers and fax machines against loss or damage by fire, theft or any other accidental damage or misfortune. Costs of data restoration can also be covered.

Money Insurance: covers loss of any negotiable instruments including cash, cheques, money orders, postage and revenue stamps resulting from:
In transit to and from any of the Insured’s Bank
In Safe, Strong Room and/or premises
In custody (of key Management Staff)
Cover extends to include the risk of hold up (Armed Robbery).

Corporate All Risks Insurance: Covers loss or damage to property by any cause not specifically excluded in the policy in respect of specified items: Jewelries, Watches, Cameras, Trophies, Gold & Silver articles, Work of Art and other Personal valuables and effects, Computers, Accounting and other portable Office Machines, Scales, Survey Equipment etc. Cover could be limited to Nigeria or extended on worldwide basis.

Business Owners Insurance: Covers:- Loss of or damage as a result of Fire, Lightning, Explosion, and Other Exterior Perils to:
Buildings
Contents, whilst contained in the Buildings
Stock & Materials In Trade
Liability of the Business Owner at Law due to death or bodily injury or property damage sustained on or around the premises by any thirty party users or member of the public, excluding employees or workmen or members of the Business Owner’s family.

Machinery Breakdown/Boiler Insurance: Machinery Breakdown insurance is an ideal cover for plant and machinery which covers cost of repairs or replacement of damage parts as a result of accidental Electrical and Mechanical Breakdown.

Cover is against loss or damage from any unforeseen and sudden physical loss or damage from causes such as defects in casting and materials, faulty design, faults at workshop/factory or in erection, bad workmanship/lack of skill, carelessness, shortage of water in boilers, physical explosion, tearing apart on account of centrifugal force, short circuit, storm or from any other cause not specifically excluded by the policy.

All types of Machinery, Plants, Mechanical Equipment and Apparatus are covered. Examples are Power generating plants (Boilers, Turbines, and Generators), Power Distribution Plants (Transformers, High & Low-Tension equipment), Production Machinery in Factories and Ancillary equipment like Elevators etc.

Boiler is a closed vessel in which water or other fluid is heated under pressure
Pressure Plant is a closed container which uses steam, gas, other fluid under pressure
Major risks in Boilers are generally that of explosions which can occur due to various reasons resulting in damage of the vessel and third party liability

Boiler Insurance and Pressure Plant Insurance: therefore covers Explosion or Collapse of the insured Boiler or other pressure vessels resulting in:
Damage to the boilers / other pressure plant Damage to surrounding property Liability for third party property damage and/or fatal or non-fatal personal injuries Explosion or Collapse arising in course of ordinary working only is covered.

Goods-In-Transit Insurance: covers loss or damage caused by an accident to goods, stock/or movable property whilst being transported anywhere in Nigeria by road, rail or inland waterway including loading and unloading.

Cover could be issued in respect of:
Own goods conveyed by own vehicles Own goods conveyed by other carriers Conveying other person’s goods in own vehicles

Contractors’ All Risks Insurance: Covers is to offer financial protection against loss or damage in respect of

1. Contract Work:
Building under construction specified in the schedule of the policy resulting from any cause (except those specifically excluded)

2. Public Liability:
Indemnify the Insured against all sums, which the Insured shall become legally liable to pay in respect of:

Accidental bodily injury or illness (whether fatal or not) to third parties;
Accidental loss or damage to property belonging to third parties occurring in direct connection with the performance of the contract insured by this policy and happening on or in the immediate vicinity of the contract site during the periods of insurance. Insurance can be extended to cover

Plant, Equipment & Machinery
Indemnify for any loss or damage to plant, equipment and machineries as a result of fire, theft and any unforeseen or physical loss. Contractor/Principal Existing/Surrounding Properties Offsite Storage/transit Risk Sub-contractors engaged in a project Civil and Electrical Engineering.

Group Personal Accident Insurance: This is a Benefit Policy and it is used as a Welfare Scheme to encourage and motivate employees. It also saves the employer the embarrassment of having to bear the burden of medical or death expenses each time such incident occur to a staff.

Our cover includes:
Death or Bodily injury (permanent or temporary) caused solely and directly by accidental, violent and visible means on 24 hours basis anywhere in the world Medical expenses

Benefits Available:
Death Benefits – 100% of Benefit selected
Bodily injury which within 12 calendar months from the occurrence thereof shall solely and directly cause the death of the insured

Permanent Total Disability – 100% of Benefit selected
(Occurring as in a) above but resulting in the loss of limb(s) or eye(s)

Temporary Total Disability – Weekly salary of the affected staff
Bodily injury which shall solely and directly totally disable and prevent the insured person from attending to his business or occupation.

Medical Expenses – As selected
Actually incurred as a result of an accident giving rise to a claim under the policy

Employers’ Liability Insurance: covers staff of employer of labour for death or accidental injury sustained by them arising from their employment:
Benefits
Death: Dependant relative will be paid 42 Months Earnings of the deceased staff
Permanent Disability: staff will be paid percentage of 54 Months Earnings
Temporary Total Disability: Employers will be paid amount paid to the injured staff for the period the staff was out of work as follows:-
Full salary for first six (6) months Half salary for next three (3) months Quarter salary for the remaining fifteen (15) months

Medical Expenses: Unlimited but must be reasonable.
Burial/Funeral/Transport: Reasonable expenses

Professional Indemnity Insurance: covers the insured in respect of any loss arising out from any claim or claims which may be made upon them by reason of any neglect or error committed in the conduct of the insured’s business in its professional capacity or any person now or who may hereinafter be in the employment of the insured, provided that the act are neglect, error or omission shall have been committed during the insured period.

Public Liability Insurance: covers you for costs which you are legally liable by law to pay in event of death, illness or bodily injury to any person or damage to property belonging to someone else as a result of the use of your business premises or work away from your premises.
This also covers:
Legal defense costs Damages resulting from wrongful arrest, associated assault and defamation Damages caused by pollution and contamination

Marine Cargo Insurance: Although three (3) basic covers exist under this policy namely;
Institute Cargo Clause A Institute Cargo Clause B Institute Cargo Clause C

CLAUSE A
This provides cover for All Risk of loss or damage to the Insured item(s) from warehouse to warehouse including whilst at sea.

CLAUSE B
It provides cover as CLAUSE A above except for Theft, Malicious Damage, Piracy, contamination.

CLAUSE C
The cover provided by this class is Total Loss only. In practice however, two (2) types of cover are commonly used. These are the Institute Cargo Clause A and the Clause C.

AMarine Hull Insurance: Covers any hull or ship, motorboat, houseboat (including their machinery, equipment, standard fittings and accessories therein).

This covers:
Accident Theft Fire, explosion and earthquake Storm, hail and flood Salvage costs Medical expenses for injuries to people caused while using the craft Liability to other people

Plant All Risks: covers loss or damage to the Plants including parts of the plants as a result of fire, lightening, explosion, theft or any attempt of theft of a complete item or machinery, impact or collision, flood, storm, earthquake, aircraft impact, tornado, bursting and overflowing of water tanks, pipes and apparatus, bush fire, riot and strike, civil commotion and malicious damage.

Builders’ Liability Insurance: This a compulsory Insurance by Law and it covers all building under construction with more than two floors against all construction risks resulting from the Builder’s negligence or the negligence of the Builder’s servants, agents or consultants which negligence may result in bodily injury or loss of life or damage to the property.

Benefit
Death Permanent Disability Bodily Injury Property Damage Legal Costs and expenses

Occupier’s Liability Insurance: This a compulsory Insurance by Law. It covers all public buildings against liability caused by various hazards among which are collapse, fire, earthquake, storm and flood damage.
The Law describes “Public building” to include any tenement house, hostel, a building occupied by a tenant, lodger or licensee and any building to which members of the public have ingress and aggress for the purpose of obtaining educational or medical service, or for the purpose of recreation or transaction of business.

Benefits Available:
Death Benefits Permanent Total Disability Medical Expenses

Health Care Professional Indemnity Insurance: This a compulsory Insurance by Law and it covers all Health Care Providers in Nigeria (Hospitals, Clinics, Doctors Nurses Dentist etc) against negligence, errors, mistakes and omissions in the course of their professional duties. This is for the benefit of patients in the care of doctors and nurses.

Benefit
Death Permanent disability Injury by shock

The SME Insurance Policy is a combined and flexible insurance plan that protects the business owner and organisation from fortuitous loss, suffered as a result of perils that are insured against; whilst carrying out its operations in strict adherence to the laws of the country.
How It Works
The SME Insurance Policy offers the business owner the choice of selecting some or all of the insurance plans that meets the need of their business. Some of the classes of insurance covers through the Custodian SME Insurance policy include the following:

Fire and Special Perils Insurance
The policy will provide compensation if the property/asset suffers loss or damage caused by fire or any of the perils listed below.
The Perils covered are:
Fire Lightning, Explosion, Aircraft damage Riot strike and malicious damage Storm, tempest, flood, inundation, hurricane, cyclone, typhoon, and tornado Subsidence/landslide including rockslide Bursting and or overflowing of water tanks and apparatus Bush fire

Burglary Insurance
This policy covers loss or damage to the insured’s property resulting from actual forcible and violent entry into or exit of the insured’s business premises.

Group Life and Personal Accident Insurance
At inception, an immediate estate is created for the dependent (s) which is available upon premature death. The policy provides:
A 24-hour mortality cover devoid of geographical limitations Cover against death from any source Instant financial assistance for dependents of the deceased Death cover of twice the sum assured in the case of accidental death (if the option is chosen) Permanent disability benefit equal to the sum assured in case the employee is totally and permanently disabled with a medical expense limit of N50, 000 Temporary total disability benefit equal 2% annual salary for a maximum of 104 weeks with a medical expense limit of N50, 000 A wholesome package that meets the requirements of the statutory group life policy under 4(5) of the Pension Reform Act, 2014

Motor Insurance (Private Car/Commercial Vehicle)
The policy provides cover against unforeseen loss/damage, theft, fire, damage of the insured’s vehicles. It also provides cover for accidental injury to or death of third party as well as damage to third party property, up to a limit of N1, 000,000. The policy will cover vehicles used for private/pleasure and business (excluding fare-paying passenger buses)

Occupiers’ Liability Insurance The policy covers legal liability of the insured arising from ownership, maintenance or use of the designated premises; including the ways immediately adjoining the premises or buildings for death, bodily injury or property damage sustained on or around the premises by any user or member of the public. This insurance cover is compulsory by law for all buildings to which members of the public have ingress and egress for the purpose of obtaining educational or medical service, or for the purpose of recreation or transaction of business.

FAQ's - (Freequently Asked Questions)

YES provided the person is driving with your permission/consent and the person has a valid driver’s license

Liability policy limits must be fixed by you and it depends on the nature of your work vis a vis the likely exposure to risk the people around you are; your customers and your staff by your activities. For Workmen’s Compensation, your exposure is based on the annual earnings of your staff multiplied by 3, 5. This is made compulsory by law

The difference between comprehensive and third party insurance is that the comprehensive insurance will not only compensate for the death or bodily injury and/or damage you cause to another person’s property but will also compensate you for damage to your vehicle and theft of your vehicle whereas third party only takes care of damage and /or injury you cause to other people i.e. third party (ies)

The minimum requirement is third party policy

Your agent is vast in insurance and will be able to negotiate for some special terms and conditions that may affect your rate of premium

Your driving record will affect your insurance in the sense that it will provide a basis for assessing your risk. If your driving record shows adverse features such as conviction for several driving offences, bad claims experience etc, then the insurer will be able to take a decision as to whether to accept or reject your proposal for insurance and if they will accept, it will influence the rate of premium to charge, terms and conditions to impose

The reason might be one of the following:

              • That excess has been deducted. An excess is the amount of your claim that you will bear in the event of a loss. It is usually stated in the policy and must be communicated to you. This is to make you vey careful whenever you are driving.
              • The other reason may be that you under-insured your car. This is when you state an amount lower than the cost of the car in the market.

Yes, he needs to be insured if he is up to 18yrs old.

Cancellation can come from either the insured or the insurer. Insurers can decide to cancel due to the frequency of your claims, non-payment of premium, non-disclosure of material facts i.e facts that are material/important to the risk etc. However the insured can also cancel for similar reasons.

Goods In Transit Insurance

Goods-In-Transit Insurance: Covers your stock/or movable property while it is being transported by road/rail anywhere in Nigeria.

Contractors’ All Risks Insurance: Covers loss or damage to:

1. Contract Work:

Building under construction specified in the schedule of the policy resulting from any cause (except those specifically excluded)

2. Public Liability:

Indemnify the Insured against all sums, which the Insured shall become legally liable to pay in respect of:

  • Accidental bodily injury or illness (whether fatal or not) to third parties;
  • Accidental loss or damage to property belonging to third parties occuring in direct connection with the performance of the contract insured by this policy and happening on or in the immediate vicinity of the contract site during the periods of insurance.

3. Plant, Equipment & Machinery:

Indemnify for any loss or damage to plant, equipment and machineries as a result of fire, theft and any unforeseen or physical loss.

Group Personal Accident Insurance

Group Personal Accident Insurance: This is a Benefit Policy and it is used as a Welfare Scheme to encourage and motivate employees. It also saves the employer the embarrassment of having to bear the burden of medical or death expenses each time such incident occur to a staff.

Our cover includes:

  • Bodily injury (permanent or temporary) caused solely and directly by accidental, violent and visible means on 24 hours basis anywhere in the world
  • Medical expenses

Benefits Available

a. Death Benefits – 100% of Benefit selected

  • Bodily injury which within 12 calendar months from the occurrence thereof shall solely and directly cause the death of the insured

b.Permanent Total Disability – 100% of Benefit selected

  • (Occurring as in a) above but resulting in the loss of limb(s) or eye(s)

c. Temporary Total Disability – Weekly salary of the affected staff

  • Bodily injury which shall solely and directly totally disable and prevent the insured person from attending to his business or occupation.

d. Medical Expenses – As selected

  • Actually incurred as a result of an accident giving rise to a claim under the policy

Workmen’s Compensation Insurance: The Workmen’s Compensation Decree No. 17 of 1987 stipulates that every employer of labour must provide the following benefits for injury to employees (both Nigerian and Expatriates) and for diseases sustained by them arising from their employment:

Death: 42 Months Earnings

Permanent Disability: 54 Months Earnings

Temporary Total Disability: Payable for 24 months as follows

  • Full salary for first six (6) months
  • Half salary for next three (3) months
  • Quarter salary for the remaining fifteen (15) months

Medical Expenses: Unlimited

Burial/Funeral/Transport Reasonable expenses

Employee Dishonesty Insurance (Fidelity Guarantee): Covers you for loss of money or property belonging to you or for which you are responsible as a result of acts of theft or fraud by an employee who obtains direct financial gain from these dishonest actions.

Professional Indemnity Insurance: Covers the insured in respect of any loss arising out from any claim or claims which may be made upon them by reason of any neglect or error committed in the conduct of the insured’s business in its professional capacity or any person now or who may hereinafter be in the employment of the insured, provided that the act are neglect, error or omission shall have been committed during the insured period.

Public Liability Insurance: Covers you for costs which you are legally liable to pay in event of death, illness or bodily injury to any person or damage to property belonging to someone else as a result of the use of your business premises or work away from your premises.

This also covers:

  • Legal defense costs
  • Damages resulting from wrongful arrest, associated assault and defamation
  • Damages caused by pollution and contamination

Marine Hull Insurance: Covers any hull or ship, motorboat, houseboat (including their machinery, equipment, standard fittings and accessories therein).

This covers:

  • Accident
  • Theft
  • Fire, explosion and earthquake
  • Storm, hail and flood
  • Salvage costs
  • Medical expenses for injuries to people caused while using the craft
  • Liability to other people

Marine Cargo Insurance: Although three (3) basic covers exist under this policy namely;

  • Institute Cargo Clause A
  • Institute Cargo Clause B
  • Institute Cargo Clause C

In practice however, two (2) types of cover are commonly used. These are the Institute Cargo Clause A and the Clause C.

CLAUSE A

This provides cover for All Risk of loss or damage to the Insured item(s) from warehouse to warehouse including whilst at sea.

CLAUSE C

The cover provided by this class is Total Loss only.

Performance Bond: It provides compensation for the principal following the contractor’s inability to do or complete the contract awarded to the contractor.

Interest covered: Uncompleted project(s).

Plant All Risks: Covers loss or damage to the Plants including parts of the plants as a result of fire, lightening, explosion, theft or any attempt of theft of a complete item or machinery, impact or collision, flood, storm, earthquake, aircraft impact, tornado, bursting and overflowing of water tanks, pipes and apparatus, bush fire, riot and strike, civil commotion and malicious damage.

Contact Offices

Head Office

CUSTODIAN AND ALLIED INSURANCE LTD,
Custodian House
16A, Commercial Avenue,
Sabo, Yaba,
Lagos.


Tel: (+234) 1 2707206-7, 2793740, 27937401 0700-CUSTODIAN, (+234) 1 2774000-9
Fax: (+234) 1 2707203
P. O. Box 2101, Lagos.
Email: enquiries@custodianinsurance.com
Website: www.custodianplc.com.ng


Benin

34, Akpakpava Road By Igbesamwan Junction,
Benin City,
Edo State
Tel: 05-2292480

Calabar

45, Murtala Mohammed Highway,
Calabar,
Cross River State
Tel: 09024894449

Owerri

103, Wetheral Road,
Owerri,
Imo State
Tel: 083-431158

Abuja

Prime Plaza
Plot 1012, Adetokunbo Ademola Crescent
Opposite Rockview, Wuse 2, Abuja.
Tel: 09-7817420

Port Harcourt

180 Aba Road,
Port Harcourt,
Rivers State
Tel: 07085000046

Ibadan

6th Floor,Broking House,
1 Alhaji Jimoh Odutola Street
Ibadan, Oyo State.
Tel: 022-918538

Abeokuta

20A, Olusegun Osoba Way,
Oke Ilewo, Omida-Ibara
Abeokuta, Ogun State.
Tel: 08023860547

Akure

Suite 227 2nd Floor, Oyemekun Plaza,
Bye-Pass Junction,Oyemekun Road,
Akure, Ondo State.
Tel: 022-911252, 08055394748

Oshogbo

37B, Gbongan-Ibadan Road,
Opposite Fakunle Comprehensive High School
Osogbo, Osun State.
Tel:08055394748

Onitsha

60A, Old Market Road,
Onitsha
Anambra State.
Tel: 08064445956

Kaduna

3, Kanta Road
P.O.Box 9301 Kaduna
Kaduna State
 

Kano

15, Bank Road,
Kano
Kano State.
Tel: 064895969