Financials

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.

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:

Benefits Available

a. Death Benefits – 100% of Benefit selected

b.Permanent Total Disability – 100% of Benefit selected

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

d. Medical Expenses – As selected

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

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:

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

This covers:

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

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.