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Fire Insurance

The policy indemnifies you against damage or destruction to building and its contents as a result of fire and other perils like Lighting, Earthquake, Aircraft, Damage, Impact, Tornado, Flood, Riot and Strikes, Malicious Damage, Bush Fire and Burst Pipes. Items that can be covered under this are:-

Building (including Gates and Fences) of standard construction belonging to the insured or held in trust or on commission occupied as offices, private dwelling house.
Plant and Machinery
Office Furniture, Fixtures, Fittings, Utensils.
Removal of Debris.
Rent (where building is not owned by the insured but rented, amount paid in advance for rent can be covered under this policy).

There are various discount attached to this policy. For example, for fire fighting appliances, for reduction of risks, Long Term Agreement to mention a few which go a long way to reduce your premium out-lay.

Consequential Loss Insurance

A material damage fire policy provides compensation following destruction of or damage to buildings, contents and stocks but does not provide any cover for use of this premises and the loss of trading that follows:-

It is inevitable that a fire or other damage in business premises will lead to a partial or total disruption in production, sales or whatever activity that is carried on. As a result, the turnover and earning capacity of a business are diminished. This is the subject-matter of a consequential insurance.

A consequential loss policy protect the earning capacity of a business and supplement any trading maintained after a fire (or other insured damage), to enable all the overheads of the business which do not reduce proportionately with trading to be met. It also enables the business to achieve the level of net profit which would have been earned but for the fire.

Burglary or Theft Insurance

This policy cover loss of damage due too burglary or Theft to property involving entry into premises by forcible and violent means, including damage to premises consequent upon such theft or any attempt thereat. Items that can be covered under this policy are:-

Moveable Plant and Machinery:
Office Furniture Fixtures, Fittings and Utensils.

Money Insurance

This policy covers cash and other forms of money e.g. Cheques, Travellers’ cheques, Bills of Exchange etc. against loss from business premises and during transit. Cover can also be provided for cash in safe and can also be extended to include damage to safe. Money in personal custody of senior employees as float can also be covered.

Fidelity Guarantee Insurance

This policy covers you against any acts of fraud or dishonestly committed by you employees holding position of trust during the period such employees are guaranteed or during the uninterrupted service of such employees in the capacity aforesaid. The following information may be required:-

Total number of staff to be guaranteed
Limit any one guarantee
) Aggregate limit any one year.

Personal Accident (Group)

This policy provides for payment of a certain specified sums in the event of accident to the insured person.
A capital sums payable (provided death occurs within twelve month of the date of the accident) to the legal personal representative of the deceased or to the insured or principal who effected insurance on the life of the deceased.
Permanent Disablement
Regarding total paralysis or injuries resulting in being permanently bedridden any other injury casing total disablement.
) Medical Expenses
Reimbursement up to the amount specified in respect of reasonable medical, surgical, hospital nursing home fee or charges necessarily incurred within twelve (12) months of the date of the accident. The medical expenses limit to be covered is to be selected by yourselves.
The conventional market practise is for benefit under (a) and (b) to be arranged in multiples annual salary e.g. 5 times annual salary for death and permanent Disablement. The advantages of this is that benefit is self-adjusting and current at all times as salaries get reviewed. Although a higher level of benefit can be selected by you for (a) and (b).
We would need to know the total number of employee involved in their occupational split and their estimated wages/salaries.

Plant All Risk Insurance

This policy covers loss or damage to the insured machinery whilst at the situation from any cause outside the machinery including fire, explosion, impact damage etc subject to policy exceptions. A list of all plant to be insured and their values will be required.

Motor Insurance (Private and Commercial)

(a) Third Party Only: Covers damage to the property and/bodily injury to third party.
(b) Comprehensive: Covers third party liability (as above) damage to the insured’s vehicle.
Full details of vehicles to be covered e.g. registration number, engine and chassis number, type, values would be required.

Marine Cargo Insurance

This policy provides an all risks cover for goods imported whilst in transit from the port of shipment to the port of discharge and thereafter to the final ware-house subject to policy exceptions.

Workmen's Compensation Insurance

The workmen’s compensation Decree 1987 provides that employers must pay full compensation to all employees injured in the course of their employment (Occupational Accident). Benefits are significantly high and therefore a lot of financial outlay is required in the absence of insurance. Our workmen’s compensation policy covers your liabilities to pay such compensation to all employee.
A proposal for insurance must include all employees (both senior and junior staff) split into their respective occupational groups e.g. Clerical Administrative Staff, Security etc. with an indication of total estimated wages/salaries for each group.

Goods-In-Transit Insurance

This policy indemnifies the insured for loss or damage by any accident or misfortune whilst the property is in transit as described in the schedule or whilst in the course of loading on to or unloading from the conveyance or whilst temporarily housed in the ordinary course of transit subject to the policy terms, condition and exception. However, a restricted cover can be granted to cover:-
Loss by fire
Loss by Accidental collision, impact or overturning of the conveying vehicle.
Loss by theft following accidental collision or overturning of the carrying vehicle Conveyance.

Golfers Indemnity Insurance

The policy provides indemnity against:-
Insured’s liability to the public whilst plating or practicing.
Loss of fire and/or theft of wearing apparels and golf equipment.
Breakage of equipment in the course of playing or practicing.
Damage to other equipment.
Personal Accident to the Golfer.

Professional Indemnity Insurance

This policy indemnifies the insured in respect of his legal liabilities to third parties as a result of his professional negligence (subject to policy terms and exceptions).

Public Liability Insurance

This policy provides indemnity in respect of the legal liability of the insured for accidental bodily injuries to and accidental damage to the property of members of the public by the insured or his employees in course of their work, or by defects in the premises ways, works machinery or plant.
In addition, it also covers legal costs and expenses recoverable from the insured by the claimant and all expenses incurred by the insured with the consent of the insurer to the extent of their liability stated in the policy.
This policy can be extended to include the following risks:-
Fire and Explosion
Passenger Lifts
Food Poising
Defective Sanitary Arrangement

Product Liability

This cover is granted as an extension of our Public Liability Policy which excludes liability arising out of defective products The extension covers legal liability of the insured for bodily injury and/ or damage to property arising during the currency of the policy through defects in the commodities, or goods sold, supplied, serviced or processed by or on behalf of the insured or arising through defects in the containers of the goods or wrong label thereof.


Group Life Assurance

This provides financial protection against premature death while an employee is in the service of an employer. The Pension Reform Act makes it mandatory for an employer of labour to provide Group Life Assurance Cover for his employees. A minimum of 3 times the employees annual remuneration is stipulated as the death benefits to be provided under the policy in case of the unfortunate event of an employee’s death while in active services with the employer.

The financial burden created as a result of the death of a breadwinner cannot be underestimated. As a result of this, many employers are utilizing the advantage therein to provide for unforeseen contingencies that are befalling some families today after the death of the employee (bread winner). In a nutshell, Group Life Assurance Policy ameliorates the financial stress created to the family left behind (dependents) as a result of untimely death of such an employee.

Benefits of Group Life Assurance.
In the event of the death of an employee during the period of cover, three (3) times of the insured total emolument as at the time of death will be paid to the estate or beneficiaries.
The cover is the cheapest form of life assurance policies.
The premium (cost) will be regarded as an expense for tax purposes.


Computer Insurance

Provides cover against all risks of physical loss to computer and periphery equipment thus:-
Section A1 - Provides cover against sudden and unforeseen damage.
Section A2 - Provides cover against breakdown.
Section B1 - Provides cover against consequential loss e.g. computer bureau Costs, loss of Gross Profit, Overtime Payment and costs of extra Clerical staff.
Section B2 - Provides cover against cost of reinstating data into data carrying media.

Contractors All Risk Insurance

This policy offers comprehensive protection against loss or damage in respect of contract works, construction plant and equipment and/or construction machinery. The policy may also be extended to provide protection against party legal liabilities.

Machinery Breakdown Insurance

Provides indemnity in respect of the cost or repairing or replacing insured machinery as a result of breakdown whilst the machinery is:-
At rest
Being dismantled, moved or re-erected for the purpose of cleaning, inspection or installation in another position within the situation of the risk.

Erection All Risk Insurance

This policy offers comprehensive protection against all risk involved in the erection of machinery, plant and steel structures of any kind. It may be extended to cover third party liabilities in connection with the erection project.

Bond Insurance

The policy indemnifies the principal against the defaults of insured. The following factors will be taken into consideration in granting this cover.
Financial standing of the company – usually three (3) years Audited Account required.
A counter guarantee to be signed by a third party acceptable to the company is to be lodged with us.
A collateral security is to be deposited with the company by the applicant or guarantor for the duration of the bond.
A counter is also to be furnished.

'All' Risks Insurance

(a) Personal Effects
All risk policy can be taken out on particularly expensive items such as jewellery, cameras, and fur coats, and can also be arranged on unspecified goods for lump sum. The twin objectives of such policies are – to provide cover for a whole range of accidental loss or damage, and to do so wherever the goods are at the time of loss.
(b) Business All Risks
The use ‘all risks’ policies in the commercial sector has become more popular as increasingly expensive and sophisticated pieces of machinery are introduced to the factory and the office.
The small bulk of such pieces of machinery conceals a high value and the owner may well consider an ‘all risks’ policy to be worthwhile. This policy can be taken to cover small machines; often desk-top and lap-top equipment dropped or otherwise damaged. These types of equipment are also highly portable and may regularly leave the main business premises (e.g. lap-tops).


Motor Insurance (Private and Commercial)

(a) Third Party Only: Covers damage to the property and/bodily injury to third party.
(b) Comprehensive: Covers third party liability (as above) damage to the insured’s vehicle.
Full details of vehicles to be covered e.g. registration number, engine and chassis number, type, values would be required.

Compulsory Insurances are those insurance policies which every person must have or face penalties for default and it is therefore important for people know what insurance policies are compulsory. In Nigeria, there are six (6) insurance policies made compulsory by the law. It is important to emphasize that these six (6) classes of Insurance are made compulsory under their enabling laws and failure to comply with the law is regarded as a criminal offence and employees can also sue for compensation in a civil suit. The policies and their relevant legislation are as follows:

Motor Third Party Insurance as required by the Motor Vehicles (Third Party Insurance) Act of 1950. This is the minimum insurance that owners of motor vehicles plying Nigerian roads are required to have. The policy covers liability for death or bodily injury to a third party arising from the use of the vehicle. Section 68 of the Insurance Act 2003 extends the liability to cover damage to the property of a third party to the tune of One Million Naira. It also makes it a criminal offence not to have a motor vehicle third party insurance policy and the penalty for non-compliance is imprisonment for one year or a fine of N250,000 or both.

Employee Group Life Insurance as required by the Pension Reform Act of 2004. Section 9(3) of that Act requires every employer of labour with five (5) or more employees to take out a life insurance policy for a minimum of three times the annual total emolument of the employee. This law is applicable to both private and public sector employees. Failure to comply with this provision is an offence punishable with imprisonment for up to one year or a fine of N250,000 or both.

Health Care Professional Indemnity as required by the National Health Insurance Scheme Act of 1999. Section 45 of that Act requires all licensed health care providers to have a professional indemnity policy. The law defines a health care provider as any registered Government or private healthcare practitioner and hospital or maternity center.

Insurance of Public Buildings as required by the Insurance Act of 2003. Section 65 of that Act requires the owner or occupier of every public building to be insured against liability for loss or damage to property or death or bodily injury caused by collapse, fire, earthquake, storm or flood. The Act defines a public building as one to which members of the public have access for educational, recreational, medical and commercial purposes. The penalty for non-compliance is a maximum fine of N100,000 or one year imprisonment or both.

Insurance of Buildings under Construction as required by the Insurance Act of 2003. Section 64 of that Act requires every owner or contractor of any building under construction with more than two (2) floors must take out an insurance policy to cover liability against construction risks caused by his negligence or that of his servants, agents or consultants which may result in death, bodily injury or property damage to workers on site or members of the public. This insurance policy also covers liability for collapse of buildings under construction. Failure to comply with this provision is an offence punishable with a fine of N250,000 or three years imprisonment or both.

Employers Liability Insurance as required by the Employee Compensation Act of 2010 (which repealed the Workmen Compensation Act of 1987). The Act requires every employer, within the first two years of the commencement of the 2010 Act, to make a minimum monthly contribution of 1% of the total monthly payroll of employees to the Employee Compensation Fund. The Fund shall be used to pay adequate compensation to employees or their dependants for any death, injury, disease or disability arising out of or in the course of their employment.


Oil & Gas Insurance

This policy covers all risks of physical loss and destruction to the insured properties (including legal liability arising thereof) or arising out of the insured’s operations (including their agents). Properties covered under this policy would include the following:-
Oil Rigs & Platforms
Pipe lines
Flow stations
Gas Terminals
Farm Tanks
Operators Extra Expenses
Cost of Controlling Well Fire
) Cost of Redrilling
) Oil Spillage and Pollution (clean up costs and Third Party Liabilities)
Cryogenic Vessels – Hull
) Employee Properties/Welfare Policies
) Employer Liabilities
Extra cover as desired by the operator.

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- Rachbuk Insurance Brokers