We also help our clients with insurances for their properties against perils such as fire, theft, and natural disasters. Policies under this cover include:

Fire and Allied Perils

Fire insurance gives the insured the requisite financial protection against assets acquired during his/her lifetime so that in the event of any misfortune the insured would be put in the same financial position he/she enjoyed just before the loss.

There are two (2) main potential buyers of fire insurance

• the individual and
• the Company (organization).

The Individual needs Fire Insurance as protection against his/her property including buildings, household goods and personal effects. The Organization including Commercial and Industrial entity could insure its buildings, plant, machinery and equipment, stock of raw materials, finished goods and profits.

Domestic Fire Policy (Private Premises)

This is a standard Fire Policy which pays for loss of or damage to insured items as a result of Fire, Lightning and Limited Explosion. i.e. Explosions from boilers used for domestic purposes.

Commercial / Industrial Fire Policy (Business Premises)

Commercial Insurance Fire covers the buildings, plant, machinery and equipment, stock of raw materials, finished goods and profits.

The Fire policy may be extended to cover the following Extra or Additional Perils at very low rates.

Additional Perils under Fire Insurance

Impact

This extension covers destruction or damage caused to a building by contact with a vehicle, animal or any moving object not under the control of the insured.

Aircraft and/or articles dropped therefrom

This is an extension which covers destruction of/or damage to property resulting from impact with an aircraft or any article(s) dropped from it.

Explosion

It is the shattering of an enclosed vessel under pressure such as boilers caused by the sudden production or release of a large volume of gas and/or vapour. This extension therefore covers destruction or damage to property resulting from explosion.

Tornado / Windstorm

This is an extension which covers destruction of/or damage to property resulting from hurricane, cyclone, tornado and/or windstorm whether or not accompanied by rain but excluding flood, bursting and overflowing of water pipes, apparatus and the like.

Bursting and/or overflowing of water pipes apparatus and the like

This is an extension which covers destruction of/or damage to property resulting from bursting or overflowing of water pipes, apparatus and the like.

Flood

The policy extends to cover damage to property resulting from the overflowing of natural or artificial water courses.

Earthquake

This extension covers destruction of/or damage to property resulting from earthquake and volcanic eruption (fire & shock).

Riot & Strike, Civil Commotion & Malicious Damage

Destruction or damage to property insured may be caused by riot and civil commotion, strikers, lockout workers or persons taking part in labour disturbances or malicious person acting on behalf of or in connection with any political organization.

Fire Business Interruption Insurance

Fire Business Interruption Insurance also known as Consequential Loss Insurance, provides indemnity to the insured in respect of Loss of Profit. Any loss under the material damage policy will affect the business interruption insurance as this will lead to interruption in the business in terms of loss of production, sales and consequently earnings. The insurance can only be taken together with fire insurance.

Coverage

The policy compensates any loss resulting from fire including damage by any additional perils specified in the material damage policy in respect of:-

• Loss of gross profit following reduction in turnover
• Increase in cost of working

Extentions

Depending on the insured’s needs and subject to the insurer’s agreement and the payment of additional premiums, the basic policy can be extended to cover the following special perils:-

• Specified/Unspecified supplier’s extension
• Prevention of access extension
• Public utilities extension (water, electricity and gas)
• Unspecified customer’s extension
• Infections or contagious diseases, murder, suicide, pest, food or drink poisoning or defective sanitary arrangements

Exclusions

Since the business interruption policy comes together with the material damage insurance, the exclusions will be similar to material damage policy.

Assets All Risk Policy (Material Damage Only)

Under this type of Policy the Company provides cover for the insured against loss, damage or destruction of insured’s property resulting from any accidental cause during the period of Insurance (or any subsequent period for which the Company accepts a renewal premium).

Burglary (Business Premises and Private Residence):

This policy, provides cover for loss of or damage to property by theft following forcible and violent breaking into or out of your Commercial or Business premises or Private Residences or any attempt thereat.

Fidelity Guarantee:

This policy offers you protection against the infidelity of employees such as accountants and cashiers who deal with finances/cash of the Company. The policy shall reimburse you for all loss of money due to acts of fraud and dishonesty on the part of accountants and cashiers.

All Risk:

This is a Comprehensive policy that covers accidental damage, fire and burglary to the insured Items. Losses from every risk is covered except those specifically excluded.

Goods- in- Transit:

This is an Insurance cover for loss or damage to goods while in transit by any insured vehicle. The loss or damage should be covered by

• Fire
• Theft following violence or theft if violence by employees of the insured or carrier
• An accident to the carrying vehicle.

Cash- in –Transit/Cash-in-Safe:

This is an Insurance policy against loss of money in transit or whilst secured in the insured’s vault or built-in-Metal safe.

Bankers Indemnity:

This is a special policy for Banks which provides cover for claims arising out of errors, omissions, misstatements, misleading statements, neglect, breach of trust or breach of duty among others.

Bankers’ Indemnity insurance policy also covers losses incurred in the event of:

• Theft occurring within the insured’s premises.
• Theft occurring in transit.
• Forgery or alteration.
• Criminal dishonesty.
• If goods are hypothecated.
• Infidelity or criminal acts by appraisers and others

Plate Glass:

This is also a special policy that covers loss or damage. It is ideally suited for all business establishments that have plate glass installed in their business premises such as showrooms, shopping complexes, restaurants, hotels, theaters, stadiums, etc.

Homeowners Insurance

What is Homeowners Insurance?

Homeowners insurance is a form of property insurance that covers losses and damages to an individual’s house and to assets in the home. Homeowners insurance also provides liability coverage against accidents in the home or on the property.

Key Takeaways

• Homeowners insurance is a form of property insurance that covers losses and damages to an individual’s house and assets in the home. 
• The policy usually covers interior damage, exterior damage, loss or damage of personal assets, and injury that arises while on the property.
• Every homeowners insurance policy has a liability limit, which determines the amount of coverage the insured has should an unfortunate incident occur.
• Homeowners insurance is different from a home warranty and mortgage insurance. 

Understanding Homeowners Insurance

When a mortgage is requested on a home, the homeowner is required to provide proof of insurance on the property before the lending bank can issue him or her a mortgage. The property insurance can be acquired separately or by the lending bank. Homeowners who prefer to get their own insurance policy can compare multiple offers and pick the plan that works best for their needs. If the homeowner does not have their property covered from loss or damages, the bank may obtain one for them at an extra cost.

Payments made toward a homeowners insurance policy are usually included in the monthly payments of the homeowner’s mortgage. The lending bank that receives the payment allocates the portion for insurance coverage to an escrow account. Once the insurance bill comes due, the amount owed is settled from this escrow account.

What Does Homeowners Insurance Cover?

A homeowners insurance policy usually covers four incidents on the insured property—interior damage, exterior damage, loss or damage of personal assets/belongings, and injury that arises while on the property. When a claim is made on any of these incidents, the homeowner will be required to pay a deductible, which in effect is the out-of-pocket costs for the insured.

Acts of war or acts of God such as earthquakes or floods are typically excluded from standard homeowners insurance policies. A homeowner who lives in an area prone to these natural disasters may need to get special coverage to insure his or her property from floods or earthquakes. However, most basic homeowners insurance policies cover events like hurricanes and tornadoes.