PERILS/RISK COVERED

  • Fire, Lighting,
  • Explosion Of Domestic Boilers/Gas,
  • Earthquake, Storm, Tempest, Flood & Tornado,
  • Aircraft Damage,
  • Riot & Strike Excluding Ethnic, Religious And Political Disturbances,
  • Malicious Damage,
  • Burst Pipe, Impact, Bush Fire and Explosion.
  • Theft, during and after the occurrence of fire
  • Property’s own fermentation, or it’s undergoing process of heating or drying
  • Burning of Property by public authority
  • Spontaneous Combustion
  • Nuclear Weapon
  • Radioactive Contamination
  • Subterranean Fire
  • War, Invasion, act of foreign enemy, mutiny, military or popular uprising
  • Subsidence
  • Automatic Reinstatement of Sum Insured
  • Reinstatement Value Clause
  • Architects, Surveyors, Consultants, Legal & Other Fee Clause
  • Public Authorities Reinstatement Clause
  • Removal of Debris Clause
  • Trust Clause
  • Property Designation Clause

PERILS/RISK NOT COVERED

  • Theft, during and after the occurrence of fire
  • Property’s own fermentation, or it’s undergoing process of heating or drying
  • Burning of Property by public authority
  • Spontaneous Combustion
  • Nuclear Weapon
  • Radioactive Contamination
  • Subterranean Fire
  • War, Invasion, act of foreign enemy, mutiny, military or popular uprising
  • Subsidence

SPECIAL EXTENSIONS (ALREADY COVERED)

  • Automatic Reinstatement of Sum Insured
  • Reinstatement Value Clause
  • Architects, Surveyors, Consultants, Legal & Other Fee Clause
  • Public Authorities Reinstatement Clause
  • Removal of Debris Clause
  • Trust Clause
  • Property Designation Clause

WHAT WE CAN OFFER

At a cost or Extra Premium

Risk Rate
Escalation (Max 25%) 50% of the Fire/Special Perils Rate
Omission to Insure (Max 5%) Policy Rate
Temporary removal of stock 10% Loading on premium
Loss of rent Policy Rate on Specified Sum Insured
Cost of alternative accommodation -do-
Ethnic, Religious & Political Disturbances up to 75M 0.75% of Limit
Spontaneous Combustion 0.1% of Sum Insured
Subsidence 0.1% of Sum Insured

EXCESS/DEDUCTIBLE

Compulsory Excess

Fire, Lightning, Explosion N100,000
Earthquake 500,000
Spontaneous Combustion 50,000
Other Perils 10,000

Voluntary Deductible

This is a voluntary excess in respect of which the insured earn a discount.

Deductible (N) Discount (%)
250,000 5
500,000 7.5
750,000 10
1,000,000 12.5
1,250,000 15
1,500,000 17.5
2,000,000 20

Savings in premium is not to exceed 331/3 of the amount of deductible.

DECLARATION POLICY

The insured can enjoy a discount of 10% if the stock item on the policy is insured on declaration basis.

Declaration Condition

  • Applies to stock and intended to give maximum cover at the same time avoid over insurance with its consequent overpayment of premium
  • Policy is issued for an amount estimated to represent the maximum sum likely to be at risk during the year
  • Provisional payment is made of 90% of the premium on the estimate sum insured
  • Declaration of the actual stock is required on monthly basis on agreed date or within 30 days thereafter
  • If declaration is not received, sum insured will be deemed to have been declared
  • The basis of declaration is the maximum value of risk since the last declaration
  • On expiry, the actual premium is calculated on the average of the declarations & refunded if due is given to the insured.
  • If the declared amount is greater than the sum insured, sum insured under the policy will be taken as the value declared
  • Insured has option of increasing the sum insured during currency of the policy at add premium

DISCOUNT

1) Fire Extinguishing Appliances

  • Internal Appliances – 2.5%
  • External Appliances –
  • Mobile Power-driven pumps – 7.5%
  • Hydrants – 7.5%
  • Maximum Allowable – 15%

2) Long Term Agreement :

  • 3years – 5%
  • 5years – 7.5%