-As prescribedby the Pension Act 2004 is a life assurance product covering death in service occurring within the period of insurance, administered on a collective basis to a group of people under appreciable similar exposure.      It is the cheapest form of Life Assurance Policy available because it covers death within a specified period only. The Act provides that all employers of labour must establish and maintain a Group Life Assurance Policy for all their employees at a minimum amount of three times their annual total emolument defined as basis salary + Housing Allowance + Transport allowance. The inclusion of this provision in the new act is to provide death-in-service benefit separately from contributory scheme maintained for retirement purposes. The sum assured becomes payable on the death of an employee.

To enable us source for favourable quotation and terms from reputable insurance companies, kindly furnish us with the following information on your employees which will assist us in providing you with the annual cost implication for this mandatory Scheme.

• Name
• Date of Birth
• Annual Basic Salary
• Annual Housing Allowance
• Annual Transport Allowance

-Your buildings, warehouses and other properties can be insured against fire, which provides indemnity against material losses suffered as a result of fire, lightning, and explosion on buildings and contents therein. The fire policy is extended to cover other special perils such as storm, flood, bush fire, riot, civil commotion and malicious damage. We would require values of your insurable assets as listed hereunder to enable us quote with a view to providing cover. ITEMS                                                  SUM INSURED         Buildings and Out-buildings               = Machineries/ Generating Plant          = Office Equipments                              = Stock of Goods                                    =

However, an average rate of 0.223% would be applied to the value of items   
insured while the following discounts would be negotiated
Long term Discount                                        7.5%
Fire Extinguishing Appliances                         7,5 – 12.5%
Stock Declaration                                            10%

The policy provides compensation against losses suffered as a result of burglary / house breaking at insured premises evidenced by violent, visible and forcible entry into and exit from the premises.

We shall appreciate the receipt of the list of all your movable assets and their current values and for Electronics, we would also require their model/serial number.
However, an average rate of 0.35% would be applied to the value of items insured while the following discounts would be negotiated
Long term Discount                                        7.5%
Stock Declaration                                           10%

This provides cover against loss, destruction or damage to your goods or those held in trust or commission by you whilst in transit to any part of the country.

The policy also covers damage to the goods during loading and unloading as well as when the goods are temporarily housed in the course of transit.
To enable us quote, we shall appreciate the receipt of the value of goods being moved weekly or monthly to enable us arrive at the estimated annual carrying to which we apply an average rate of 0.35% to arrive at the annual premium due.

Your motor vehicles and any mechanically propelled vehicle owned or in your custody can be insured at generous terms and conditions.
Motor insurance is tariff rated but we are prepared to negotiate reasonable Concessions and Discounts between 50 to 65% off the premium due from your insurers.

You can derive the following benefits from comprehensive motor policy:

                        Compensation for loss or damage to vehicles as a result of accident, fire or theft or attempt thereat.
Unlimited compensation for third party bodily injury/death claims.
Indemnity for third party property damage of up to N1million – free cover.

           

Medical expenses cover for driver and any occupant of the vehicle at time of Accident.

Marine Cargo Insurance provides protection against physical damage to goods as well as contingencies, differences in condition, increased value, marine consequential loss and any other maritime peril.

We will therefore require full details of your exposure to enable us suggest the cover relevant for you. 

-Under the Workmen's Compensation Decree of 1987, an employer is liable to pay compensation for death or injury suffered at work by its employees arising out of or in the course of his employment. This policy will indemnify you for all the benefits required by the Decree such as death, or disablement to employees in addition to providing unlimited medical expenses covers for all members of staff insured. To enable us quote we shall appreciate the receipt of schedule of employees to be insured with their designations and estimated annual salaries.

-Group Personal Accident Insurance cover is flexible and can be tailor-made to suit your requirements. It is arranged to provide cover for Death, Permanent or Temporary Disablement, as well as medical, surgical and hospital expenses incurred following an accident.  The benefits or sum payable are usually a multiple of the total remuneration of individual employees or fixed sums. The geographical limit is worldwide and cover is on 24 hours basis while the                                requirements to enable us give cover:- A schedule showing names of all employees and their annual earnings. The amount of benefit or compensation required for each class of employees. (for example, 5 x Annual Earnings)   A Group Discount of between 40 to 50% may be granted on gross premium payable depending on the total number of employees.

This policy covers you against unforeseen and sudden damage to computers and their peripheral components while at work or at rest and while being dismantled for overhauling. Damage suffered during subsequent re-erection on any of your computers after they have been overhauled or serviced is also covered under this policy.
A rate of 0.75% is applied to the total value of Computer Sets and equipments proposed for insurance to arrive at the premium due

This policy insures you against the infidelity of your employees handling cash or any form of stock. It is designed to protect the insured for loss of cash or property of the insured occasioned by the dishonesty or fraudulent acts of employees.
To enable us quote kindly furnish us with the list of staff that handle cash and valuables with a limit per person.
A rate of 1.5% is applied to the total exposure to get the premium due