1. PUBLIC LIABILITY: To cover liabilities arising out of loss of/damage to third party properties or bodily injury/death of third parties.
  • FIRE & SPECIAL PERILS: The policy covers your buildings, office contents, stock etc against loss/damage due to fire, lightning, malicious damage, explosion, flood, bursting and overflowing of tanks, pipes and apparatus, riot, strike and civil commotion, storm and tempest, aerial devices,  aircraft,  horses, cattle and impact damage  (including  own  vehicles), earthquake, tornado, tempest and bush fire.
  • BURGLARY / HOUSEBREAKING INSURANCE: The policy covers your property: office contents, removable parts, stock etc against “forcible and violent entry into or exit from the premises” and through ordinary threat of violence. Because the theft of the entire content looks remote and the entire contents in your premises cannot be stolen, the cover under the policy is better be on First Loss Basis where the first loss limit will represent the maximum liability of insurers in case of any claim.
  • MONEY INSURANCE (Cash In Transit/Cash In Safe/Cash in Premises/Cash in Personal Custody of Employees): All risk of loss of money whilst in transit or safe or as otherwise specified in the circumstances or situation described in the schedule.

Items that could be covered under the policy include:

  • Money in transit including wages/salaries, petty cash, open cheques
  • Money in securely locked safes and/or drawers and/or cabinets and/or strong room and/or boxes and/or locations and/or branches          
  • Money in custody of responsible employees                                                 
  • Damage to insured’s safes and/or drawers and/or cabinets and/or strong room and/or
  • The risk of riot, strike and civil commotion and hold up.
  • FIDELITY GUARANTEE INSURANCE (Employees Dishonesty): This class of policy is basically designed to cover loss of money and/or stock, embezzlement or fraudulent conversion by your employees.

This is particularly important where employees are entrusted with the company’s money and/or stock. It is important to arrange the policy to cover all employees in charge of cash and stocks.

  • COMPUTER / ELECTRONICS ALL RISK INSURANCE: The policy would provide cover for your computer equipment and electrical/electronic installations and accessories against:
  • Lightning
  • Fire
  • Explosion
  • Smoke
  • Water and humidity
  • Accidental damage or theft
  • Breakdown
  • Cost of reinstating data
  • COMPREHENSIVE AUTOMOBILE INSURANCE (Motor Insurance): A standard comprehensive motor insurance grants indemnity against loss of or damage to the insured vehicles occasioned by:
  • Fire;
  • Theft;
  • Accidental damage and
  • Malicious act.
  • Legal liability to third parties arising from the use of the vehicle(s)
  • Legal costs and expenses incurred with the insurer’s consent.



The pension reform Act of 2004 stipulates that every employer of labour having five and above employees must put in place a Group Life Assurance policy.

The minimum sum assured which would become available to the named beneficiaries under the policy is 3 times annual emolument of the employee following death either through accident or natural means/any causes.

The act defines emolument as basic salary, housing and transport allowance.

The following staff data shall be needed to put the policy in place:

  • Employees’ Names
  • Date of birth or age next birthday
  • Sex
  • Total Annual Salary (i.e. Basic, Housing and Transport allowance)

EMPLOYER’S LIABILITY/ GROUP PERSONAL ACCIDENT (Combined Employers Liability and 24 Hours Insurance)


  • Workmen’s Compensation Act of 1987 required that stipulated benefits be paid to employees who suffered injury in the course of employment.  For a successful claim, insurers must ascertain that the death/injury/disability occurred whilst the employee was in the ordinary course of employment.
  • Employees could also seek redress against their [negligent] employers under the common law for work-related injuries.  Damages awarded by the court were recoverable under the Workmen’s Compensation policy.

The Workmen’s Compensation Act has however been repealed by the Employees’ Compensation Act 2012 which requires that all employers pay 1% of their annual turnover to Nigeria Social Insurance Trust Fund (NSITF)  as annual levy. The levy is to provide cover for injured employees.

  • The modalities for the operation of the scheme are yet unclear. Employers/employees have not been advised of designated offices to report their claims.  We gather from our enquiries from NISTF and the insuring public that so far, claims have not been successfully processed under this scheme.
  • Also, the Employees’ Compensation Act 2012 does not make provisions to pay common law damages awarded in favour of injured employees who seek redress under Common Law.
  • Regardless of the shortcomings of the newly-enacted Employees’ Compensation 2012, we advise our client to comply with the requirement of the law.
  • However, to ensure that claims are successfully recovered when employees die/suffer injuries, we recommend that our clients take up Employer’s Liability (EL) policies. This has been designed to provide the same covers as the Workmen’s Compensation (WC) described earlier.
  • Below are the usual (albeit variable) benefits payable under the WC/EL policy:

                Death                                    – 3.5 x Annual Earnings

                Permanent Disability      – 4.5 x Annual Earnings

                Temporary Total Disablement -2% of Annual Earnings

                (Max. 104 weeks)

                Local Medical expenses – unlimited but reasonable

                Overseas Medical Expenses- An Agreed Amount and cost

                Burial /Funeral / Transport – Reasonable expenses

  • You will recall that the Workmen’s Compensation policy only covers death/disability/injury sustained in the course of employment. A Group Personal Accident policy (GPA) on the other hand, provides 24-hour cover but is a more expensive policy than the Workmen’s Compensation policy.
  • The benefits of both policies (i.e affordability of WC and 24-hour cover of GPA) can be combined. This is a more affordable policy and serves as a welfare package to employees.

Corporate Protection Insurance for Kidnap and Ransom

Kidnap for ransom is a very real threat in many parts of the world, and global corporations have a duty of care to their local, travelling and expatriate staff. An organization dealing with an incident faces potential losses from ransom payments, business interruption, litigation, adverse publicity and long-term damage to reputation.

 Some of the key benefits of the corporate protection insurance for kidnap and ransom include:

  • Reimbursement of costs associated with a kidnap for ransom, extortion, detention or hijack incident
  • Immediate and unlimited access to specialist response consultants
  • Personal security and corporate risk mitigation guidelines
  • Access to travel risk information and safe traveller training
  • Death and Injury

We make confidentiality an utmost priority and operate a strict policy of non-disclosure of any client details.

Verve Insurance Brokers is a leader in the kidnap and ransom insurance market – working with vetted insurers and key London markets. Specialist knowledge, pre-incident planning guidelines, broad experience and efficient service differentiate the team of experts we have in this field.

Directors and Officers Liability Insurance

In an increasingly litigious world, your company’s officers and board of directors are personally at risk to incur financially crippling lawsuits, making it difficult to attract top-tier talent. These vulnerabilities to risk may arise from the very qualities—initiative, vision, and business strategy—for which you hired them.

Directors’ and Officers’ (D&O) liability insurance provides your executives personal liability and financial loss protection from wrongful acts committed—or allegedly committed—in their capacity as corporate officers.

VERVE Insurance Brokers Ltd will help you design and implement a Directors’ and Officers’ liability insurance policy that fits with your business, by identifying your corporate and personal exposures to liability. We then create a program that incorporates risk mitigation recommendations as well as the broadest D&O insurance coverage available.

Health Insurance

In line with our goal of providing equitable healthcare to all strata of the society, we have developed a unique health plan with wide benefits of international standard.

Within their policy year, enrolees shall have access to qualitative and equitable healthcare with no overall financial limit at a highly competitive premium without compromising the quality of care and cost of management as compared with the retainership system.

All treatment shall be carried out in Nigeria except where a prior arrangement has been made for treatment to be carried out elsewhere in the world

Comments are closed.