SERVICES

The risks covered here are loss or damage to the insured property caused by fire, lightning, malicious damage, explosion, flood, bursting and overflowing of tanks, pipes and apparatus, riot, strikes and civil commotion, storm and tempest, aerial devices,  aircraft,  horses, cattle and impact damage, earthquake, tornado, tempest and bush fire”.

The interests that would be covered here as requested are:

• Buildings and structures of every description whether [owned or leased]:
• Office contents of every description in your head office and any other locations.
• Generating set of every description.
• Rent of Alternative Accommodation in the event of a loss.

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The Policy provides cover against loss or damage to your premises and the contents as a result of forcible entry or exit from the premises. The cover provided is theft of insured items by “forcible and violent entry into or exit from the premises” and through ordinary threat of violence.

The cover assures you of the replacement of the valuable contents of your house such as generating sets, television sets, safes, lamps, air conditioners etc where they are lost or damaged in the event of a burglary or any attempts of same.

The items to be covered under the policy are as follows:

• Office contents of every description in your head office and any other locations.
• Removable parts and various accessories of generating set of every description.
• Stocks in trade including raw materials, work in progress and finished goods

Because the theft of the entire content looks remote and the entire generating set 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.
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Covers

1) Loss or damage to the insured buildings of standard construction, including improvements, fences and gates, [property of the insured] caused by 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”.

2) Loss or damage to Insured’s property occasioned by theft or attempted theft following actual forcible entry or exit from the Insured’s premises.

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Visitors to your office premises are exposed to injuries as a result of the operations within your premises. Some of those injuries arise out of slippery floors, low stairways, broken/cracked sliding doors, food poisoning etc. These injuries expose you to legal liabilities which may run into millions of Naira/Dollars capable of running an organisation to a halt.

Section 65(1) of Insurance Act 2003 therefore requires that such legal liabilities of an owner or occupier of premises [in respect of loss of /damage to property or bodily injury/death suffered by any user of the premises and third parties] are insured.

The policy can also be extended to cover loss or damage suffered by your customers following the use of your products.

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This policy covers all forms of risks to your vessels. The insured risks include perils of the sea and other navigable waters, fire and explosion, theft, accidents, jettison, piracy, earthquake, accidents in loading, discharging or shifting cargo or fuel. Possible liability to third parties are also covered.
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The pension reform Act of 2004 stipulates that every employer of labour having at least five employees must put in place a Group Life Assurance policy. The policy covers death to employees arising out of any cause whatsoever.

The minimum benefit payable to beneficiaries under the policy as stipulated by the law is three (3) times the annual total emolument of the employee following death, either through accident or natural means/any cause.

Payment of such benefits at unexpected times could cause a downward slope in your balance sheet which makes a Group Life Assurance Policy beneficial to your organization.
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The Employees’ Compensation Act 2012 requires that 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. As the modalities for the operation of the scheme are yet unclear, we recommend that our clients take up Employer’s Liability to cover their employees who suffer death/injury in the course of employment. In addition, a Group Personal Accident policy may be combined with the Employer’s Liability policy. This serves as a welcome welfare package to employees as they are covered for 24hours.

The minimum benefits payable under the policy are as follows:

• Death – 42 months earnings
• Permanent Disability – 54 months earnings
• Temporary Total Disablement payable-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
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Details of Cover

Despite availability of electronic facilities, Organizations still transport cash once in a while from one point to the other and/ or keep such cash in safe or strong rooms for various reasons. In order to indemnify any loss that may attend such activities, the Money Insurance Policy was designed to cover loss of or damages to cash and other security documents.

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.
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This class of policy is basically designed to cover loss of money and/or stock, embezzlement or fraudulent conversion by your employees. It covers employees’ dishonesty.

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.
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This policy is useful for your operation since it may involve moving fuel from one point to another. The policy covers all risks of loss to subject matter whilst in transit or in course of loading onto or unloading from the conveyance or whilst temporarily housed in ordinary course of transit by road, rail, air or inland waterways.

The policy also will be worded to include hired and/or own vehicles.  We would also extend cover to include the risk of riot, strike and civil commotion at no extra cost.

• Limit anyone carrying – ₦ (TBA)
• Estimated annual carrying – ₦ (TBA)

The rate will be multiplied by the estimated annual carrying to arrive at the annual premium.
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To cover medical expenses of employees which may run into millions of Naira, health insurance is recommended to cover employees of an organisation.

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The risks covered could be summarized as follows:

• Fire
• Lightning
• Explosion
• Smoke
• Water and humidity
• Accidental damage or theft;
• Breakdown;
• Cost of reinstating data;

The following items are covered under the policy:

• Computer equipment and electrical/electronic installations and accessories
• Additional Cost incurred in reinstating data [ if required] Request  Insurance 
  

Covers

A standard comprehensive motor insurance grants the following covers:

Section I

It provides indemnity against loss of or damage to the insured vehicles occasioned by:

• Fire;
• Theft;
• Accidental damage and
• Malicious act.

Section II

Legal liability to third parties arising from the use of the vehicle(s):

2.1       bodily injury                –           Unlimited but reasonable

2.2       property damage         –           Limited to N1,000,000.00

Legal costs and expenses incurred with the insurer’s consent.
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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.

• Directors’ and Officers’ Insurance Policy Design

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.
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A bond is an agreement between three parties that has legal force. It is a promise by a surety to pay the beneficiary a sum of money if the performance guaranteed in terms of the bond fails to materialize. The three parties are: The Principal, Contractor and Insurer. The Principal must be a government office or parastatal.

Bond can also be seen as a formal contract because it has to be writing, signed, sealed and delivered. It is an express contract because the term and condition are usually stated in writing.

• TYPES OF BONDS
• BID BOND
• ADVANCE PAYMENT BOND
• CUSTOMS AND EXCISE BOND
• TENDER GUARANTEE
• PERFORMANCE BOND
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