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By: Rds Insurance Brokers  11-11-2011

The standard fire policy covers damage to property caused by fire, lightning or explosion, where this explosion is brought about by gas or boilers not used for any industrial purpose.

This basic fire policy is limited in its scope. The following important perils known as special perils can be added for adequate protection of your assets at very reasonable cost:

* Storm, impact or flood
* Burst Pipes, earthquake, aircraft
* Riot, civil commotion
* Malicious damage
* Explosion
This policy is specifically designed to cover the contents of residential accommodation which your company may either own or rent. This is especially required for the company's rented and furnished apartments of top management staff of your company. This form of policy can be arranged, in addition to the basic perils of fire mentioned above, to provide cover against damage caused by collapse of television aerials, leakage of heating system and the breakage of underground water pipes, sanitary fittings and many more risks. If you select to adopt this form of protection, your policy would cover all company owned furniture, household effects and other contents against, Fire, Burglary and a wide range of other perils including your legal liability as tenants.

Applicable Rate - .85%

This type of policy is designed to indemnify the insured against loss or damage resulting from theft or attempted theft, which is accompanied with actual forcible or violent entry into or out of the premises or any attempt thereat.

The items usually covered under this policy are similar to those under the Fire/Extraneous perils policy in with the exception of Buildings and Loss of Rent.

Applicable Rate - .35%
Discount 7.5% LTA


This form of protection is designed to provide for loss or damage to goods in course of transit. The movement of goods may usually be divided into two categories namely:

1) Imports and Exports by sea or by air usually by a MARINE POLICY; and

2) Internal Movements by road, rail or inland waterway usually covered by a GOODS IN TRANSIT POLICY.

For marine shipments, we shall arrange broad policy cover, giving regard to the
particular nature of cargo. All our cargo programmes are designed to achieve a simple
structure integrated with our clients own administrative procedures. Special
programmes are available for sensitive products that require them such as fresh or
frozen produce, meat and fish shipments. In addition, the policy can be (and in fact
should be) extended to include:


Apart from conventional marine cargo physical damage Insurances we provide contingency, difference in conditions, increased value and marine consequential loss and delayed start up insurance.

The Nigerian Insurance Market offers a wide range of covers from basic `Act' only insurance to full comprehensive as follows:-

‘Act’ Only Cover
This policy provides cover up to the basic requirement of the Nigerian Road Traffic Act, i.e. it provides for liabilities which you may incur for personal injury to Third Parties Only.
Third Party Only. This provides for liabilities which you may incure for:
(a) Third Party
Personal Injury

(b) Third Party
Property Damage

Third Party, Fire & Theft. This extends the basic third party policy to cover loss or damage to your own vehicle caused by Fire and/or Theft.Comprehensive. This goes beyond Third Party Fire and Theft insurance to cover loss or damage to your own vehicle caused by accidental collision or overturning.
Comprehensive cover is substantially more expensive than the lower grades of but the entire burden is shifted to your insurers who will make good the damage to your car even though a third party may be responsible.

With restricted cover you yourselves must chase up responsible third parties for repair costs. However, with older cars, it is more economical to take restricted cover as in some cases the comprehensive premium represents a high proportion of the vehicles value.


This type of policy is designed to provide cover against loss of money through theft, fire and other causes; whilst in transit or in locked safe. It can also be extended to include crossed cheques and a very limited fidelity cover provided the loss involves cash and is discovered within three working days.

This form of protection is designed to cover your company against the financial consequences of dishonest acts by your employees involving cash, accounting, stocks or stock control.


This important form of protection is designed to cover your company against legal liabilities which you may incur from third parties for:

(a) Death;
(b) Injury;
(c) Property Damage arising out of the negligence of your company or your employees whilst they are engaged on your company's business.

We recommend the basic policy be extended to include Liabilities arising out
of the following:

1. Fire, Explosion, Flood, Defective Sanitation
2. Water and Air Pollution
3. Lifts, Hoist, Cranes, Plant and the movement of unlicensed vehicles off the public highway
4. The provision of food and drink
5. The administration of first aid
6. Riot and Strike
7. Car Parking Facilities
8. Work carried out away from your premises.

These can normally be added without additional cost. In addition we strongly recommend you consider a Products Liability extension which would afford you protection against liabilities arising out of goods sold, supplied or manufactured or from defective workmanship on the part of your employees.


This is a welfare policy made compulsory for all employers by the Workmen's Compensation Degree of 1987. The degree has the following provisions:

1. ALL EMPLOYEES are to be protected, including casuals and non- Nigerians.

2. NO SALARY DIFFERENTIATION i.e. it includes all employees whether earning more or less than N=1,600.

(a) Death 42 months earnings
(b) P/Disablement 54 months earnings
(c) Temp. Total Disablement.

The benefit payable for 24 months is as follows:-

Full salary for the first 6 months; half salary for the next three months, one quarter salary for the remaining 15 months period.

EARNING INCLUDE - Basic wages, Food, Fuel, Quarters. Also overtime or other special Remuneration for work done, whether by way of bonus or otherwise of a contract character or for work habitually performed.

The Decree gives no limit and allows for "any reasonable expenses incurred within or (with approval) outside Nigeria." Employers.

liability under this item could be considerable if the employee is seriously injured and where he has to go outside Nigeria for treatment.

To enable us obtain a quotation please let us have detail of estimated annual earnings under the following headings. (Earnings have been defined by the Decree as Basic Wages, Food, Fuel, Quarters, Overtime if of a regular nature, and other special Remuneration including Bonus).


1. Clerical/Administration
2. Supervise/Light Manual Work
3. Manual Work/Engineers.

The object of this type of cover is to provide benefits to employees who may be killed or injured at work or otherwise, whilst in the service of the company as follows:-Death. A fixed capital sum

P/Disablement. A fixed amount based on a percentage scale applying to the death benefitTemp. Total Disa. A weekly sum paid to the injured person commencing four weeks after the accident for a maximum of one hundred weeks.Medical/Repatriation. Reasonable medical Expenses and/or repatriation expenses incurred up to a limited sum. To enable us obtain quotations let us have the following details:- Insured Person

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