FIRE & ENGINEERING
Insure your
properties for fire risks.
Protect yourself and your properties from loss caused by accidental fire and lightning with our Fire & Engineering Insurance.
Learn about Fire & Engineering covers
Fire and Special Perils Insurance
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Fire insurance covers loss or damage for accidental and unintentional loss or damage to properties and their contents, arising from the dangers of fire as well as from allied perils such as storm, earthquake, etc. Where an insured chooses a ‘fire only’ policy, such a policy covers the property against the perils of fire, lightning, explosion of gas used for illuminating or domestic purposes. The cover, however, can be extended to include other allied or special perils at an additional cost.
Under a fire policy any business premises, private dwelling or any other tangible property can be covered. Items covered could be, for example, buildings, furniture, electronic or electrical items, stocks, plant and machinery, etc. Allied or special perils are natural or man-made happenings that can lead to damage or loss of the property insured. They include: riot & strike, malicious damage, explosion, earthquake, cyclone, storm & tempest, flood, impact damage, bursting & overflowing of water tanks, electrical extra and aircraft damage.
Boiler and Pressure Plant
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This policy covers the explosion of boilers and pressure plants but does not cover the rupture of tubes inside the boilers.
The policy covers pressure vessels both fired and unfired against the risk of explosion and collapse and indemnified the insured against:- Damage to the boilers and or other pressure plants
- Damage to surrounding property of the insured
- Death or bodily injury to any person
- Damage to property not belonging to the insured or held in trust or on commission for which he is responsible
Combined Fire and Burglary
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Fire:
Fire & Special Perils (FSP) covers loss of or destruction to the items insured by fire, lightning and explosion of domestic nature.
FSP extends to cover special perils which includes the following: aircraft, riot, strike, lock-out, malicious damage, earthquake, storm & tempest, flood, escape of water from any tank, impact damage. FSP excludes loss of or damage by theft or burglary.
Burglary:
This covers the property insured or any part thereof belonging to the Insured or held by the insured in trust or on commission and whilst contained within the premises shall be lost by theft, but only if accompanied by actual forcible and violent breaking into or out of a building, or any attempt thereat, or if there shall arise any damage to the property insured or to the premises falling to be borne by the insured and which shall be due to any such theft or attempt thereafter.
Consequential Loss Due to Fire
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This policy supports our property insurance and hence, it is advised that you include it in your property insurance. It provides cover against loss of earning ability following damages/loss caused by fire and special perils.
While the fire insurance will take care of the material loss or damage, the consequential loss policy will take care of earnings/income that would have been lost because of the fire incident. Additional expenses that may be incurred in trying to carry on business after the fire incident includes taking up temporary premises, hiring equipment, purchasing goods to complete contracts, etc.
The following will have to be provided to take up this insurance:- Gross profit – ₦ T.B.A
- Wages – ₦ T.B.A
- Professional’s or Auditor’s fee - ₦ T.B.A
Contractors All Risks
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This insurance is designed specifically for civil engineering projects/works that are under construction. It is an ‘All Risks’ insurance to indemnify the insured party/parties against unforeseen and sudden physical loss or damage which might affect the property insured during the period of insurance. Third-Party Liability Coverage is usually required and included on a limit selected by the contractor or principal (as stipulated in the project contract).
Examples of projects covered include dwelling houses, multi-storey buildings, business premises, offices, warehouses, hospitals, schools, theatres, factories, bridges, canals, drainage, roads, railways, airport, etc.
Electronic Equipment Insurance
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This policy covers equipment such as computers, microprocessors, word processors, telecommunications equipment, machines meant for medical use, television studio equipment and other miscellaneous equipment. The insurance indemnifies the insured against any physical loss or damage due to fire, lightning, explosion storm, electrical breakdown, etc.
Erection All Risks
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Erection All Risks policy is commonly sought by contractors when they are awarded contract jobs for erection, installation, testing and commissioning work for electromechanical equipment (e.g. gas plant, transformers boilers, chemical or steel industry). The policy provides comprehensive cover on machinery whilst being assembled, erected and moved into position on-site or subsequently whilst being tested.
Householders Insurance
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House- Holders' Insurance policy designed to cover various risks and contingencies faced by householders under a single policy. It protects the property and interests of the insured and his family members who
permanently reside with the insured. This policy does more than insuring houses, it insures homes.Sections/Covers are available under this policy
S/N Covers Description of Covers 1 Fire & Allied Perils Building & Contents - Covers not only property, but also contents. 2 Burglary & Theft Covers loss of household contents and expenses Incurred due to damage caused by the incidence of house-breaking & theft. 3 All Risks All risk coverage is for laptops, jewelry, and other moveable items. 4 Personal Accident Cover Coverage for the insured and his family for any death or disability. 5 Public Liability Covers any injuries or damages caused to third parties.
Industrial All Risks
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The Industrial All Risk Policy is a comprehensive policy which can be tailored to fit our customer’s needs. This is a single contract policy but differs from the combined policy in that there is only one set of conditions, exceptions and warranties.
- It is not a named peril policy
- All risks covered except named exclusions
- Single document issued
- Insurance is on reinstatement basis
- Considerable premium savings available
- Business Interruption due to fire and special perils
Examples of sections under the Industrial All Risks:
- Material Damage: Physical loss or damage to property of all types belonging to or in the custody or control of the insured caused by any perils, including theft/housebreaking and rent payable or receivable by the insured from the date of loss or damage to insured property while such property is wholly or partly unfit for occupation.
- Business Interruption:Loss to the insured caused by the interruption of the business of the insured as a result of damage as defined in Section 1.
- Plant All Risks: It covers unforeseen and sudden physical loss or damage to the insured plant and equipment.
- Fidelity Guarantee:Loss of money, goods and other property which the insured shall sustain through any fraudulent or dishonest act or acts committed by any employee acting alone or in collusion with others.
- Money: Loss of money: securities and other property whether or not resulting from dishonesty or fraudulent acts of employees.
- Public/Product Liability:All sums which the insured shall become legally liable to pay third parties in respect of Accidental bodily injury or damage to property including legal and other expenses arising, occurring or discovered by the insured during the period of insurance except in each case as hereinafter specifically excluded or amended.
- Goods in Transit: “All Risk” of loss or damage to stock and material in trade of every description, property of the insured or held in trust or on commission for which they are responsible whilst in transit or temporarily housed in course of transit.
Machinery All Risks (Plant All Risks)
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It covers unforeseen and sudden physical loss or damage from any cause not specifically excluded in a manner necessitating repair or replacement. The policy applies whether the insured items are at work or rest or being dismantled for cleaning or overhauling.
Machinery Breakdown
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This policy covers the breakdown of plant, machinery and mechanical equipment. The policy is designed to indemnify the insured against damage to the machinery caused by breakdown, principally from sources within the machinery. All types of machinery, plant, mechanical equipment and apparatus may be covered under this policy. The policy is important for everyone who operates machines. This policy should support our property insurance and hence this insurance must not be granted on a standalone basis.
Material Damage
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Material Damage covers a business owner against loss or damage to physical assets including buildings, contents, plant and equipment, equipment and stock.
Stock is anything that moves through your business, the plant is anything you use to run your business. Together they make the physical contents of your business and if damaged, could present a huge financial risk for your company.
After a fire, flood, burglary, earthquake or other such events that there is obvious destruction, loss or damage to buildings, plant and stock. This physical loss or damage is commonly insured under a Material Damage policy.
Material Damage Insurance is the modern form of fire & perils insurance. It is superior because of its broadness of coverage, meaning that if it is not excluded then it is covered. The policy also provides accidental type coverage and is adaptable to extend and limit coverage as required.
Terrorism
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This insurance covers the insured property while at the named location(s) specified in the policy schedule against physical loss or physical damage, occurring during the period of insurance, directly caused by:
- An act of terrorism and/or sabotage.
- Malicious damage.
- Riots, strikes or civil commotion.
- Invasion, acts of foreign enemies, hostilities (whether war be declared or not) or war.
- Rebellion, revolution, coup d’etat, insurrection or mutiny.
This policy should support our property insurance policy; hence the terrorism insurance policy is unavailable on a stand alone basis.