EMPLOYEE RELATED INSURANCE

GROUP PERSONAL ACCIDENT INSURANCE

This policy provides cover against bodily injury caused by violent accidental external and visible means acting solely and independent of any other cause.

It is a 24-hour cover, which makes it attractive. Generally it will be advisable to cover all employees under the Group personal accident and Workmen's compensation policies but with the former being restricted to non-occupational hazards only to avoid overlap. This arrangement would bring about a 25% - 30% reduction in the premium.

WORKMEN COMPENSATION INSURANCE

This offers compensation for bodily injury caused by violent, accidental and visible means arising out of and in the cause of employment only.

This class of insurance is statutorily compulsory in Nigeria as provided in the Workmen Compensation Decree No. 17 of 1987. It is mandatory for all employers of labour to ensure that all their employees are insured against accidents occurring out of and in the course of their employment.

The insured is indemnified up to an amount, agreed payable as a result of his legal liability for accident sustained by his employees in course of their employment. The benefits provided for by the decree are as follows:-

- Death - 42 months salary
- Permanent injury - 54 months earnings
- Total Temporary Disablement - 24 months salary (graduated downwards).
- Full salary 1st 6months, 1/2 salary next 3 months, 1/4 salary last 15months
- Medical Expenses - Unlimited (burial, funeral, transportation etc).

It is nevertheless limited to activities during the course of work.

HOUSEHOLDERS / HOUSE OWNERS INSURANCE

This policy is usually in two parts viz: CONTENTS and BUILDINGS. However, an owner-occupier may take out a combined policy covering the contents as well as the building.

DETAILS OF COVER:
Protection is given for the properties insured, against loss or damage caused by the perils of fire, lightning, explosion, thunderbolt, subterranean fire, bursting or overflowing of water-tanks, apparatus or pipes, aircraft damage, impact damage by road vehicles or horses not belonging to or under the control of the insured, hurricane, cyclone, tornado, windstorm, earthquake and volcanic eruption, flood, breakage or collapse of television and/or radio aerials, aerial fittings and mast as well as theft following forcible and violent entry into or exit from the premises.

Cover also includes loss of rent actually incurred by reason of the private dwelling house being so damaged by any of the above perils as to be rendered uninhabitable, but only in respect of the period necessary for reinstatement.

Furthermore, the policy could be extended to cover the risk of larceny.

PERSONAL LIABILITY INSURANCE

This insurance caters for an individual legal liability to third parties for death, injuries or damage to properties occurring anywhere within Nigeria.

This insurance could be procured for the benefit of top executive staff to take care of the public liability risk to which they are exposed in their individual capacities.