Scope
of Cover
To
provide cover for loss or damage arising from fire, lightning, explosion,
flood, earthquake, riot, strike and civil commotion, malicious damage,
typhoon, tornado, storm, tempest, cyclone, aircraft or vehicle impact
damage or articles dropped there from, bursting or overflowing of water
tanks, apparatus etc. and Bush Fire.
Interests Covered
1.
On buildings, fences, gates and surrounding walls including
landscaping.
2.
Stock in trade, raw materials, work in progress and finished goods.
3.
Office Fittings and Equipments consisting of items like furniture,
fixture, stationeries, Air-conditioners, fans, calculators etc., factory
machinery and personal effects.
BURGLARY/THEFT
INSURANCE
·
To provide indemnity for loss
of or damage to properties resulting from theft or attempt thereat
accompanied by visible and violent entry or exit from the premises or
attempt thereat.
·
Damage to building or property in the bid to effect theft or exit
or in an attempt at theft.
Added
Benefit
·
First
Loss Value
Because
it is impossible for thieves to clear the contents of a place like UTC
Stores, Marina, at one swoop, we always agree that a figure lower than
total contents be fixed for certain large risks and it is the lower figure
that is used as basis of premium calculation.
Back
To Top
Request
Product Information
COMPREHENSIVE
HOUSEHOLDER INSURANCE
This
product is specifically designed to protect your household goods of
various descriptions against the following perils.
1.
Fire and all the Allied Perils stated under Fire Policy;
2.
Theft
or attempt thereof or as stated under Burglary Policy
3.
All
Risks cover for specific items like cameras, binoculars,
wrist
watches, gold and trinkets and eyeglasses.
4.
Personal
Liability Cover for Third party injury or property damage following attach
by pets or injury for defective structures.
Cost
Implication
A
valuation report of all items/property to be insured is required to enable
us determine the cost of insurance.
However because this is a comprehensive product, a rate of 0.75%
for the building and 1.00% for the content is usually applied.
EXCLUSIVE
HOUSEHOLDERS COMPREHENSIVE INSURANCE COVER
Designed
for few prominent Nigerians, the product is called Project 1000 and
is being marketed through solid Nigerian banks as our own way of
contributing to their income base. The policy covers all the perils of
Fire and Burglary as indicated in this report and also covers the
following properties/perils:
1)
Surrounding Facilities
2)
Cost
of renting alternative accommodation during repair of damaged buildings.
3)
Fire
Brigade Service charges
4)
Removal
of Debris
5)
Architects,
Surveyors and Consulting Engineers fees
6)
All
Risks Cover on items of high values
7)
Contents
temporarily removed for repairs
8)
Personal
Liability to Third parties
9)
Public
Liability for Damage to Third Party and Public Properties.
10) Additional
Living Expenses in events damage to buildings
11)
Compensation
for Death of the Insured and his family members
12)
Personal
Accident Cover for Domestic Servants
13)
Breakage
of Mirror
and Glass
14)
Back
To Top
Request
Product Information
FIDELITY
GUARANTEE INSURANCE
Statutorily
required for Banks and some financial institutions, this is the only
policy that provides Compensation to an employer against the dishonest
acts of his employees for money or stock.
Certain employees that readily come to mind under this cover are
Cashiers, Accountants, StoreKeepers, Stockbrokers, Salesmen and so on.
GOODS-IN-TRANSIT
INSURANCE
This
product provides for loss or damage to goods whilst in Transit or during
loading or unloading under two types of cover.
a)
Restricted Cover
·
Fire
·
Accidental Damage caused by collision or overturning of the
carrying vehicle(s).
·
Theft by violence or any attempt thereat.
b)
All Risks Cover
·
Covering the properties independent of whatever happens to the
conveying vehicle.
MARINE
INSURANCE
This
covers the Cargo and Hull.
It can be used as income generating product for the bank wherein
TRANSGLOBAL negotiates Marine Insurance cover on all letters of Credit to
be opened.
Cargo
Insurance:
This cover is very similar to the Goods-in-Transit insurance earlier
explained.
The major difference being that, whilst the Good-in-Transit
insurance provides for loss or damage to goods whilst in transit via the
Road and Rail mode or transportation, the Marine Cargo insurance provide
for loss or damage via the Sea and Air mode of transportation.
It
could also be arranged on a single transit basis or Open Cover basis just
like the Goods-in-Transit insurance.
There
are two types of Cover:
1)
Clause A i.e. All Risks Cover and
2)
Clause
C i.e. Restricted Cover
Back
To Top
Request
Product Information
MARINE
HULL INSURANCE
This
provides for loss or damage to the ship itself. It could also be extended
to provide compensation for bodily injury or death to the crew members and
passengers.
Cost
Implication
We
have highly specialized personnel in this area hence our rate is highly
competitive. Rates are hardly
recommended unless and until the followings are known.
Requirements
·
the vessel and its sea worthiness
·
the use to which it is put
·
the value
·
if owned or chartered
·
the route normally plied
It
is however safe to say that the rate ranges between 2.5% and 7.0%
CASH-IN-TRANSIT
INSURANCE
This is the greatest risk to
which banks are exposed and Cash-In-Transit policy provides compensation
for loss of money belonging to the insured or for which the insured is
responsible, occurring;
·
whilst in Transit from or to the bank
·
whilst in the safe the safe may be broken into and the cash
stolen.
·
Whilst in personal custody or possession of responsible officials
like cashiers, Accountant or Managing Director.
·
Damage to the safe.
Back
To Top
Request
Product Information
PUBLIC
LIABILITY INSURANCE
A
General Public Liability policy protects the insured in respect of his
Legal Liability to Third Parties for both bodily injury, death and for any
loss or damage to property.
Added
Benefit
·
Product Liability: The public Liability Policy may be:
-
Extended to provide for compensation arising out of the Product
being sold or manufactured.
-
First aid facility is also granted under this cover.
CONTRACTORS
ALL RISKS INSURANCE
This
is an Insurance policy that provides compensation for loss or damage to
the contract works, the Plant and Equipment at sites and also for the
legal liability arising therefrom.
Back
To Top
Request
Product Information
ENGINEERING
INSURANCE FOR POWER GENERATING
SETS
This
is a very specialized area of Insurance and it could be arranged in
various forms to suit specific needs.
The followings are some of the products under this heading.
a).
MACHINERY BREAKDOWN INSURANCE
This
covers sudden and unforeseen physical loss or damage, necessitating
repairs or replacement to the Insured Machinery.
The Machinery are protected against the following risks:
·
maladjustment, faulty designs, misalignment
·
loosening of parts, abnormal stresses, fatigue
·
failure of protective devices
·
entry of foreign objects, impact, collision
·
shortage of water in steam boilers or pressure vessels, self
heating.
15.
INSURANCE
BONDS/GUARANTEE
Insurance
Bond is a form of Guarantee arranged by us to any of our accredited and
highly recommended Contractors to their principals.
It is given to the principal in order to protect him against loss
or damage he may suffer (especially financially) resulting from the
failure of the Contractor to fulfill or abide by the terms and conditions
of the said contract or agreement.
We
grant the following types of Bond Guarantee:
·
Performance Bonds
·
Advance Payment Bonds
·
Bid/Tender Bonds
·
Customs Bonds.
·
Credit Bonds
Request
Product Information
Back
To Top
©
2000-2001. Transglobal Insurance Brokers Ltd. All rights reserved.
Website designed by Allied Technologies.
|
