Fire & Other Perils

This policy insures you against loss or damage to property as a direct result of fire out break, lightning or explosion.
Other perils such as social disturbances like strikes and riots,and natural disasters like storm damages, floods and earthquakes can also be covered by an extension of the standard scope of the cover.
The items to be insured are usually made up of the following:

  • Buildings.
  • Office Furniture, electrical & electronic equipment.
  • Plants and machineries.
  • Stock of raw materials and finished goods.
  • Loss of annual rent for alternative accommodation.

The policy also contains various other extensions that are granted at minimal extra cost to the policyholder.

Home (Householders Insurance)

Everyone needs to insure his/her home and property against the risk of fire, theft e.t.c. Whether you own a house, live in a rented apartment or you are sharing with friends or family, you need to secure your goods and property. Assurance Home is a comprehensive insurance policy that covers fire, flooding and Burglary.Buy Home Policy today and protect yourself from heartbreak!

There are two basic types; Householders and Homeowners

Homeowners Insurance

This protects you against damage to the structure of the house including fixtures, fittings, together with garages and outbuildings.
Features:

Structural damage to building as a result of Fire, Lightning, Explosion or Allied Perils.
• Loss of rental income as a result of fire up to a limit of 10% of sum insured on building.
• Insured personal liabilities to the public as owner or occupier of the building in respect to bodily injury or damage to property up to a limit of .
• Compensation for the death of the insured as result of the occurrence of insured peril.
• Cost of alternative accommodation to the insured in the event of the building being rendered uninhabitable by the insured peril up to a limit of N50,000.
• No-claims bonus of 5% of 3 years’ cumulative premium

Householders Insurance

This covers the contents of a home such as furniture, clothes, electronics, jewellery e.t.c. It also covers the loss of rent or the additional cost of alternative accommodation if the home is made uninhabitable.

An additional rate for other moveable valuables such as jewelery, laptop computers and mobile phones is applicable.

Features:

• Damage/Loss to home contents as a result of fire.
• Damage/Loss to home contents as a result of theft/burglary.
• Damage to content occasioned by flooding and allied perils.
• Damage/loss of personal possession such as laptop, mobile phone, jewelry.
• No-claims bonus of 5% of 3 years’ cumulative premium.

Consequential Loss

This policy, often referred to as “business interruption insurance” indemnifies your business against loss of productive capacity or future earning power which may occur

as a result of loss or damage to the premises and property insured under the Fire/Extraneous Perils.
The policy is normally taken out in conjunction with the fire policy so that when the latter pays for the material damage to property insured under it, the consequential loss policy will pick up the intangible loss that will result from the primary loss of the fire peril.
The items usually covered under this policy are as follows:

Gross Profit
Salary and Wages
Auditor’s fees

The sum insured against the item of gross profit should represent the difference in turnover and the total of standing and variable charges.
The sum insured on salary and wages will be what is required to maintain some key staff pending resumption of business while the sum insured on auditor’s fees will represent charges that any firm of accountants will make in preparing papers for the insurance claim.