What is Fire & Special Perils Insurance?

Fire & Special Perils Insurance indemnifies the insured against loss of, damage or destruction to

buildings and its contents as a result of fire and other special perils such as:  

  • Lightning 
  • Earthquake  
  • Aircraft Damage 
  • Impact 
  • Tornado
  • Flood 
  • Riot and Strikes 
  • Malicious Damage 
  • Bush Fire  
  • Burst Pipes 

What specifically does Fire & Special Perils Insurance cover?

A wide range of items caused by any of the above such as:

(i) Building (including Gates and Fences) of standard construction belonging

to the insured or held in trust or on commission occupied as offices,

private dwelling house etc. 

(ii) Personal effects and contents of the residents

(iii) Plant and Machinery

(iv) Stock

(v) Office Furniture, Fixtures, Fittings, Equipment, Utensils etc. 

(vi) Removal of Debris (following a fire damage or destruction)

(vii) Rent (Where building is not owned by the insured but rented, amount paid

in advance for rent can be covered under this policy)

Why should I choose Fire & Special Perils insurance?

As a business manager/owner in a factory/manufacturing setting, a regular office/corporate environment or even a landlord of private residential or commercial buildings, it is foreseeable that you will be aware of a number of things that can go wrong. Furthermore, it is in your interests to limit any distractions from maximising your profits. You are in business to have a fulfilling life and it is a responsibility to bear this in mind, even when things can be challenging and stressful. If it is sincerely your desire to avoid stress, fire & special perils insurance is designed to give you the peace of mind you deserve

How do I affect Fire & Special Perils Insurance cover?

  • Follow the designated steps on the insurance section of the Money Matters site

  • Fill the mandatory boxes with the info relevant to your circumstances: 

1)   Name of the insured, 

2) Business name (if/where applicable), 

3) Office/Residential Address, 

4) Choose the type of cover: whether it is Buildings & Contents or Special Perils and provide the list of items/property as well as their corresponding values 

5) email address and 

6) telephone number 

7) Choose (tick the designated box) whether it is a Takaful/Islamic insurance product

  • Choose the best priced quote and select the option at the bottom of the page to move forward

  • Submit payment using the online POS option (a safe and the most convenient payment option) or make contact with our customer service team to conclude policy arrangements

Can I insure more than one Building/set of contents?

Yes, you can and you’ll just need to choose the option and provide the necessary details to affect cover for all the buildings and/or set of contents you would like to protect

What is the name of the payment that is made to affect cover?

The payment required to affect an insurance policy is called a ‘premium’ in insurance parlance. It is often payable in advance of the insurance policy being affected

How are premiums calculated?

This is calculated based on a percentage of the estimated value of the items or property being insured

What happens in the event of an accident and a claim needing to be made?

  • You will have contact and other relevant info/instructions provided from the policy’s inception. These will help you as you make contact with the insurance provider

  • In the event a claim needs to be made, this will be registered by the insurance provider’s customer service rep

  • You’ll be notified whether the claim is successful or not

  • Once confirmation has been received that the claim is successful, the amount that the claim is for will be paid out, less the excess fee

What is an excess?

An excess is a pre-determined figure which will be paid in the event of a successful claim being made. This can be looked at as a nominal or small contribution to the cost of repairing damage or replacing a motor vehicle. 

An example of this is sustaining damage to a building arising from one of the above occurrences. If the cost of restoration is N1million, the excess may be N50,000 which means the total paid out for a successful claim is N950,000.

Is there any reason why a claim may be unsuccessful?

As long as you are honest about the details required to affect fire and special perils insurance, and honest in providing all the relevant info when making a claim, there’s no major reason for concern.

Typically, unsuccessful claims arise in the event of a customer committing insurance fraud or violating any terms of her/his insurance policy

Money Matters is a comparison site across many different services. Our wide variety of options listed enable customers to benefit from the best-priced deals available, and vendors to gain from increased business. Make us your choice today!


Ikeja, Lagos

Phone: (+234) 802 7152 761 , (+234) 906 9387 045 , (WhatsApp) +234 803 096 8197

E-Mail: insurance@moneymatters.com.ng


© Money Matters 2018. All rights reserved.