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:
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
(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)
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
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
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
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
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.
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