By exploring our site, you can gain clarity on what our insurance packages cover, ensuring that you make informed decisions when it comes to protecting your assets and mitigating risks.
Life insurance covers death of the policyholder from all-natural causes. In addition to this, it also covers financial protection in case the policyholder passes away due to any illness or accident.
Credit life insurance is designed to pay off a borrower’s outstanding debts if the policyholder dies. It’s typically used to ensure you can paydown a large loan like a mortgage or car loan.
Education insurance is a life insurance product specially designed as a saving + protection tool to provide an amount of money when your child reaches the age of entry into a level of education of choice. It’s a plan that presents double benefits of insurance protection and savings return both of which are aimed at giving your child a secure future.
Endowment is a form of life insurance that pays the face value to the insured either at the end of the contract period or upon the insured’s death. It is a life insurance cover designed to pay a lump sum after a specific term (on its ‘maturity’) or on death.
Whole life cover is guaranteed to remain in force for the insured’s entire lifetime, provided required premiums are paid, or to the maturity date agreed upon.
Motor Comprehensive insurance covers damage to a vehicle, which includes natural hazards, strikes and falling objects, as well as fire, weather, natural disasters, theft, acts of vandalism and legal liability to third parties (bodily injuries and/or death) that may arise out of the use of the vehicle.
Third party insurance covers the insured from liability arising out of the damage to third party persons and injuries caused by the insured vehicle in the use for which it is insured. It covers the insured’s legal liability to third parties for bodily injury and or death and property damage occasioned by the insured’s motor vehicle.
Fire, and material damage (FMD) insurance covers damage to a vehicle, which includes natural hazards, strikes and falling objects, as well as fire, weather, natural disasters, theft, acts of vandalism.
Public liability the cost of claims made by members of the public for incidents that occur in connection with your business activities. It covers the cost of compensation for: personal injuries. loss of or damage to property.
Professional Indemnity protects you against claims for loss or damage made by clients or third par ties as a result of the impact of negligent services provided or negligent advice offered. Compensation claims can be brought against you even if you provided a service or offered advice for free.
Product liability insurance covers the cost of compensating anyone who is injured by a faulty product that your business designs, manufactures or supplies.
Employers liability is a stand-alone insurance cover that addresses the legal costs that a company may face if they are sued by their employees. It covers against claims for damages and costs resulting from injuries and/or illness suffered by your employees during or arising from their employment, as well as the legal costs you incur in dealing with such claims.
Marine Cargo insurance covers the risks of loss, damage, expense and liability to goods during transportation as cargo from one place to another place i.e. from a factory located inland to the seaport and then across the seas to the address of the buyer of your goods abroad.
Hull insurance covers accidental loss or damage to boats used for commercial purposes; it includes salvage costs, and third-party liability cover.
Vessels insurance covers accidental loss or damage to the vessel anywhere in the agreed navigational limits set by the policy.
Liability insurance provide cover for any liability occurring on account of a ship crashing or colliding or any other induced attacks
Freight insurance if the goods are damaged in transit, the operator would lose freight receivables & so the insurance will be provided on compensation for loss of freight.
This cover is suited for corporations which stand a chance of losing money in the form of freight in case the cargo is lost due to the ship meeting with an accident.
All risk insurance is a type of property that covers any peril, as long as the contract does not specifically exclude it from coverage. Normally excluded incidents are loss or damage caused by, arising out of or as a result of: Wear, tear and depreciation. Gradual deterioration. war or related risks, nuclear or related risks.
Burglary Insurance covers loss of or damage to the property insured caused by theft/ housebreaking accompanied by forcible and violent entry into or exit from the company’s premises.
Consequential loss insurance also known as business interruption insurance. This covers collateral damage that might happen because of damage to things like property and equipment. Essentially, this covers the adverse impact that comes from damage to a tangible unit.
Fidelity Guarantee insurance protects the employer against for the loss of money, loss of stock or property which might result from acts of dishonesty by an employee/ or group of employees in the course of employment.
Fire and Allied Perils insurance covers against accidental damage or destruction caused by fire, lightning, or the explosion/ implosion of domestic appliances. man-made perils such as bursting of water tanks and pipelines or overflowing, leakages from water sprinkles, riots, strikes, impact by a rail or road vehicle and aerial devices; including natural calamities like storm, cyclone, flood etc, damage caused by landslide or subsidence, bush fire.
Goods in transit insurance is a policy that covers the risks of damage, theft or loss of items due to an insured event. It usually lasts during the period from loading to unloading and protects liable parties from financial loss.
Homeowner’s insurance helps protect you, your home and your belongings from all sorts of unexpected events. And with a standard policy you’ll get four key types of coverage: dwelling, other structures, personal property and liability.
Industrial All Risk insurance is a special policy designed to cover an industrial entity against all risks that may affect the operations of the entity such as fire, theft, and loss of profits.
Money insurance is a cover which protects the insured against loss of money. Money includes current coin, Bank and currency notes, cheques, postal orders, and current postage stamps.
Workers’ compensation insurance provides cash benefits and/or medical care for workers who are injured or become ill as a direct result of their job. It is a cover taken out by the Employers and the employees do not contribute.
Benefits under this cover include cash, reimbursement of medical expenses if not covered under other insurance, lost wages, and rehabilitation costs to employees who are injured or become ill “in the course and scope” of their job. The death benefit is paid to the family of the affected employee.
Group Personal Accident insurance provides compensation to your employees in the event of injuries, disability or death caused solely by accidental, external and visible events. Cover is on 24-hour basis on duty or leisure. It offers financial protection in case of injury or death resulting from an incident covered.
Combined GPA and WMC insurance this combine the two covers mentioned above
Medical / Health insurance is taken out to cover the cost of medical care expenses due to an illness or accident that could be related to hospitalisation costs, cost of medicines or doctor consultation fees; this cover may be on a cashless basis or reimbursement basis or co pay basis. It may cover the whole or a part of the expense depending on the agreed terms with the insurers.
Plans available are individual plans or corporate/ group plans/ family plans/ senior citizen plans
Service providers – Health Maintenance Organisations (HMO), Insurers with listed preferred hospitals/clinics
Travel Insurance- comprehensive policy usually covers delays, cancellation due to sickness or death, lost luggage and some emergency medical costs.
Contractors’ all risks (CAR) insurance is a non-standard cover that protects property damage and third-party injury or damage claims which are the two primary risks in construction. Damage to property can include improper construction of structures, the damage that happens during a renovation, and damage to temporary work erected on-site.
Third parties, including subcontractors, may become injured while working at the construction site.
Electronic Equipment Insurance is an insurance policy that provides comprehensive cover for unforeseen and sudden physical loss or damage to the electronic equipment and data media. This is all risks cover so the damage must occur due to a peril that is not specifically excluded under the policy. Major exclusions include but not limited to, losses/ damages due to wear & tear, war, willful acts or willful negligence, aesthetic defects and consequential loss are not covered.
Erection all risks (EAR) insurance covers losses arising out of the erection and installation of machinery, plant and steel structures, including physical damage to the project, equipment and machinery, and liability for third-party bodily injury or property damage arising out of these operations.
Machinery breakdown insurance covers the damage of machinery and equipment due to technical operation or physical causes. It provides insurance protection to both rotating as well as static equipment while at work or at rest against mechanical and electrical breakdown and also human error and negligence.
IIB are insurance professionals and experts. By engaging IIB you get value for money in respect to the insurance covers you purchase.
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