BOILER INSURANCE

This policy provides cover for damage including fuel/gas explosion, cracking to tubes and boilers, steam pipes, air receivers, economisers, etc (i.e., plants that are under air pressure and steam). It covers damage to properties and liability to third party property and personal injury as a result of the collapse and as a result of general overhauling of the plants or machinery.

Underwriting requirements: Description and value (in Naira) of all the plants and machineries.

BOND INSURANCE

Performance Bond: The policy provides that if during the period it is in force the Contractors shall default the Surety (Insurers) shall satisfy and discharge the damages sustained by the Employer up to the amount of the Bond or any part thereof as may be outstanding.

Advance Payment Bond:  This policy provides guarantee from Insurance Company to the Principal (i.e., Employer) that the Insured (Contractor) who perform the contract for which payment has been effected, failing which the Insurance Company guarantees the payment of the said sum of money to the Principal.

Underwriting requirements: Certificate of Incorporation; Tax Clearance Certificate; Audited Accounts; Article of Association and Memorandum; Letter of Award of Contract; Counter Indemnity Form and Personal Guarantee Forms to be completed by 2(two) Directors with their passport photographs.

MACHINERY BREAKDOWN INSURANCE

This policy provides cover for all risks for plant, machinery, engines, turbines, cranes, compressors, transformers, generators, electrical motors, power units, etc subject to mechanic or electrical stress whether mobile or stationery. Loss of damage in this regard may include as follows; faulty design/operation, lack of skill, negligence, physical explosion, tearing apart, flue gas explosion, short-circuits, electrical cause, storm, frost drifting, etc

Underwriting requirements: Description and value (in Naira) of all the plants and machineries.

PLANT ALL RISKS INSURANCE

This provides an all risk cover for loss or destruction or damage to plant and machinery, tools, construction plant, equipment, etc. It also covers accidental damage, fire and special peril, and theft including damage or loss to third party properties. Plant All Risk cover amongst others includes all generating sets, sophisticated plants and machineries, etc.

Underwriting requirements: Description, Serial Number and Value of the equipment in Naira.