This policy is suitable for all industrial units and business establishments exposed to liability arising out of accidents in the course of their business operations.
This policy indemnifies against amounts the insured is legally liable to pay as damages to third party victims of an accident. These includes:
* Compensation for accidental death, bodily injury or disease to third parties.
* Damage to or loss of property belonging to third parties arising out of an accident, including legal costs incurred with the prior consent of the insurer.
* Legal and civil liabilities of the directors and officers of the company.
The following optional covers are available for additional premium:
* Pollution risks – caused by a sudden, unintended and unexpected cause which takes place at a specific time and place during the policy period.
* Transportation risks: outside the premises arising out of an accident directly caused by dangerous materials or hazardous substances while being transported by rail, road, or pipeline.
* Cover for multiple units: Non manufacturing premises of the insured such as offices, depots, godowns etc. located at different places, incidental to insured’s business activities can be covered.
* Policy covers all amounts the insured is legally liable to pay third party during the policy period including legal costs and expenses subject to the limit of indemnity terms and conditions of the policy
* Policy cannot be issued for unlimited liability.
A proposal form duly filled in along with a declaration the proposer that all the statutory requirements relating to the business activities are complied with, are required.
As the prevailing public law is stringent and the courts are awarding huge sums arising out of liabilities, it is prudent to take such an insurance cover even in cases where it is not mandatory.
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The purpose of the NIC Professional Indemnity Insurance policy is to protect the Professional person against legal liability, by paying damages to persons who have sustained financial loss arising from the professional’s negligence or that of his employee in the conduct of business.
This is a “Claims made” Policy as it covers claims made against the insured which were first notified to the insured during the currency of the policy regardless of when the event giving rise to the claim occurred.
Covering (Summary Only )
Legal Liability for negligent acts, errors and omissions committed by the insured in their professional capacity.
Any action for damages brought against the insured in a court of law within Nigeria.
This policy shall not cover claims:
* brought about by dishonest, fraudulent, criminal or malicious acts or omission of the insured or any person at the time employed by the insured;
* notified under any previous policy;
* made or threatened or in any way intimated on or before the inception date of the policy unless mentioned on the proposal and not excluded by the insurer;
* where the incident giving rise to the claim occurred prior to the retroactive date.
* in addition, the policy does not cover risks, which are more properly the subject of general public liability.
Limits Of Liability
To be determined by the insured with one automatic reinstatement.
* Breach of warranty of authority committed in good faith.
* Loss of documents
* Former partners
* Partner previous business
Basis of Loss Settlement
Actual claim from third party subject to Limit of Liability of the policy
Principal Conditions / Warranties etc.
* The insured shall not admit liability for or settle any claim without the written consent of the insurers
* The Insured shall give immediate notice to the insurers of any claim made against them, of receipt of notice of an intention to hold the insured responsible or any occurrence which may subsequently give rise to a claim
Download Proposal form
Compensates workers, on behalf of their employers for bodily injuries or death caused to them while on duty where the benefits are negotiated between the insurer and the employer.
This policy is suitable for Employers or companies employing more than ten (10 persons). Such employers are liable for any accidental death of or bodily injury or occupational diseases to workmen, as per the Workmen’s Compensation Act of 1978.
* The policy covers the statutory liability of an employer for the death of or bodily injuries or occupational diseases sustained by the workmen arising out of and in course of employment.
* The Act provides a very wide meaning for the term ‘arising out of and in course of employment’ (for example a workman starting from his house to the work place is treated as in course of employment). Death of or injuries arising out of an employee’s own negligence are also treated as arising out of employment’.
* Being a legal liability policy, the claim amount payable is the amount of compensation as stipulated in the Workmen Compensation Act. An employee who is engaged for casual duties (casual not by time) is not a workman within the meaning of the Act. Those engaged for the insured’s business, profession or occupation are ‘workmen’.
* Premium rates are based on the nature of duties performed as contained in the Workmen’s Compensation tariff.
* The premium is calculated on the basis of annual estimated wages disbursed to the workmen which is also the sum insured. The premium is based on wage estimates and the actual would be worked out at the end of policy and adjustments are made for the period and adjustments made for extra premium or refund as the case may be. It is therefore an adjustable policy.
Completed proposal form furnishing details of the total number of workmen engaged for each type of duty and the annual estimated wages in respect of each group. As the sum insured selected is on estimated wages basis, the actuals are to be worked out at the end of policy period and premium adjusted as is necessary.
Why You Must Buy The NIC Workmen’s Compensation Policy
The liability of an employer being absolute by statute for the death of or bodily injuries or occupational diseases sustained by the workmen ‘arising out of and in course of employment of the employee’, this policy is suggested for all employers, with work a workforce of a minimum of ten members.