We provide all classes of General Insurance Businesses. Our insurance products are tailored to meet the various needs of our customers. We offer the following products:
As the name entails, the policy covers every conceivable risk of loss or damage to which the subject matter of insurance might be exposed to. This expression nonetheless does not cover every form of loss or damage to which the subject matter of insurance are exposed. Loss, damage or expense proximately caused by delay or inherent vice or natures of the goods insured are some of the exclusions.
This type of insurance cover is suitable for mobile items like cameras, handsets, jewelries, wristwatches, laptops, binoculars etc.
Aviation Insurance – Risks associated with air travels have increased forcing aviation authorities all over the world to demand compulsory insurance covers for players. Even individuals and corporate players could no longer afford to expose themselves to aviation risks without adequate protection. The company provides coverage for owners of an airfield, aircraft or aircraft hangar who operate expensive or dangerous equipment. As a market leader, we tailor policies to our clients’ specific needs. Some of the risks we provide adequate covers include:
- Airfield Owners and Operator’s Insurance
- Hull and Liability Insurance
- Hull War and Allied Perils Insurance
- Hull Spares Insurance
This type of cover is an agreement between principal (employer) and insurer, the insurer agrees to mitigate any losses he might encounter in the event of the contractor not being able to execute a contract.
TYPES OF BOND COVER AVAILABLE
- Advance Payment Bond: in order to assist contractors to perform their contracts promptly, principals grant fund of a specified proportion of the contract value as mobilization or advance payment. The aim is to ensure that the contractor is in fund to execute the project. If however the fund is not well utilized, the contractor would be held liable to the principal in which case the bond will be called up and the insurance company would have to take up the liability.
- Performance Bond: this is issued in favour of the employer to cover any losses he might encounter in the event of the contractor not being able to execute the contract to completion.
- Bid/Tender Bond: Is given to the principal to ensure that if the contract is awarded and the contractor could not take up the project, the cost of re-tendering the contract will be borne by the company [insurer].
- Customs Bond: this is security to the Customs & Excise authorities to the effect that dutiable goods in bounded warehouse will not get into local market with the attendant loss of income to the Customs & Excise.
The policy provides cover against loss or damage to property arising from Burglary and Housebreaking accomplished by entry or exit by actual forcible and violent means. The cover could either be for Private Dwelling or Business Premises.
Private Dwelling: This covers the insured’s household goods and personal effects and those of his domestic servants and people temporarily residing with him against the risk described above, it does not cover the risk of larceny.
Business Premises: The same risk described above is covered under this policy but in respect of stock-in-trade, the property of the insured or those held in trust or on commission. It also covers damage to furniture and fittings belonging to the insured. The policy excludes the risk of larceny or embezzlement by employees.
Business Interruption Insurance (Consequential Loss)
Business Interruption Insurance covers the temporary loss of income that a business suffers after a disaster leads to its operations being shut down.
It is linked to a property insurance policy and is sometimes called Consequential Loss Insurance. The additional coverage allotted by the business interruption policy covers the income that would have been earned, as the intention is to put a business in the same financial position it would have been if the loss had not occurred.
Business Interruption Insurance is not normally sold as a stand-alone policy, but will be added on to the property insurance policy or comprehensive package policy. Since Business Interruption is included as part of the primary policy, it only pays out if the cause of the loss also falls as a material damage claim.
The coverage extends until the end of the business interruption period, which is determined by you, the customer. Most policies define this period as starting on the date of the disaster and lasts until the damaged property is physically repaired and returned to operations under the same conditions that existed prior to the disaster.
Policy features can include:
- Profits – profits that would have been earned
- Fixed costs – operating expenses and other costs still being incurred
- Temporary relocation – covers the extra expenses for moving to, and operating from, a temporary location
- Extra expenses – reimbursement for reasonable expenses that allow the business to continue operation
- Additional expenses – accountants fees & cleaning costs
- Cover for loss or damage to account records so unable to recover customer debts
- Damage to suppliers premises making your business unable to trade
- Denial of access to your premises
Contractor’s All Risk
Liabilities arising from project execution, work processes and professional practice could be devastating. Contractor’s All Risks Insurance provides cover for loss of or physical damage to property.
This is an ‘All Risks’ policy. It covers the insured against loss of or physical damage to the insured property and occurring during the period of insurance.
The importance of this insurance is to provide protection to contractors who are into construction works. It protects against potential huge costs they might otherwise incur in making good any physical loss or damage from a cause occurring before completion and handover of the works.
Covers can be provided for the followings based on the insured preference.
- The contract work
- Temporary building at site
- Plant & Machinery at site
- Liability to third party [members of the public] which is optional
- Offsite storage
- Transit risk
- Professional fee
- Debris removal
Directors’ Liability Insurance
Directors’ liability insurance covers the cost of compensation claims made against a company directors and key managers (officers) for alleged wrongful acts.
Wrongful acts include:
- breach of trust
- breach of duty
- misleading statements
- wrongful trading
Benefits of the policy
Directors’ liability insurance can cover the cost of compensation claims made against directors or key managers by shareholders, investors, employees, regulators or third parties.
Directors and officers have specific duties, responsibilities and powers relating to their positions. These are usually set out in their job description or terms of reference. If a director or officer of your company is found to have acted outside of their terms of reference, civil, criminal or regulatory proceedings can be brought against them.
Directors’ and officers’ liability insurance covers the cost of defending these proceedings, as well as any compensation costs that arise from an unsuccessful defence.
If directors and officers do not have insurance, they face a greater risk of not being able to defend themselves against:
- disqualification from holding the position of director
- civil proceedings which can lead to hefty legal costs and awards for damages
- criminal prosecution which can lead to fines and possible imprisonment
What is not covered
Directors’ and officers’ liability does not cover claims made against your organisation as a whole, only those made against individuals for alleged wrongful acts carried out in their capacity as directors or officers.
Electronic Equipment Insurance
Business enterprises today completely dependent on electronic data and electronic equipment like Laptops, Desktops, servers, diagnostic equipments etc. Any loss or damage to such electronic equipment will have a serious effect on day to day operation of the business. The Electronic Equipment Insurance Policy provides comprehensive coverage against unforeseen and sudden physical loss or damage to the electronic equipment and data media that occurs owing to perils other than those specifically excluded under the policy.
Benefits of Electronic Equipment Insurance.
The Electronic Equipment Insurance Policy mainly provides protection against unforeseen events leading to breakdowns and physical damages to electronic equipment installed in an industry. This is an All Risk Insurance Cover against many fortuitous perils subject to certain specified exclusions. It is extremely useful insurance cover to protect manufacturing & servicing industry against heavy expenses necessitated in restoring the damaged equipment & data media to its working condition and also to maintain business continuity.
Who can take the Insurance?
- The owner(s) of the machinery
- Lessor /Lessee of the machinery
- Jointly where financial interest can be established for more than one party such as bankers financiers.
What does Electronic Equipment Insurance cover?
The policy provides coverage against unforeseen and sudden physical loss or damage to the electronic equipment and data media that occurs owing to perils other than those specifically excluded. There are three sections providing the desired coverage :
Section I : Material damage (equipment)
Section II: External data media, including data stored thereon
Section III: Increased cost of working resulting from accidental loss and/or damage to the
electronic equipment covered under section I.
The policy is designed to protect the insured against loss of cash or property he might suffer through dishonesty or fraudulent acts of his employees. Such loss must be discovered within six months after theft, dismissal, retirement of such employee or six months after the expiration of such policy whichever first occurs.
There are four types of policies. They are:
- Individual: Guarantees a named individual
- Collective: Guarantees a number of named individuals with different amount of guarantee against each name.
- Floating: Guarantees a number of named individuals for a fixed amount for all with an inner limit.
- Blanket: Guarantees on the entire members of staff for a fixed sum over-all with an inner limit. This is another form of floating policy.
Forms used include the following amongst others:
- Applicant’s form
- Referee’s forms/Previous Employers form
- Employers form
- Counter Indemnity forms in some cases
Fire & Special Perils Insurance
Fire & Special Perils insurance
The standard fire policy is designed to cover or protect the insured property such as building and contents of every description against fire, lightning and explosion. The insured property could be private or commercial, owned or held in trust or on commission.
The standard fire policy can be extended through the payment of an additional premium to cover special perils such as flood, water damage, tempest, storm, tornado, hurricane, cyclone, typhoon, explosion, impact, riot, strike & civil commotion, malicious damage, bush fire, burst pipe, subsidence, spontaneous combustion, earthquake etc.
Goods In Transit
The policy covers the goods insured whilst in transit from a designated point by road, rail, waterways or air until delivery at the point named as destination. The cover could be any of the following two;
- All Risks Cover: Provides an all risks cover for the insured goods against loss or damage from any accident or misfortune to goods in transit by any vehicle owned or hired by the insured. Covers include loading and unloading risks, whilst temporarily housed in ordinary course of transit within Nigeria.
- Restricted Cover: it covers the loss or damage to the goods resulting from fire, theft and accidental collision or overturning of conveying vehicle.
Group Personal Accident
Personal Accident insurance covers personal bodily injury or death resulting from an accident. When issued to a collection of people belonging to a club, organization or employees of a company it is refer to as Group Personal Accident Insurance.
The policy is designed to provide compensation to the insured persons [or representatives] following an accident that result into Death, Permanent Disability, Temporary Total Disability and Medical Expenses. The policy is extended on request to cover repatriation expenses where it is necessary for an injured insured person to be flown abroad for medical treatment.
The cover provided is on 24 hour basis and operates anywhere in the world. The insured person or employer is usually given the option to choose the level of benefit required for the various categories of employees it intends to cover. The benefit could be arranged as follows:
- Death Benefit: This could be a fixed amount or a multiple of annual wages paid to employees.
- Permanent Disability: This again could be a fixed amount or a multiple of annual wages paid to employees.
- Temporary Total Disability: This is a benefit paid to employers who have arranged such a cover for their employees. It could be the exact weekly wages paid to the employees concerned or a proportion thereof.
- Medical Expenses: This is payment for expenses incurred in offering medical treatment to insured person for injury from an accident. The monetary limit of the benefit is that selected by the insured person at inception of the policy.
Health Care Professional indemnity Insurance
The compulsory Health Care Professional indemnity Insurance is designed to provide relief to victims and their relatives in the event of involuntary murder, disability, shock and injury suffered by patients as a result of mistakes, negligence and acts of commission and omission of healthcare providers and institutions.
House Owner/House Holder
The policy is designed to cover or protect the insured property such as building and contents of every description against loss resulting from various causes like fire, lightning, explosion, flood, water damage, tempest, storm, tornado, hurricane, cyclone, typhoon, explosion, impact, riot, strike & civil commotion, malicious damage, bush fire, burst pipe, subsidence, spontaneous combustion, earthquake.
The covers granted also include:
- Theft – Can be extended to cover larceny through payment of additional premium.
- Additional expenses for alternate accommodation or loss of rent to owner who lent out his building.
- Liability to members of the public.
- Accidental bodily injury and death to the insured as specified.
Cover could be granted on the content alone, particularly in a rented apartment. This is called householder insurance. The cover can also be on the building alone, in case of an owner renting out the building. This is referred to as house owner insurance. Cover could also be a combination of the two based on the request of the proposal.
Machinery Breakdown Insurance
The policy covers unforeseen and sudden damage to the insured plant and machineries from such causes as:-
- Faulty design, construction or erection, vibration, maladjustment, misalignment
- Defective lubrication, loosening of parts, abnormal stress, molecular fatigue, self-help centrifugal force.
- Excessive electrical pressure whether due to atmospheric electricity or otherwise
- Shortage of water in boilers, physical explosion tearing apart on account of centrifugal force
- Failure of insulation, short circuit open circuit and arcing
- Failure of connected machinery or protective devices
- Falling, impact, collision etc
The main thrust of this cover is mainly electrical and mechanical breakdown and accident damage to plants and machineries from extraneous causes.
The cover affords protection to the insured machinery whilst at work or at rest and also when they are being dismantled for the purpose of cleaning, inspection and overhauling or removal to another position or in the course of their operations or subsequent re‐erection, provided these are performed in the same premises.
Marine Insurance can be classified into two:
a) Marine Cargo Insurance: This policy covers insured goods (cargo) while in transit from one destination to another. There are two main type of cover under this type of policy. They are:
- Clause ‘A’ [All Risks Cover]: This covers every conceivable risk of loss or damage to which goods may be exposed during transit. This expression ‘All Risks’ does not cover every form of loss or damage to which the cargo may be subjected.. The exclusions include among other things loss, damage or expense proximately caused by delay or inherent vice or nature of the goods insured.
- Clause ‘C’: partial loss of insured goods is not cover on the policy, claim are payable when there is total loss of insured goods. This could be as a result of the vessel or craft been stranded, sunk or burnt on the voyage.In all cases of business-transacted certificate of insurance shall be issued to the insured on payment of premium.
b) Marine Hull Insurance: It provides cover for the marine vessel for a period of time as agreed. The value of the vessel being the sum insured, cover can also be provided for Protection & Indemnity [P & I] and Pollution Liability.
The policy covers loss of money comprising currency, bank notes, coins, money orders, current postage stamp belonging to the insured or for which he is responsible. The cover is of various classes as named below.
- Cash In Transit: It covers loss of money belonging to the insured or for which he is responsible during the course of transit between specified places i.e. from insured premises to the bank vise versa.
- Cash In Safe: It covers loss of money belonging to the insured or for which he is responsible whilst kept in a locked safe.
- Damage to Safe: Cover could also be extended to cover damage to the safe. It covers the cost of repairing safes damaged in the course of committing a burglary.
- Money in personal custody of staff: It covers loss of money in personal custody of senior members of the management or persons whose duties relate to purchase.
These are cars used for private and domestic purposes. They could either be a Saloon car, Wagon or Jeep.
These are vehicles use by the insured for his business purpose. They could fall under the following categories;
- Own Goods: vehicles used by the insured for his private business only and the carriage of goods belonging to the insured and his business.
- General Cartage: These are vehicles used solely by the insured for the running of his business and for commercial activities like carriage of goods for reward.
- Fare paying/non-faring passenger vehicle: These are vehicles used in carrying passengers from one destination to another either for the payment of fare or none. Luxurious buses, taxis fall under these categories.
This must be motorcycle used in the running of the insured business like dispatch rider or vendor of goods. Passenger carrying cycle is excluded.
Types of Cover
There are four different types of cover available under motor policy, these are:
It provides cover for the insured vehicle against the following:
- Accidental damage to the vehicle
- Loss of or damage to the insured vehicle by fire or theft
- Malicious damage to the vehicle
- Insured’s legal liability to third parties in respect of any damages to the property of such third parties and for any injury or death to the third parties arising from the use of the motor vehicle.
Third Party, Fire & Theft
This type of cover is sometimes used to cover vehicle that has highly depreciated in value. It covers the vehicle against the following:
- Loss of or damage to the insured vehicle by fire or theft.
- Legal liability to third parties in respect of any damages to the property of such third parties and for any injury or death to the third parties arising from the use of the motor vehicle.
Third Party Only
It covers damage to third parties property and injury or death to such third parties.
Oil & Energy
Our Oil & Energy department is staffed with experienced professionals trained to underwrite Oil and Energy Insurance. Our capacity is growing rapidly enabling us to transact high ticket transactions.
Our Oil and Energy Products are available to a diverse range of customers of all sizes, including both onshore and offshore operations with a focus on exploration and production.
We offer coverage to:
- Drilling contractors
- Well loggers
- Oil field electricians
- Geophysical services
- Service contractors
- Equipment rental
- Pipeline contractors
Some of the covers available are:
- Offshore Construction All Risks Insurance
- Onshore construction All Risks Insurance
- Operator’s Extra Expenses [including Control of Well]
- Liability Cover
- Package policy could be arranged to suit the proposal’s need
Plant All Risks Insurance
This type of insurance cover is available for either of the following organization or individual
- Plant-hire contractors (Hire – Out)
- Building contractors (Hire – In)
- Other contractors who owned and hire some plants during constructions
SCOPE OF COVER: This cover is against unforeseen and sudden physical loss or damage to the insured plant from such cases as:
- Fire and lightning
- Theft and burglary
- Falling impact, collision and the likes
- Lack of skill, carelessness or malice of persons whether in the insured’s employment or not
- Faulty materials, design construction or erection, vibration, maladjustment and misalignment.
- Defective lubrication, loosening of parts abnormal stress, molecular fatigue self – heating, centrifugal force
- Excessive electrical pressure whether due to atmospheric electricity or otherwise
- Failure of connected machinery or protective device
- Storm tempest, obstruction or the entry of foreign bodies, ..
The policy normally provides an annual cover and is renewable on annual basis. The policy remains in force whether the insured plants are at work or at rest. Being dismantled for purpose of cleaning or overhauling.
For professionals such as accountants, architects, doctors, insurance brokers and others, liability may be incurred due to negligence or due to care not been exercised either by them or their employees in the course of their professional practice.
The policy is therefore designed to cover such professionals against their liability to their clients, third parties or members of the public as a result of negligence by them and their predecessors in business.
The policy provides cover for all sums for which the insured shall be legally liable to pay to third party or members of the public in respect of bodily injury including death or illness and damage to their property in connection with the insured’s business. The policy in addition to the above also covers claimant’s cost and other legal costs incurred with the written consent of Underwriters. The risk can either emanate from these two sources.
- Work-Away-Risks: These relate to legal liabilities of the insured outside the premises caused by employees in connection with the insured’s business i.e road construction work, dredging or erection of billboard etc.
- Premises Risks: These are risks usually associated with the legal liabilities of the insured as occupier(s) of the insured premises. The insured owes visitors who are legally on the premises a duty of care, and any breach of this duty imposed on him by common law lays him open to liability.
Regency Builders’ Liability Insurance Scheme
The Scheme is designed to provide succor to persons or successors of persons who die or sustain bodily injury and/or damage to property as a result of accident, collapse or other occurrences at project sites.
Regency Occupiers’ Liability (Public Building) Insurance Scheme.
The compulsory Occupiers’ Liability Insurance Scheme is designed to provide financial relief against legal liability for death, injury and property damage to third parties resulting from hazard of collapse, storm and flood from the ownership of a building.
It also provides the mandatory Insurance for public liability resulting from; Damage to the property of the public and Injury or death to member of the public.
Regency Property Protection Scheme (RPP)
This Scheme is designed to protect you against unforeseen that are capable of rendering you homeless. RRP provides full cover for loss, destruction and damage resulting from; Fire, Lightening, Explosion, Flood, Storm, Malicious damage, Impact by any road vehicle, Riot, strike, and civil commotion.
Regency Top Hat Scheme
This Scheme is designed specifically for high profile individuals with busy schedules who require reliable and professional relationship officers to tidy up their personal insurances at the cheapest available prices. It is a comprehensive package which provides cover for; Household Goods and Personal effects, Personal Accident and Travel Risk Exposures.