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GENERAL INSURANCE NEEDS: Below are some of the Insurance products, which you may need in your organization and if they are already in existence, we can create improvement in areas of premium audit and cover enhancement, amongst others:


Motor Insurance

The schedule of the above captioned policy could be insured on the following basis:-

 (a) Comprehensive Insurance: - This covers accidental damage
or loss to your vehicle including fire damage or theft of the insured vehicle.  It also covers damage to third party properties / injury sustained as a result of traffic accident.

(b) Third Party, Fire & Theft Insurance
This provides cover for loss or damage to third party property including injury sustained as a result of the accident.  It however does not cover accidental damage to your vehicle except in respect of fire or theft of the vehicle.

(c) Third party Only Insurance
This provides cover for loss or damage to third party property including injury to third parties. There is no cover for loss or damage to the insured vehicle.





More attention will be paid to this heading:

  • It has been observed that in spite of the fact that many of us have owned and driven our vehicles for many years, there is still a lot of misunderstanding and misconceptions about the actual purpose and use of the third party motor insurance policy. To most of us, third party insurance is just “POLICE LET ME PASS”, meaning; it serves no other purpose than to facilitate on-ward passage at police check points.
  • That is not the intention and purpose of the law in making the insurance compulsory. The purpose is to ensure that in no case, should an innocent third party go without compensation for any loss he might have suffered, as a result of the use of a motor vehicle on the public highway.
  • If you have a motor third party policy and inviolved in an accident with your vehicle for which you are responsible and held liable, the insurance company would settle claims from third parties only i.e. the other person/s you have hit with your vehicle resulting in injury/death   and/or damage to their properties, and not you, the insured. If you want your own claims settled as well, then you have to have a comprehensive policy and not the third party.
  • Broadly categorized into 2 as follows:
  • Bodily Injury and Death -    unlimited amount. No maximum limit but subject to negotiation between the third party/ies and the insurance company
  • Property Damage - up to N1M. e.g. – repair of damage to third party’s vehicle and other properties e.g. fences, buildings etc. These costs would be met up to a limit of NI million. Any amount above that would be borne by the insured. This limit could be increased by paying a small additional premium.
  • When an accident occurs: The policy does not expect you the insured to handle or negotiate directly with any third party. So when there is a claim, please immediately inform the insurance company or the agent/office that arranged the policy on your behalf, and the rest is taken care of.

How to ensure that you have a good insurance

  • Do not patronize touts at the motor licensing offices. Their papers are fake
  • Approach Bluewaters Insurance BrokerS to arrange the policy on your behalf. The advantage of this is that we are professionals who would protect your interest at all times and particularly at the time of a claim. Also, apart from the premium paid under the policy; no extra payment is made for our services.


  • N5, 000 is the premium generally charged in the industry for private cars and was fixed by the regulator, the National Insurance Commission. (NAICOM). So, watch out if you are asked to pay anything lower. You might be buying fake cover or your claims might not be settled when they arise.


  • Many people cannot just comprehend the fact that for such meager amounts charged as premiums, insurers would settle potentially huge claims. In the process, they care less about the benefits they could derive from insurance policies they have actually paid for with their hard earned money. The explanation to this is that:
  • Well, those is the nature of insurance business and please, TAKE ADVANTAGE OF THIS PRINCIPLE and make sure you have a good insurance cover so as to relieve you the burden of financial and psychological stress, should a claim arise.


  • Take photos of the vehicle(s) involved at the scene of accident
  • Never accept liability with third parties without the knowledge of  your Insurance Company/Brokers
  • If theft/loss, death or injuries are involved, please report to the nearest police station
  • Report the Loss/ accident immediately to your Insurance Brokers
  • In cases of accidental damages, obtain an estimate of repairs from a garage of your choice and forward same immediately to your Brokers
  • Never authorize the garage to commence repairs without a written confirmation from the Insurance Company concerned.

Information needed to arrange a Motor Insurance policy:
We would like to have the following information: -

  • Make & Type of Vehicles
  • Registration Numbers
  • Values
  • Type of Cover


Rate of Premium: 

  • Premium Rate for cars is 10% of value.
  • Other motor vehicles like pick-ups will attract 11.5% of value
  • Staff buses and articulated vehicles attract 12% of value as premium.



Fire and Special Perils Insurance

This policy provides indemnity for loss or damage as a result of fire, lightning and explosion of boilers used for domestic purposes, and not forming part of any gas work.
This cover is taken out on virtually all the property /assets of the company that may conceivably be destroyed by fire and extraneous perils. These assets are usually grouped under the following heads.

  • Buildings
  • Contents
Burglary/Theft Insurance Cover

This policy provides indemnity for loss or damage by actual forcible and violent entry into or out of the premises or any attempt thereat.

Comprehensive Householders’/Houseowners’ Policy

This policy provides indemnity for loss of or damage to the insured Building, Contents etc caused by Fire, Lightning, Explosion of Gas/Boilers, Flood, Storm, Theft etc. The policy covers various sections such as Building, Contents, All Risks on moveable items such as Jewelleries, Computer Laptops, Mobile Phones, etc

Fidelity Guarantee Insurance Policy

This policy provides indemnity for the insured against all direct pecuniary loss sustained by any act of fraud or dishonesty committed by any of the insured employees in connection with the employees occupation during the period of guarantee and discovered during the currency of the policy or within twelve months of its expiry or termination of employment, whichever shall first happen.

Individual sums insured usually depend on the level of cash and/or stock handled by each employee. The policy can also be taken to cover all staff collectively.

Premium Rate:  This is usually 2% of the Insured Limit

Combined Workmens’ Compensation/Group Personal Accident Insurance

This policy provides compensation to employees for death or bodily injury by accident or disease arising out of, and in the course of employment during and after working hours. It also caters for medical expenses incurred as a result of injury sustained by your employees.


This policy provides indemnity for loss or Damage to the property insured whilst in transit.
That is All Risks of Loss or Destruction of or Damage to the Property insured caused by accident or misfortune while in transit by rail, road in Insured’s own or hired vehicles, within the inland waterways on pontoons and barges or by air in scheduled commercial flights or chartered flights and including the process of loading and unloading and while temporarily housed in the course of transit.

 The cover granted is practically Fire, Lightening, Theft and other extraneous perils excluding loss or damage arising from disappearance or diversion.
REQUIREMENTS:  We would like to have the following information:

(1)  Estimated Annual Carrying                     

(2)  Limit Any One Carrying                          

(3)  Hired or Own Vehicle?


Bonds (Performance, Advance Payment, etc.)
Simply put are instruments offering guarantee that one party will execute appropriately, the contract awarded by another. There are various types: Performance Bond, Advance Payment Bond, Credit Bond, Counter Indemnity and Bid Bond.

Contractors All Risks Insurance Cover (Construction work).

This is a summary of the risk to which a contractor is exposed in the cause of executing a contract at a site. Some of this includes damage to Pilferage of Equipments/Materials, Injury to staff and Liability to third party.

Plant All Risk Insurance Cover (Generators, Machinery & Equipment)

This policy provides indemnity for loss or damage by any accident or misfortune to insured plants and machinery, including while in transit.

Group Life (Death-In-Service) Insurance and Pensions (Statutory)

The Group Life also known as Death-in-service provides compensation for the deceased's dependant, while the Pension scheme assists individuals to save for their retirement and also to ensure that every worker receives their retirement benefits as and when due.

By virtue of section 9 subsection 3 of the Nigeria Pension Reform Act 2004, Employers of at least five (5) staff are required to maintain life assurance policy or death-in-service benefit scheme of minimum three (3) times annual total emolument for their employees.
Group Life Assurance Policy or Death-In-Service Benefit Scheme is a contract of insurance designed to provide for the payment of capital sum (sum assured) to the dependants of an employee who dies while in the service of the employer.

This is the cheapest form of assurance cover and the cost is borne by the employer. The underwriting requirements are very favourable and not as stringent as in individual life cases.

Features/Benefits of Group Life Assurance:
1. The Employer is the policyholder while the Employees are the insured lives.
2. The scheme is arranged to provide benefits in the event of death only.
3. Policy grants cover for both accidental and natural death.
4. Premiums are usually paid by the Employer only
4. Policy is renewable annually
5. Coverage is on 24 hour basis
6. Provides Lump Sum cash benefits for the dependants
7. Scheme is essentially non-medical, except for individuals with insurance in excess of the Group Free Sum Assured
8. All or part of the benefits can be converted to Dependants Annuity until the last dependantattained the age of 21years
9. Benefits under the group policy can be converted to individual policy after separation.
10. All insurance expenses are tax deductible in the computation of the tax payable by the employer and the employee under the various tax legislations in Nigeria.

Marine Hull Insurance/Marine Cargo Insurance

This policy provides indemnity for loss or damage to the insured hull or cargo and could be further divided as stated below:
(i) Marine Hull Insurance Policy
(ii) Marine Cargo Insurance Policy

Marine Cargo insurance could be issued either on Institute Cargo Clause “A” or “C” basis depending on the scope of cover needed. You need to inform your Insurance Brokers any time you indend to open a Form – “M” with a bank so that the Marine Cargo Insurance required could be arranged at a very competitive rate and be rest assured your claim will be processed seamlessly whenever the need arises. Hence, avoiding the high rates normally charged by banks on Insurance Transactions.
 The institute cargo clause (A) replaces the previous all risks clause, and therefore covers the goods against all risks of loss, or damages. The following additional risks are covered only under ICC “A”
- Assailing thieve
- Theft or pilferage
- Takens at sea
- Any risks not specifically excluded


The Institute Cargo Clause “C” provides the most limited cover against major casualties in the following ways:

Loss of or damage to the subject –matter insured reasonably attributed to:
1. Fire or explosion
2. Vessels or craft being stranded
3. Overturning or derailment of land conveyance
4. Collision or contact of vessels/craft or conveyance with any external object other than water
5.  Discharge of cargo at the port of distress
6. Loss of or damage of subject matter insured cause by.
7. General average sacrifice.
8. Jettisons






The following documents will be needed to arrange marine cargo insurance:   
  (1)   A copy of the proforma Invoice                                  
  (2)   A copy of the Form ‘M’ from your Bankers and the figure must correspond with those in the proforma invoice.             
  Before agreeing on a rate, the following information will be needed:                                                       
  (1)   The nature of the consignment.                                 
  (2)   Mode of packing i.e whether or not it is containerized.         
  (3)   The sum assured                                                  
  (4)   Mode of shipment i.e whether by Sea or Air.                     
 In Marine, it is possible to cover losses arising from war and related risks.
 In view of this, separate war rate is charged in addition to the Standard Marine rates.
The standard war rates are as follows:                  
  Sea Freight .0275%                                                  
  Air Freight .02%                                                    
  STANDARD MARINE CARGO RATES:                                                
  Clause ‘A’         .6% - 1.75% of the value of consignment                                     

  Clause ‘C’         .35%     of the value of consignment

However, we shall negotiate a robust premium rate for you if we have the details/volume of your imports/exports.
Education Protection Insurance

This guarantees continuous education of a child in the event that the Parents/Guardians are involved in any of the occurrences hereunder identified:
i. Death
ii.Permanent Disability Injury
iii.Loss of Job/Income
Any of the events listed above may hinder the financial capacity of the Parents/Guardian hence, the need for the Education Protection Assurance.
Duration of Cover:
Maximum of six (6) years
- Name of the Pupils/Students whose continuous education is to be protected
- Total school fees payable by the Pupils/Students during the policy period
We will be available, at the shortest notice, for a presentation.

Health Insurance

This is made possible through our partnering with a number of industry leaders in Managed Health Care which allows you access to qualitative medical attention at all times. Three levels of health plans are available, in most cases, from which you can make a choice, or, a combination, depending on your needs and resources available.

Professional Indemnity Insurance

 SCOPE OF COVER: - This is normally arranged for those who carry out professional service(s) on behalf of their clients e.g. Security Companies, Auditors, Solicitor, Accountants, Doctors e.t.c., this class of insurance is highly essential because it provides compensation for claim that may arise as a result of any neglect, omission or error, committed in the conduct of their business.  The sum insured depends on the nature of trade.

Premium Rate:  This is usually 2% of the Insured Limit

Consequential Loss of Profit Insurance.

SCOPE OF COVER: - This provides indemnity in the event of cessation of work following loss or damage by fire and/or any of the extraneous perils covered under the Fire Policy in respect of the following:

Loss of Gross Profit:

  • Payment of Standing Charges, which must be met despite cessation of work.
  • Additional or increase in working cost necessarily incurred to maintain or restore turnover / contracts (e.g. renting temporary premises, having work done elsewhere, overtime or extra labour and special advertising).
Money Insurance

SCOPE OF COVER: - This policy provides cover for loss of money including cheque
as a result of fire, theft and other causes not specifically excluded.
It covers:

  • Money-In-Transit from Office to the Bank.                                                   
  • Money-In-Transit from Bank to the Office.                                       
  • Money in Locked Safe                                                                      
  • Money in Personal Custody of Responsible Staff e.g.  Managing Director, Accountant, Purchasing Officer, etc.     

We believe that the test of any insurance arrangement is in processing claims to a satisfactory conclusion for our clients. If legitimate claims are not honoured when they arise, then there would be no justification for insurance. We vigorously process and pursue claims on behalf of our clients.


We believe that the test of any insurance arrangement is in processing claims to a satisfactory conclusion for our clients. If legitimate claims are not honoured when they arise, then there would be no justification for insurance. We vigorously process and pursue claims on behalf of our clients.
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