Calculators

http://www.adicinsurance.com/components/com_gk2_photoslide/images/thumbm/562519Inner_Corporate.jpg http://www.adicinsurance.com/components/com_gk2_photoslide/images/thumbm/558748Inner_Product.jpg http://www.adicinsurance.com/components/com_gk2_photoslide/images/thumbm/114200Inner_Financial.jpg
Business Insurance

The services under this group are packaged for corporate organisations to help them against unforeseen circumstances. They are as follows:

Close All | Open All

The Nigerian Insurance Industry Database Portal

You can now verify the authenticity of your motor insurance policy online!

Simply click:

Check a policy

ASKNIID, an initiative of NAICOM (National Insurance Commission), is a central record of all insured vehicles in Nigeria.

For more information, log on to www.askniid.org

 

Groupe NSIA announces the acquisition of 96.15% of the capital of ADIC Insurance Company Limited

Groupe NSIA, which is already firmly established in 11 African countries, is, through this marked presence in one of the most vibrant and attractive markets on the continent in terms of its development potential for insurance and banking activities, resolutely affirming its position as a benchmark African financial group in sub-Saharan Africa.


Through its 21 companies in various countries, the Group has cumulatively recorded, in 2010, a turnover of 183 million Euros; 140 million of this amount is attributable to the Insurance sector. The Group has thus featured an annual growth rate of 19% over the last three years.

With a premium volume of more than 1.6 billion US dollars in 2010 and an average annual growth rate of 29% over the last five years, the Nigerian market holdsreal prospects of growth for Groupe NSIA.


After successfully setting up presence in Ghana, the Group is once again achieving another robust investment outside of its usual area of predilection, the CIMA zone, a further reassertion of its African character. The take-over of ADIC from the Nigerian Diamond Bank, will foster the Group’s resolve to render insurance products adapted to their needs accessible to an increasing number of Africans. The Group will also avail itself of the opportunity offered by the Nigerian market to deploy its wide-range of products to both individuals and corporate entities.


Top claims settled in 2012

Policy Holder

Class of Insurance

Loss Date

Loss Description

Amount Settled

MOUKA LIMITED

Commercial Line

15/12/2010

Fire incident at the Insured's Ikeja premises on December 15, 2010

=N=220,992,239.80

DIAMOND BANK PLC

Money

25/05/2010

Armed robbery attack at Osisioma Mini Branch on May 14, 2010

=N=25,800,657.49

OKESON CORPORATE LINK LIMITED

Fire & Special  Peril

22/12/2011

Fire incident at Insured’s shop located in Keffi

=N=16,416,915.08

ANCAPS GLOBAL INVEST.LTD / DIAMOND BANK PLC

Auto Loan Scheme

18/9/2012

Accident involving Insured's M/Benz truck with Registration number- TRR 90 XA

=N=15,005,700.00

BRITISH AMERICAN TOBACCO NIGERIA LIMITED

Workmen  Compensation

3/6/2012

Death of Mr. David Osunbade on 03/06/2012

=N=14,405,816.04

ERNUS VENTURES NIGERIA LIMITED

Fire & Special  Peril

22/12/2011

Fire incident at Insured's shop located in Keffi Main Market

=N=13,535,850.11

JUDE ONYENWE EZE / DIAMOND BANK PLC

Auto Loan Scheme

6/2/2012

Theft of Insured’s Toyota Land cruiser with Registration Number- BX 77 KWL

=N=11,115,000.00

JMG LIMITED

Marine Cargo

24/4/2012

Fire damage to container certificate no 004576

=N=10,535,232.00

I A UDEH AND SONS LIMITED

Fire & Special  Peril

22/12/2011

Fire incident at insured's shop located in Keffi Main Market

=N=10,376,693.99

CHIDEX ATLANTIC WORLDWIDE LIMITED

Home

1/1/2012

Fire incident at Insured's premises

=N=9,802,852.57

Goods-In-Transit, Fidelity Guarantee, Personal Accident (Group or Individual) and Workmen’s Compensation. Contact us for more details.
Public Liability, Products Liability, Personal Liability, Professional Indemnity and Ship Repairers Liability. Contact us for more details
Developed for Financial Services organizations or organizations with high cash velocity, it includes Money–In-Transit, Money-in-Safe, Money–In–Custody, Money–In-Premises, and Damage to Safe. Contact us for more details
Under this category, we do Performance Bonds, Tender/Bid Bonds, Advance Payment Bonds, Customs Bonds and Indemnity Bond. Contact us for more details.
This includes Marine Cargo, Marine Hull and Aviation. Contact us for more details.
This includes Contractors All Risks/Construction All Risks, Erection All Risks, Plant All Risks, Machinery Breakdown, Computer/Electronic All Risks and Boiler Insurance. Contact us for more details.
This includes Contractors All Risks/Construction All Risks, Erection All Risks, Plant All Risks, Machinery Breakdown, Computer/Electronic All Risks and Boiler Insurance. Contact us for more details.
It covers the person(s) insured against the risks of death, permanent disablement or injuries resulting from external visible and violent means occurring anywhere in the Nigeria. It also covers medical expenses as a result of the injury.

SECTION 1: MATERIAL DAMAGE

Covers unforeseen and sudden physical loss or damage from any cause other than those specifically excluded in a manner necessitating repairs or replacement.

SECTION 2: EXTERNAL DATA MEDIA

This covers external data media entered in the schedule of the policy, inclusive of the information stored there which can be directly processed in EDP systems which suffer any material damage identifiable. The company will indemnify the insured in respect of such loss or damage up to an amount, in any one year of insurance in respect of each data specified in the schedule.

SECTION 3: INCREASED COST OF WORKING

This covers additional expenditure incurred for the use of substitute EDP equipment not covered under the policy up to an amount not exceeding the agreed indemnification per day and not exceeding sum insured in anyone year of insurance.
This is the widest form of cover that is available for items like jewelries, paintings, portable computers, camera and other movable tools of trade.

This provides cover beyond the normal purview of fire and burglary policies because loss of the subject matter of insurance due to accidents, larceny, and infidelity as well as when the property is being carried from one place to another.

The property is also covered when temporary houses in the course of moving it from one place to another

If you look at the term "all risks" it is a misnomer because it is not all the risks that are covered.

Section 1:

This section provides cover for material damage due to unforeseen and sudden physical loss or damage from any cause other than those specifically excluded from the policy.

Section II:

This covers accident bodily injury or illness of third parties. It also covers accidental loss or damage to property belonging to third parties occurring in direct connection with the erection, construction or testing of the items insured under section 1 which may happen in the immediate vicinity during the period of cover.
It indemnifies the insured against loss or damage to the stock in cold room or silos cause be deterioration due to unforeseen circumstances and sudden physical loss from whatsoever cause.
What Is Covered

This class of insurance provides cover for actual loss of profits as a result of a business interruption caused by an accident indemnifiable under machinery breakdown insurance. The term accident is defined as any unforeseen and sudden physical loss of or damage to the machinery listed in the policy schedule, necessitating its repair or replacement. Possible causes of such accident may be defects in casting and material, faulty design, faults at workshop or in erection, bad workmanship, lack of skill, negligence, malice, shortage of water in boilers, physical explosion, tearing apart by centrifugal force, short circuit, storm, specifically excluded from cover.
It covers boilers pressure vessels, economizers and related plant when they suffer any unforeseen and sudden physical loss or damage from causes such as defects in casting and material, faulty design, faults at workshop or in erection, bad workmanship, lack of skill, carelessness, shortage of water in boilers, physical explosion tearing apart of centrifugal force, short – circuit, storm, etc
Plant All Risks Insurance ( Scope Of Cover)

It covers unforeseen and sudden physical loss from any cause not specifically excluded in a manner necessitating repair or replacement. The policy applies whether the insured are at work or at rest or being dismantled for the purpose of cleaning or overhauling.
The Principal Legislation on Workmen’s Compensation in Nigeria is the Workmen’s Compensation Decree of 1987.

Who Needs A Workmen’s Compensation Policy?


As one will appreciate, workers are exposed to different hazard in the course of their employment. These hazards may often lead to death or bodily injury that may make him or her not to be able to work again. In the alternative such hazards may lead to the death of the workman and compensation would be made payable to his/her dependants.

Therefore, it becomes expedient, that anybody in one type if employment or the other requires this type of cover i.e. anybody that has entered into or is working under a contract or service or apprenticeship with an employer by way of manual labour, clerical work or otherwise. The contract may be expressed or implied, oral or written.
Contractor’s All Risks

Scope Of Cover

This policy covers contract work (permanent and temporary work including all materials to be incorporated). It also indemnifies the insured against all sums they are liable to pay for damages in respect of death or bodily injury or illness or disease of any person, loss or damage to third party property and obstruction, loss of amenities, trespass or nuisance, denial of access interference with light, air, water way and any other form of third party liabilities.

This covers the following:

Money–In-Transit
Money-in-Safe
Money–In–Personal Custody
Money–In-Premises
Damage to Safe

This policy is designed to provide cover against loss of money through theft, and other causes while in transit or in a locked safe. Money as defined under this policy will include coins, bank and currency notes, cheques and money order
This class of insurance is designed to cover the insured (business organization) against losses emanating from dishonesty, stealing, misappropriation, embezzlement or fraudulent conversion of insured’s money or stock/goods by any of his employees. These acts must be carried out by the employees in connection with their occupation during the period of the guarantee and discovered while the fidelity guarantee policy is still in force or within a particular period (6-18 months) of its expiry or termination of the employee’s employment whichever shall first happen.

What Is Covered

  • This is a form of protection for the insured against legal liabilities that may arise by reason of any neglect, error or omission committed in a professional capacity by the person insured or by any partner, director, person who may be in the insured’s employment. However, the act leading to the claim must be committed within the period stated on the policy.
  • The policy covers all costs legal charges and expenses required to prosecute the case. Although the claim must be contested by the insured at the request of the insurer.
This policy covers or indemnifies the insured for Legal Liability that could emanate from the following causes:

  • Accidental bodily injury to or illness of any person (whether or not death results)
  • Accidental Loss or damage to property occurring during the period of insurance and in connection with the business carried on at any place described in the schedule.
The policy covers the insured against loss or damage to his property accompanied by actual forcible and violent breaking into or out of a building or any attempt thereat. The policy covers not only goods belonging to the insured but also goods held in trust or on commission while within his premises. Our policy wordings does not differentiate between burglary private premises and burglary business premises but this will be noticed wither through the proposal form completed or broking slips or through survey. And as soon as this is noticed appropriate clauses and warranties should be incorporated in the policy document.
The policy covers the goods of the insured against fire, theft or accidental damage while the goods is being loaded or unloaded from any road vehicle, passenger or goods train or whilst temporarily housed in the ordinary course of transit.
This policy is for an organization and covers all contents of the office including office machinery against fire, and theft. The policy can be extended to cover Public Liability and Workmen’s Compensation.
Most workers are exposed to different hazards in the course of their employment. These hazards may often lead to death or bodily injury that may incapacitate your ability to either work again or even cause death, it is therefore necessary as an employee to insure you life and safeguard the future of your family in the event of such an occurrence. Contact us for more details.

 
ADIC Insurance RSS Increase Font Decrease Font FAQs