Insurance Policy Manual

AECWMYEMEN For Waste Management Insurance Policy

Insurance is a way to protect against a variety of risks as well as increase the

value of our business. It also protects our partners and investors. It is therefore
a vital component in the success of our venture.

OIL & GAS INSURANCE

AECWMYEMEN Insurance Policy covers all risks of physical loss and destruction to
the insured properties (including Legal liability arising thereof) to the properties of the
insured or arising out of the insured’s operations (including their agents).

Ø Properties covered under AECWMYEMEN Insurance Policy would include the

following:

Ø Oil Rigs and Platforms

Ø Pipe Lines

Ø Flow Stations

Ø Gas Terminals

Ø Farm Tanks

Ø Operators Extra Expenses

Ø Cost of Controlling Well Fire

Ø Cost of Re-drilling

Ø Oil Seepage and Pollution (Clean Up Costs and Third Part Liabilities)

Ø Cryogenic Vessels - Hull

Ø Employee Properties/Welfare Policies

Ø Employer Liabilities
Ø Extra Cover as desired by the Operator.

CONTRACTORS ALL-RISKS INSURANCE

AECWMYEMEN Insurance Policy offers comprehensive protection against loss or

damage in respect of contract work, construction plant and equipment and/or construction
machinery. The policy may also be extended. to provide protection against third party
legal liabilities.

ERECTION ALL-RISKS INSURANCE

AECWMYEMEN Insurance Policy offers comprehensive protection against all the risks
involved in the erection of machinery, plant and steel structures of any kind. It may be
extended to cover third party liabilities in connection with the erection project.

PLANT ALL RISKS INSURANCE

AECWMYEMEN Insurance Policy covers loss or damage to the insured machinery

whilst at the situation from any cause outside the machinery, including fire, explosion,
impact damage, burglary and legal liability arising there from.

MACHINERY BREAKDOWN INSURANCE

Provides indemnity in respect of the cost of repairing or replacing insured machinery as a

result of breakdown whilst the machinery is:

(a) Working

(b) At rest

(c) Being dismantled, moved or re-erected for the purpose of cleaning,

inspection or installation in another position within the situation of

the risk.

COMPUTER/ELECTRONIC INSURANCE

Provides cover against all risks of physical loss to computer/electronics and periphery
equipment. The insurance provides covers for loss or damage resulting from: Fire, Theft,
Breakdown, sudden and unforeseen damage, cost of re-instating data into data carrying
media.
FIRE INSURANCE

The policy indemnifies you against damage or destruction to buildings and its contents as
a result of fire and other perils like Lightning, Earthquake, Aircraft Damage, Impact,
Tornado, Flood, Riot and Strikes, Malicious Damage, Bush Fire and Burst Pipes. Items
that can be covered under AECWMYEMEN Insurance are:

a) Building (including Gates and Fences) of standard construction belonging to the

insured or held in trust or on commission occupied as offices, private dwelling house.

b) Plant and Machinery

c) Stock

d) Office Furniture, Fixtures, Fittings, Utensils

e) Removal of Debris

f) Rent (Where building is not owned by the Insured but rented, amount paid in
advance for rent can be covered under AECWMYEMEN Insurance Policy).

CONSEQUENTIAL LOSS INSURANCE

A consequential loss policy protects the earning capacity of a business and supplements
any trading maintained after a fire(or other insured damage), to enable all the overheads
of the business which do not reduce proportionately with trading to be met. It also
enables the business to achieve the level of net profit,which would have been earned but
for the fire.

Items insurable: Gross Profit, Wages and Auditors’ fees.

 GENERAL ACCIDENT INSURANCE

FIRE INSURANCE

The policy indemnifies you against damage or destruction to buildings and its contents as
a result of fire and other perils like Lightning, Earthquake, Aircraft Damage, Impact,
Tornado, Flood, Riot and Strikes, Malicious Damage, Bush Fire and Burst Pipes. Items
that can be covered under AECWMYEMEN Insurance are:

a) Building (including Gates and Fences) of standard construction belonging to the

insured or held in trust or on commission occupied as offices, private dwelling house.

b) Plant and Machinery

c) Stock

d) Office Furniture, Fixtures, Fittings, Utensils

e) Removal of Debris

f) Rent (Where building is not owned by the Insured but rented, amount paid in
advance for rent can be covered under AECWMYEMEN Insurance Policy).

CONSEQUENTIAL LOSS INSURANCE

A consequential loss policy protects the earning capacity of a business and supplements
any trading maintained after a fire(or other insured damage), to enable all the overheads
of the business which do not reduce proportionately with trading to be met. It also
enables the business to achieve the level of net profit,which would have been earned but
for the fire.

Items insurable: Gross Profit, Wages and Auditors’ fees.

BURGLARY OR THEFT INSURANCE

AECWMYEMEN Insurance Policy covers loss or damage due to burglary or theft to

property involving entry into premises by forcible and violent means, including damage
to premises consequent upon such theft or any attempt thereat.

There are two types: Business & Private Premises

Items that can be covered under Business or Commercial Premises are:

a) Moveable Plant and Machinery

b) Stock

c) Office Furniture, Fixtures, Fittings and Utensils

Whilst items to be covered on Private Premises are Household Goods and Personal
Effects.

ALL-RISKS INSURANCE

Offers protection against loss, destruction or damage to household goods, valuables and
specified personal effects. AECWMYEMEN Insurance cover is very ideal in
circumstances where company provides for furnished apartments for its senior
executives. A list of all items to be covered and their locations will be required.

HOUSEHOLDERS’/OWNERS INSURANCE

AECWMYEMEN Insurance is perhaps one of the most comprehensive insurance

covers in the market. It covers loss or damage resulting from:

¨ Fire, Lightning, Explosion

¨ Theft

¨ Special Perils (Air-craft damage, or articles dropped there from, Burst Pipes, Flood,
Riot & Strike, Malicious Damage, Earthquake, etc).

¨ Personal Loss or Rent

¨ Personal Liability

GOODS-IN-TRANSIT INSURANCE
AECWMYEMEN Insurance Policy indemnifies the insured for loss or damage by any
accident or misfortune whilst the property insured is in transit as described in the
schedule or whilst in the course of loading on to or unloading from the conveyance or
whilst temporarily housed in the ordinary course of transit.

However, a restricted cover can be granted to cover:

· Loss by fire

· Loss by accidental collision, impact or overturning of the conveying vehicle

· Loss by theft following accidental collision or overturning of the carrying vehicle

conveyance.

MONEY INSURANCE

AECWMYEMEN Insurance Policy covers cash and other forms of money, e.g.
Cheques, Travellers' Cheques, Bills of exchange, etc, against loss from business premises
and during transit. Cover can also be provided for cash in safe and can also be extended
to include damage to safe. Money in personal custody of senior employees as float can
also be covered.

FIDELITY GUARANTEE INSURANCE

AECWMYEMEN Insurance Policy covers you against any acts of fraud or dishonesty
committed by your employees holding positions of trust during the period such
employees are guaranteed or during the uninterrupted service of such employees in the
capacity aforesaid.

Such employees are, cashiers, accounts, storekeepers, etc.

WORKMEN'S COMPENSATION INSURANCE

The Workmen's Compensation Decree 1987 provides that employers must pay full
compensation to all employees injured in the course of their employment (Occupational
Accidents). Benefits are significantly high and therefore a lot of financial outlay is
required in the absence of insurance.

Our Workmen's Compensation Policy covers your liabilities to pay such compensation to
all employees.
PERSONAL ACCIDENT/GROUP

AECWMYEMEN Insurance Policy provides for payment of a certain specified sums in

the event of accident to the insured persons.

(a) DEATH

A capital sum payable provided death occurs within twelve months of the date of the
accident to the legal personal representative of the deceased or to the insured or principal
who effected insurance on the life of the deceased.

(b) PERMANENT DISABLEMENT

Regarding total paralysis or injuries resulting in. being permanently bedridden and any
other injury causing total disablement.

(c) MEDICAL EXPENSES

Reimbursement up to the amount specified in respect of reasonable medical, surgical,

hospital, nursing home fees or charges necessarily incurred within twelve (12) months of
the date of the accident. The medical expenses limit to be covered is to be selected by the
insured.

TRAVEL/HEALTH INSURANCE

Travel Health Insurance provides compensation for Death, or Bodily Injury that may
result to disablement, disease or sickness and medical expenses arising thereof. The
Policy is 24 hours cover and the geographical limit is worldwide.
MARINE HULL

AECWMYEMEN Insurance covers loss or damage to the carrying vessel, machinery

and third party liability due to the following:

¨ Perils of the seas, jettison, piracy, negligence of the masters, officers and crew.

¨ Accident in loading, discharging or shifting cargo or fuel.

¨ Fire and explosion

¨ Earthquake and volcanic eruption

¨ Violent theft by person outside the vessel

¨ Busting of boilers, breakage of shafts or any latent defeat in the machinery or

vessel.

MARINE CARGO

INSTITUTE CARGO CLAUSE ‘A’

It covers all risks of loss or damage to Insured consignment as a result of perils of the sea
from port of loading to port of discharge and to warehouse.

The covers includes:

AVIATION INSURANCE

The Policy provides cover for loss or damage from whatsoever cause, while the aircraft is
in flight, taxing, on the ground and moored.

It also covers Hull war Risks, Third Party Legal Liability, Passenger’s liability, Baggage,
Cargo or Mail Liability
Fire, Theft, Pilferage, Non-delivery, Short-landing, Vessel, or craft been stranded,
grounded, sunk or capsized.

INSTITUTE CARGO CLAUSE ‘C’

AECWMYEMEN Insurance clause provided minimum cover on loss or damage due to

earthquake, volcanic eruption, craft being stranded, grounded, sunk or washing overboard
of cargo..
MOTOR VEHICLE INSURANCE

PRIVATE & COMMERCIAL

Comprehensive Cover

it is the widest cover and indemnify the Insured against loss or damage arising from
Accidental collision, Fire, Theft, Malicious Damage, External Explosion/self ignition.

It also provides cover for loss or damage to Third Party property and bodily injury or
death to third Party, including solicitors fees for legal representation of the Insured at any
judicial proceedings.

Third Party, Fire & Theft

AECWMYEMEN Insurance provides cover for accidental damage to the insured’s

vehicle arising out of Fire or Theft.

Loss or damage to Third Party property or bodily injury or death to Third Party, in
addition to solicitors’ fees are covered.

Third Party Only

AECWMYEMEN Insurance cover is restricted to loss or damage to Third Party

property and bodily injury/death to Third Party. Solicitors’ fees for legal representation
of the Insured at any judicial proceedings is covered.
LIABILITY INSURANCE

PUBLIC LIABILITY INSURANCE

AECWMYEMEN Insurance Policy provides indemnity in respect of the legal liability

of the insured for accidental bodily injuries and accidental damage, to the property of
members of the public caused by the insured or his employees in the course of their work,
or by defects in the premises, ways, works, machinery or plant.

PRODUCTS LIABILITY

AECWMYEMEN Insurance cover is granted as an extension of our Public Liability

Policy which excludes liability arising out of defective products. The extension covers
legal liability of the insured for bodily injury and/or damage to property arising during
the currency of the policy through defects in the commodities, or goods sold, supplied,
serviced or processed by or on behalf of the insured or arising through defects in the
containers of the goods or the wrong labeling thereof.

PROFESSIONAL INDEMNITY INSURANCE

AECWMYEMEN Insurance Policy indemnifies the insured in respect of his legal

liability to third parties as a result of his professional negligence or misconduct claimants
costs and other costs incurred with written consent of insurer are recoverable. It is
designed for Professionals such as Accountants, Lawyers, Doctors, Brokers, etc.
MISCELLANEOUS INSURANCE

INSURANCE OF PUBLIC BUILDING

AECWMYEMEN Insurance Policy will indemnify the Insured against construction

risks caused by his/her negligence or the negligence of his servants, agents or consultants,
which resulted to:

v injury or loss of life to or damage to property of any workman on site.

v injury or loss of life to or damage to property of any member of the public

The insurance is compulsory by virtue of section 65 of Insurance Act 2003.

BUILDING UNDER CONSTRUCTION

AECWMYEMEN Insurance is a compulsory insurance under section 64 of insurance

Act 2003.

It covers legal liability of the Insured as owner or occupier of premises in respect of:

v Accident bodily injury or death suffered by any user of the premises or third parties
due to hazards of collapse, fire, earthquake, storm or flood.

v Accidental damage to property of users of the premises or the parties as a result of the
hazards of collapse, fire, earthquake storm and flood.
HOME PROTECTION INSURANCE

ABOUT THE COVERS

Home insurance is designed to offer protection for your private dwelling and
contents therein with the aim of securing your investment.
It offers compensation against damages resulting from the following
· Fire, lightening thunderbolt, explosion
· Theft accompanied by actual forcible and violent breaking into or our of
insured home or any attempted threat.
· Riot, strike, civil commotion, malicious damage, vandalism.
· Bursting or overflowing of water tanks, apparatus or pipes.
· Aircraft and other aerial devices or articles dropped there from.
· Impact damage to the buildings by any road vehicle, horse or cattle
ADDITIONAL BENEFITS

 Medical expenses for minor domestic accident such as electrical injury, cuts
or burns suffer by you or by members of your household while at home
Limit + N20,000.00 anyone period
 Death of the insured as result of fire or armed robbery whilst at the building,
provided the contents of the building are insured. Limit + N200,000.00
 Liability to third parties (Persons or Properties) to the maximum of
N20,000.00 per insurance period.
 Alternative accommodation in similar or same locality up to a maximum of 3
months