General Business

Genaral Business

We provide comprehensive insurance solutions to safeguard your business operations, assets, and people so you can focus on growth with peace of mind.

This policy covers loss or damage to property resulting from fire, lightening, explosion, and other special perils such as impact from aircraft, malicious damage, earthquake, storm/tempest/flood, bush fire, etc.

Property Damage is an “All Risks” cover which protects against loss or Damage to property owned, rented or leased by the insured, or the property of others held in trust for which the insured may have obligation to insure, repair or replace. It covers all risks except specifically as excluded in the policy. It usually combines the coverage in a fire & special perils, burglary and accidental damage.

This policy covers loss of gross profit/earnings, wages, increased cost of workings, and additional increased cost of workings incurred by the insured resulting from interruption or interference brought about by the occurrence of events such as fire, machinery breakdown, etc.

The policy covers for loss or damage to property resulting from forcible and violent breaking into or out of the premises or any attempt thereat.

The policy protects the employer from financial loss due to the fraudulent activities of an employee or group of employees. The loss can be the result of the employee's theft of money, securities, or other property of the employer. It can be extended to cover forged transfer thus indemnifying the insured where its shares or stocks are transferred from one name to another due to the production of forged documents or fraudulent computer instructions.

This policy is effected to cover moveable property whilst in transit by land, vehicles, railway and/or inland water way. There are two types of policy that may be issued, such as;

All Risks which indemnifies the insured for loss or damage by any accident or misfortune while the insured property is in transit, in the course of loading and/or unloading and temporarily housed in the ordinary course of transit subject to specific exclusions.

Restricted which indemnifies the insured for loss or damage resulting from specific circumstances only such as Loss by Fire; Loss by accidental collision, impact or overturning of the conveying vehicles; and Loss by theft only following accidental collision or overturning of the carrying vehicle or conveyance.

This policy protects your business against the loss of cash while in transit either to or from the bank as well as while on your business premises provided it is securely locked up in a safe. The policy can also cover cash in the personal custody of selected staff as well as damage to safe.

The policy is designed to carter for individuals and coverage is provided for accidents, injuries and death resulting from accidents.

The policy is designed to carter for a group of persons whether employees, club members, etc. Coverage is provided for accidents, injuries and death resulting from accidents with particular attention to the needs and peculiarities of clients.

The policy indemnifies the insured against all sums which they become legally liable to pay in respect of:

Accidental death or bodily injury to any person.
Accidental loss of or accidental damage to property happening during the period of insurance and caused in the course of the business within the territorial limits.
All costs and expenses incurred with the written consent of insurers.

Different forms of bonds such as Advance Payment Bond, Performance Bond, Customer Bond, Bid Bond, etc. are arranged to protect the financial interest of the principal in the event of default by the contractor.

The policy is made to comply as a minimum with the provisions of The Insurance Act 2003 {Section 65(1)} which makes it mandatory for any “public building” to be insured in respect of general third party liabilities.

The policy is designed not only to pay for the company’s liabilities regarding accidental death or bodily injury following use of products but also the cost of recall. Our team combines prevention, planning, risk transfer and response to ensure you can react quickly and effectively to protect the integrity of your brand.

This policy covers against loss arising from any claim or claims for the breach of duty (negligence) which may arise by reason of neglect, error or omission, etc. It can be structured as claims made policy or on occurrence basis.

The policy is designed to provide protection to the employer against liability associated with injuries, accident, and death to the employees in the course of service. It covers common law liability as well.

This is a special risk area and specific insurance packages are often designed to meet the needs of clients in areas such as power generation, transmission and distribution. In collaboration with our global partner, we combine strength and local knowledge to provide accurate peer benchmarks, develop new markets and capacity to increase competition and minimise cost, create new products and services and control the claims process to ensure fair and swift settlement for our clients in this sector.

All vehicles plying public roads must have a minimum of third party insurance covering liability for bodily injury to third parties including death {Motor Vehicle (Third Party Insurance) Act of 1945} and damage to third party property (Insurance Act 2003, Section.68). Limits provided under these statutes are:-

Third Party Bodily Injury including Death - Unlimited
Third Party Property Damage: - Minimum N1, 000,000.00

Our standard motor policies are over and above the requirements stated above. In addition, other variants of motor policies (Third Party, Fire & Theft as well as Comprehensive Motor Insurance) are negotiated at competitive terms for our clients.

Marine Insurance is a contract of indemnity; the amount recoverable is measured by the subject matter of contract. The policy could be made for Cargo, Hull or Liability.

Marine Cargo Insurance is risk protection provided to the insured for loss or physical damage to merchandise or goods while in transit. Marine Hull Insurance on the other hand covers loss or damage to hull and machinery due to heavy weather, fire, lightning, explosion, grounding, stranding, collision, machinery damage, ranging, piracy, barratry, sue and labour. Protection & Indemnity and other marine liabilities, shipyards, ship builders specific policies also exist and are readily deployed by our team.

This is a special risk area and specific aviation insurance packages are often designed to meet the needs of clients especially in the areas of Hull and Liability Insurances. We package products for clients involved in the business ranging from very light jets to flag carriers.

This Insurance provides a wide range of coverage for exploration & production (E&P) risk exposures. The following are typical coverage under this policy which are scheduled in sections:

Section 1 – Property Damage: All risks of Physical Loss or Physical Damage to property/equipment owned by the Original Insured, and/or in the Care, Custody or Control of the Original Insured, including all transits to/from locations by whatsoever means as scheduled. This includes all the drilling units (Hull & Machinery and increased value). Other offshore assets such as wellheads, jackets, risers, pipelines etc. can also be covered under this section.
Section 2 –Operators Extra Expenses: The cover provided is as follows:
Section A – Control of Well
Section B – Redrilling/Extra Expenses
Section C – Seepage and Pollution, Clean-Up and Contamination.

Section 3 –Liability: The cover provided is for the insured’s third party legal and contractual liabilities arising out of scheduled operations usually offshore exposures which are not covered under the general third party liability policy.
Section 4 –Loss of revenue: The cover provided is for loss of insured’s revenue resulting from damage to insured property or control of well loss.
Section 5 – Minor Works (CAR): The cover provided is for minor construction and pipe laying activities in the development of wells on the insured field.

"At Scib Nigeria & Co. Ltd, we understand the intrinsic nature and the highly specialized needs of businesses operating in the oil and gas industry. Irrespective of the nature of business and the respective needs of our Clients in the oil and gas industry, our expert team understands the volatile risks involved and has built an all line solution to address these needs.”

This policy covers loss of gross profit/earnings arising from a delay in the startup of a new project, factory, location, etc. brought about by the occurrence of events such as fire, machinery breakdown, etc.

The Policy covers all risks of loss or damage to the property insured (computer and allied equipment) by any cause except as specifically excluded.

This policy combines the material damage element with third party liability in order to provide the best form of protection to contractors involved in civil engineering works. It therefore provides protection against risk involved in the construction process. The sections are typically broken down as follows:

Section 1 (Material Damage)

Item 1 – Works
Item 2 – Plant and Machinery
Item 3 – Temporary Buildings
Item 4 - Property of the Principal or for which he is responsible

Section 2 (Liability)

Third Party Liability

The policy is made to comply as a minimum with the provisions of The Insurance Act 2003 {Section 64(1)} which makes it mandatory for any building above two floors in the course of construction to be insured in respect of general third party liabilities.

This policy provides all risks cover against losses which arise suddenly and unforeseen and materially affect valuable equipment like, computers, printers, scanners, communication equipment etc. The cover under this policy also extends to include loss or damage to external data media such as diskettes and tapes containing processed information while such are kept within the premises.

This is an all risk policy which provides complete protection against all types of risks involved in the installation of machinery, plant and steel structures of any kind. It differs from Contractors All Risk policy in that it considers Testing and Commissioning Period which is a critical phase of the erection process.

This policy covers unforeseen and sudden physical loss or damage to machines as described in the schedule caused by breakdown occurring within the premises specified in the schedule. Whist such machinery is working or at rest or being dismantled, moved or re- erected for the purpose of cleaning, inspection, repairs or installation in another position within the premises: but in any case only after successful commissioning.

This is a sensitive and highly confidential policy which is often arranged after careful risk assessment. It caters for the cost associated with kidnapping, extortion, etc.

This is an “all risk” cover against loss or damage to valuables and movable properties such as mobile equipment, mobile phones, jewelries, laptops, ipad, camera, etc.

Various forms of agricultural insurances ranging from Crop Insurance to Poultry and other forms exist to protect farmers against loss due to natural disasters, such as hail, drought, and floods, disease, etc.

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