General Accident Insurance

Consequential Loss

    General Accident Policy Class

Covers

This policy is designed for those who have fire policy or those who are proposing to take both policies. This is an insurance against loss of earning power following damage loss caused by fire and special perils. Material loss or damage is not the only effect of any fire or special perils loss. While repairs or replacement is being carried out, normal output is either stopped or restricted, earnings also stop or diminish and many charges or overhead expenses continue to accrue notwithstanding the stoppage. Additional expenses could also be incurred in endeavouring to continue business after the fire by taking up temporary premises, involving hiring of machinery, to continue in business.

Cover provided is briefly:

  1. Reduction in turnover compared with that of the preceding year.
  2. Bears any reasonable expenses, which will hasten resumption of normal business.
  3. Pays fixed charges like rent, interest and rates, which are normally paid even when the business is disrupted.
  4. Wages of Staff whose services may not be dispensed with.
  5. Auditor’s fees engaged to prepare the claims.
  • Lump Sum incase of death as prescribed by policy ...N500,000.00
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