In the light of the prevailing Insecurity situation in Nigeria, Special Risks Insurance Scheme is desirable as it provide Insurance Cover for Kidnapping and Ransom. This Insurance when arranged, will provide Cover for Top Management Cadre, Board Members and Utility Officers of any Organization depending on the exposures to the Risks of Kidnapping particularly for field workers throughout the 36 States and the Federal Capital Territory.

 

We are pleased to inform you that we have collaboration with an International Insurance Broker at Lloyds in London and basically, when this Insurance is arranged, it will be with an Underwriter in Nigeria because of Insurance Regulation that requires that ALL Insurance coverage should be arranged with a Local Insurance Underwriter licensed for that purpose by the National Insurance Commission (NAICOM).

 

When the scheme is put in place, it will provide compensation against money paid or loss to kidnapping, loss due to destruction, disappearance, confiscation or wrongful appropriation of money being delivered to a covered Kidnapping assured or extortion.

The Scheme will also provide Accidental Death or Dismemberment, Judgement and Legal Liabilities brought up by the kidnapped. It will also cover costs resulting from any claim or suit brought by the Insured person against his/her employeer as well as Incidental Expenses such as Medicare, Severe destruction to operations and Expenses of crises management consultants.

 

CONFIDENTIALITY OF THE SCHEME

 

Arrangement of the Scheme is one of CONFIDENTIALITY and should be limited to the Executive Chairman and the Top Management.

 

Underwriting and rating considerations

Before SICL can arrange the cover, the intended Client would be required to provide the undernoted information for proper assessment and putting the Scheme together for the interest of the Insured person(s). The information are as follows:

 

Underwriting and Rating Considerations

• Sum Insured/Value of building

• List or Inventories and Values of items to be Insured which is subject to physical survey