…where insurance works

…where insurance works

Fire Insurance

The standard fire policy covers loss, damage or expenses arising from following major perils.

  • Fire
  • Explosion (With Restriction)
  • Lightening

However the policy is usually extended to cover certain additional perils which are referred to as Special or Allied Perils and some of the very common ones are:-

Aircraft Damage or article dropped there from, Burst pipes, impact, Earthquake, Windstorm, Cyclone, Tornado, Flood, Riot & Strike, Bush fire and malicious damage.  The list is quite inexhaustible as there are still quite a lot more of those additional perils that would be granted upon the payment of the required additional premium.

 

AVAILABLE PREMIUM DISCOUNTS

  • E.A – Fire Extinguishing Appliances Discount; granted only after a satisfactory survey. It ranges from 5%. to 12.5%
  • T.A. – Long Term Agreement 5% for 3 years and 7.5% for 5 years.
  • I.D – Sprinklers Installation Discount; usually between 12.5% and 25% (granted after survey and testing of the sprinkler).

Note must be made about the fact that an item/building that is already enjoying FEA Discount cannot at the same time enjoy sprinkler system discount. The FEA and Sprinkler System Discount do not affect perils rate.

Where stock is insured, a 10% discount may be granted on the premium on stock provided the sum insured on Stock is N10,000,000.00 and above and such policy must be subject to Declaration condition which may be monthly or quarterly. This period of declaration must be clearly stated on the policy.

The new Anchor Insurance Company Limited sees her customers and clients as reason they are in business which makes customer satisfaction a priority in the company. The Anchor Insurance Company’s promise is “All stakeholders will surely enjoy a pleasant experience”.