2109 Berkley Street 12, King George V Rd, Lagos Island 300001, Lagos Nigeria

All Risk Coverage

Our All Risk Insurance - Complete Protection Designed For All Other Risks You Will Need Insurance Cover For

First Standard All Risk Insurance

First Standard’s allrisk insurance contract or open perils policy offers you coverage and protection from all risks or perils that could damage your home or contents and personal property unless the risks are excluded specifically in the policy wording.

Our All Risk Coverage Insurance as the name implies covers “all risks” of theft, loss or accidental damage to property insured. This insurance is the widest form of cover especially for property, however not all kinds of risks can be covered as there are exceptions.

Our All Risk Coverage Insurance policy indemnifies your business by payment, reinstatement or repair against pre-specified loss or damage sustained. As with other policies, this is subject to the terms, exceptions, limits and conditions contained or endorsed during the period of insurance.

Both commercial and household properties can be covered under First Standard’s All Risk Coverage Insurance.

life insurance

First Standard Fire and Special Perils (FSP) Insurance:

First Standard’s Fire and Special Perils Insurance policy indemnifies the Insured in the event of loss or damage to properties covered under it as a direct result of fire outbreak, lightning or explosion. 

Other extraneous perils such as social disturbances like strikes, riots, and natural disasters like storm damage. Flood and earthquake can also be covered by an extension of the standard scope of cover.

The items to be insured are usually made up of the following:

  • Loss of Annual Rent for alternative accommodation.
  • Plants and Machinery
  • Office Furniture, Electrical and Electronic Equipment
  • Improvement to building including office partitioning.  (This is necessary if you do not own the building but improved on it to suit your purpose).
  • Building. (This is necessary only if you own the building or compelled by tenancy agreement to take up insurance).

First Standard Electronics Equipment Insurance:

First Standard’s Electronic Equipment Insurance Policy is designed for computers and its peripherals, i.e. data carrying material and air-conditioning equipment’s, from accidental causes while situated within the specified premises.  

All Risks insurance will be arranged to cover losses which arise suddenly and unforeseeable and materially affects many types of low and medium power electrical equipment i.e. all Electrical systems that generally have only a moderate power requirement.

Material damage cover is available for such equipment as:

  • Electronic Data Processing (EDP) equipment
  • Communication facilities
  • Miscellaneous equipment

Material damage and loss of information suffered by external data medial used in computing facilities are covered.

Additional expenses for computer operation, which may arise if the computer breaks down, are covered under Increased Cost of Working Insurance.

Our Electronic Equipment Insurance cover sites under the “All Risks” policy, covering loss/damage from external or internal causes, subject to policy exceptions.  The perils covered includes, fire, malicious damage, theft and damage done by thieves

In addition, the perils of breakages, smoldering, and loss of data and increased cost of working can be covered if required.

First Standard Plant All Risks (PAR) Insurance:

First Standard’s Plant All Risks Insurance Includes cover over Plants, Generators, Transformers against unforeseen physical loss or damage that may arise from the occurrence of perils that are not specifically excluded from the cover such as fire, burglary, theft, or other extraneous perils.

Information Required:

  • Number of Generator
  • Make/model
  • Location
  • Current market value

  • Number of Transformer & Value

First Standard Burglary/Housebreaking Insurance Policy:

First Standard’s Burglary/Housebreaking Insurance policy is designed to compensate the insured against loss or damage resulting from theft or attempted theft, which is accompanied with actual forcible or violent entry into or out of the premises or any attempt threat.

First Standard Public Liability Insurance:

First Standard’s Public Liability Insurance policy covers any legal liability to the public (Third Party) arising out of your operations

Our Public Liability Insurance policy compensates the insured against all sums for which they shall become legally liable to pay in respect of

  • Death Accidental bodily injury to any person
  • Accidental loss of or damage to property
  • Arising during the period of insurance and in the course of the insured’s business.

First Standard Professional Indemnity Insurance:

First Standard’s Professional Indemnity Insurance policy compensates the insured against loss arising from any claim or claims for breach of duty, by reason of any neglect, error or omission whenever and where ever committed or alleged to have been committed in the conduct of the insured’s business in their professional capacity which may be against them during the currency of the policy. 

Information required to prepare quotation are as follows:

  • Limit of Liability anyone occurrence (e.g. N10, 000,000.00)
  • Aggregate Limit of Liability anyone period of insurance

First Standard Director and Officers Liability Insurance (Often Called D&O):

First Standard’s Director and Officers Liability Insurance is a liability Insurance payable to the Directors and Officers of a company or to the organization (s) itself as indemnification (reimbursement) for losses or advancement of defense costs in the event an insured suffers such a loss as a result of legal action. Brought for alleged acts in their capacity as Directors and Officers. Such coverage can extend to defense costs arising out of criminal and regulatory investigations/trails as well.

First Standard Fidelity Guarantee Insurance:

First Standard’s Fidelity Guarantee Insurance policy will compensate you against such direct loss of money and/or goods belonging to the company or held by them in trust or on commission for which they are responsible at law, resulting from any act of fraud, infidelity or dishonesty committed by any of the employees (acting either solely or in connivance with another) covered under the policy, provided the loss is discovered during the currency of this insurance or within twelve calendar months of the termination of the employment of the employee (s) concerned whichever shall first occur.

Our Fidelity Guarantee Insurance policy policy is usually arranged to cover employees handling cash, stock/materials as well as those that are entrusted with the properties of the company. 

First Standard Goods in Transit Insurance:

First Standard’s Goods in Transit Insurance policy covers goods and other merchandise against loss or damage, whilst in transit anywhere in Nigeria or beyond (or as defined) by road, water, air or rail.

Our Goods in Transit Insurance policy is normally granted on “all risks” basis to include loss or damage to the goods caused by accident, fire, theft and pilferage whilst the goods are being loaded on, carried by or unloaded from the motor vehicle, vessel (ship), aircraft or train.

However, recently due to adverse claims experience insurance companies in Nigeria tend to limit their coverage to losses occasioned by fire or accident and some allied perils.

Key Benefits of having your All Risk Insurance covered with First Standard Insurance Brokers

  • First Standard Insurance Broker are experts in the market and have a talent for finding the best cover at the best price for you.
  • First Standard Insurance Broker is independent and works with a carefully selected group of insurers that we have regular contact with and are usually able to secure exclusive deals for you.
  • First Standard Insurance Broker would always have an expert dedicated to you everytime to help with the breakdown of the technicality of the policy we helping you manage.
  • First Standard Insurance Broker efficiently helps with difficult bespoke cover for high value or collectable items, especially obtaining a personalised quote at the best rate for you.
  • First Standard Insurance brokers have expertrate who are uniquely equipped to save you money when shopping for your next insurance policy.

  • First Standard Insurance Brokers offers you the peace of mind, the knowledge, experience, and trustworthiness every client deserve to enjoy when acquiring their policy or while still active.

  • First Standard Insurance Brokers deals with a wide range of products and services and are qualified to recommend the policies that best suit your needs from a broader portfolio of options.

  • A claim with First Standard Insurance Broker means that you have a professional on your side when choosing the best policy for yourself and your family and business.

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First Standard Insurance Broker