First Standard’s all–risk 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.
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:
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:
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’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.
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’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
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:
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’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’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.
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– First Standard Insurance Broker