These are classes of insurance made compulsory by law frequently with the objective of providing protection to third parties and the general public. The following types of Insurance are compulsory in Nigeria:,
A bond is a guarantee provided by the insurer to anyone who has entered into a contract with another - called the employer - for the purpose of executing a job. The insurer by this attests to the fact that such a person will be faithful in executing the job spelt out in the contract agreement otherwise the insurer will be held responsible for any default.
The followings are the different types of bonds:
This is issued in respect of tenders for contracts. The insurer guarantees that, in case the contractor fails to take up the contract after a successful tender, the insurer will pay whatever charges made against the contractor by the employer consequent upon the decline in taking up the contract.
This guarantees the faithful utilization of funds mobilised for contractors to commence a contract.
This is usually a guarantee for the total amount of the contract. The insurer is held liable to the employer up to the tune of the contractor's default.
This guarantees that duties are paid on goods exported or imported before they are cleared by custom agents.
This guarantees the value of shares certificate lost in transit to the owner of the certificate.
This guarantees the surety upon which a contractor is guaranteed to execute a contract.
This indemnifies the insured against unforeseen physical loss or damage to the property insured consequent upon any cause except those specifically excluded from the policy, up to the sum insured, upon the payment of the agreed premium.
Cover can be extended to include third party liabilities incurred from the contractor's operations.
This provides cover against accidental loss or damage from any cause whatsoever to the insured property with the exceptions of those causes specifically excluded from the policy subject to the payment of the required premium.
This policy is required by engineers who engage themselves in the installation of equipment and machinery or other constructions requiring professional knowledge.
Under this policy, the insurer indemnifies the insured against any unforeseen physical loss, damage or destruction of the property in the process of erection with the exception of the perils specifically excluded by the policy subject to the payment of the required premium.
This policy can be extended to include the insured legal liability to third parties arising from the job.
This provides cover against loss or damage resulting from unforeseen and sudden damage to any machinery insured from any cause not excluded from the policy:
The cover is subject to the payment of the prerequisite premium.
This provides cover to the insured subject to the payment of the required premium in respect of losses suffered as a result of accidental interruption or interference of the operation of the machinery covered under the following policy titles:
This policy covers the insured if the boiler / plant insured suffers any damage directly consequent upon and solely due to explosion or collapse in the performance of its proper function at the location specified in the schedule of the policy.
Indemnity is provided on the following basis:
The cover is subject to the payment of the appropriate premium.
This policy provides cover against any unforeseen or accidental damage or loss from any cause other than those specifically excluded necessitating repair or replacement in addition to the cost of clearance of debris from and cleaning of the insured property damaged by any insured peril as detailed below:
The policy indemnifies the insured in respect of cost of regeneration of data consequent upon the damage to the data.
The policy indemnifies the insured in respect of all additional cost incurred to ensure continued data processing on substitute equipment consequent upon the damage to the data.
This provides cover against any unforeseen and sudden physical loss or damage from any cause other than those specifically excluded in a manner necessitating repair or replacement.
Money Insurance Policy compensates the Insured against loss of money, cheques, money orders or postage and revenue stamps resulting from any cause whilst:
Goods-In-Transit Policy provides cover for loss of or damage to the property insured caused by fire, theft and accidental damage directly resulting from collision or overturning of the conveying vehicle whilst in transit during the period of insurance.It also covers loading, off-loading and whilst the goods are temporarily garaged in the course of transit.
Personal Accident Insurance Policy covers the insured and any member of his household for accidental injury causing death, permanent or temporary disability. The nominated beneficiaries are covered anywhere in the world and there is no excess payable for any claims.
Group Personal Accident Insurance Policy is a 24-hour cover developed for employers, associations and clubs to ensure that financial compensation is made available to any employee or member of the insured group in the event of an accident resulting in death, permanent disability, temporary disability and medical expenses incurred. Cover is available to members between the ages of 18 and 65 years.
This cover is for act of fraud, dishonesty, defalcation of money, stock, committed by any employee described in the schedule whilst employed in the capacity set against his name during the period of insurance.
It indemnifies the Insured against all sums which the Insured shall become legally liable to pay as damage in respect of the following:
These must have occurred during the period of insurance and must be as a result of defects in any goods sold, supplied, repaired, altered, treated, printed, minted and other related services carried on or processed by or on behalf of the insured or arising through defects in the packaging of the goods within the geographical limit herein stated in the schedule of this policy.
The Workmen's Compensation Policy relieves the employer of his responsibility to employees by indemnifying him (the employer) in respect of his legal liabilities under the law. The cover guarantees payment of financial compensation for death, injury, permanent or temporary disability of the employees and medical expenses incurred while carrying out the employer's business.
The policy shall provide indemnity in respect of loss or damage to the property insured resulting from fire, lightning, and explosion. This policy would be extended to include the Risk of malicious damage, riot, strikes & lock-out, aircraft, earthquake or volcanic eruption, storm, tempest & flood, bush fire, escape of water from any tank, apparatus or burst pipes, impact by any vehicle on the road or animal.
This provides indemnity in respect of any loss or damage to contents resulting from theft which is accompanied by forcible and violent means of entry into or exit from the premises or any attempt threat.
This policy could be taken up by the owner of a building or tenant(s) therein. This is designed to cover both building & the contents of private dwellings against risk of fire & special perils, burglary & housebreaking or attempt threat, public liability & personal accident.
The insurance cover is designed to cover both building & the contents of private dwellings.
This insurance cover is designed to cover only the contents of private dwellings. Contents may include: furniture, household utensils, kitchen electrical goods, personal effects and valuables.
Risk insured against include:
An accurate inventory of contents of private dwellings with proof of ownership should be made at inception of the Policy so that at the time of a loss claim settlement will be easier and faster.
This policy is only recommended for moveable and personal effects or valuable company artifacts. Items to be insured should be specifically mentioned while the scope of cover is worldwide.
Group Life Assurance Policy Scheme provides benefits for dependents of deceased employees who die while in services of their employers. The Sum Assured is usually arranged as a multiple of the employees' Total Emolument. The Total Emolument entails the following Basic Salary, Housing Allowance and Transport Allowance. The Pension Reform Act of 2004 stipulates minimum of multiple of 3 Total Emolument as minimum cover. Cover continues as long as the employee continues to work for the employer. The premium is paid by the employer.
Contributions are made for each employee as a percentage of salary. Interest is credited to the members account to provide end-of-service benefits for employees when they leave service either at retirement or resignation of appointment.
It is an inexpensive plan. A large sum assured can be secured in return for relatively small premium. It provides a fixed large sum to be paid only if the life assured dies within a stated period. If the life assured survives the chosen period no benefit will be paid. Minimum premium is N5, 000.00 per month and the income is tax fee.
In case of death, the sum assured less any partial maturity sum already paid becomes payable to the beneficiary. All bonuses on the policy are payable at maturity. Minimum premium is N5, 000.00 per month. This is another ideal plan for saving and building up a risk-free capital for the future. Provision is made for the benefit of the policy to be taken in phases of three equal term or period. One-third of the sum assured is cashed at the end of the first term; another one-third is cashed at the end of the second term while the last part is cashed at maturity inclusive of interest.
It is an ideal vehicle for providing risk-free capital for important events at a specified future date. The stated sum assured plus bonus is payable if the life assured survives the specified period. It provides excellent life cover by paying the sum assured if death occurs any time before the period. It also serves as a form of investment and can be used as a collateral security to raise loan from a financial institution. Minimum premium is N5, 000.00. The policyholder can take a loan on the policy subject to 90% of investment balance. It offers tax rebate.
Mortgage Protection Assurance Policy guarantees loans obtained for specific purpose such as housing, business etc. It guarantees that the outstanding balance in respect of a mortgage loan which is repayable by level installments of capital and interest will be paid by Goldlink.
This is payable if the life assured should die before the loan is fully repaid provided of course the repayments under the loan are not in arrears and the basis on which the loan was taken has not changed.
Premium ceases on death of the life assured. No payment is made if the life assured survives the term selected.
This product provides cover for financial protection needs and future personal pension planning. It guarantees maximized investment yield by holding premium in high yielding units of equal value. It is designed to last a working life time maturing at age 55 or 60. It affords the policy holder to be paid a lump sum of total contribution plus interest at maturity. It also offers death benefit for the dependents of the policyholder, provided the policy is in force. Minimum premium is N5, 000.00 and policyholder is entitled to 80% policy loan on the surrender value. The policy can be used as collateral for loan applications with financial institutions. There is also free additional benefit of N50, 000.00 if there is sudden death of the life assured as a result of accident. It offers tax rebate and there is Retirement Annuity Benefit Option after maturity.
This product is an open-ended policy which can be cashed without the normal surrender penalty at any time after five years consecutive premiums have been paid. It guarantees maximized investment yield by holding premiums in high yielding units of equal value. It can be taken for a minimum period of five (5) years and multiple of five years i.e. 5,10,15,20 etc. Minimum premium is N5, 000.00 per month. It provides death benefit of the sum assured in the event of death of the policyholder to the named beneficiaries, provided the policy is in force. Flexi-dowment can be used as collateral to secure loan from financial institution. The Policy holder is entitled to 80% policy loan on the surrender value. There is also free additional benefit of N50, 000.00 if there is sudden death of the life assured as a result of accident before maturity. Flexi-dowment has annuity benefit after the maturity of the policy. It offers tax rebate.
This cover provides a capital sum payable at death. It is one of the cheapest forms of life assurance. It is appropriate for providing a capital sum required anytime death occurs. The premium is arranged to cease about the time the policy holder's income can be expected to diminish instead of continuing throughout life. It alleviates financial burden that may befall the dependent of the assured. It enables policy holder to enjoy tax rebate. Minimum premium is N5, 000.00 per month.
Education Endowment helps the policy holder to plan for school fees and other incidentals of a named child. This cover is designed such that its benefits are used for the education of a named child. It can be issued on the life of the father or the mother. There are two covers, the Secondary Education Cover and the University Education Cover.
The Secondary Education Cover starts paying increasing annual or terminal benefits from the 11th to the 16th birthdays of the child while the University Education Cover pays increasing annual or semester benefits from the 17th to the 20th birthdays of the child.
Minimum premium is N5, 000.00. The sudden death of the policy holder prior to maturity will not affect payment of the sum agreed provided policy holder paid premium up to the time of death. In the event of death of the named child (beneficiary), there is provision for policy holder to substitute with another child without altering the terms of the policy. Alternatively, the policy holder can apply for refund of premium paid to date. Premium paid so far can be used to purchase another policy. Other benefits include tax rebate and it can also be used as collateral for loan.
Public Liability Policy covers indemnity to the insured against all legal liability to third parties for accidental death or bodily injury or loss or damage to property of third party which occurs during the period of insurance and in connection with the business carried on at the insured's premises.
This also covers:
This indemnifies the insured in respect of his legal liability to his clients due to his professional negligence.
Our Marine Insurance policies are divided into various classes such as:
This policy covers for losses or damages occurring as a result of maritime perils to cargo which include raw material, finished products, household goods and personal effects whether imports or exports either by air or sea.
It provides insurance coverage to any physical loss or damage to a vessel and her passengers resulting from marine adventure.
This policy offers a comprehensive coverage for other third party liabilities incurred in the course of carrying out operational activities within the port such as port operators, ship repairers/builders and stevedores.
The policy offers wide coverage for the passengers, the aircrafts and all the operational activities concerning the aviation industry whether by private individuals or corporate bodies.
This provides cover against death, accidental bodily injury and damage to someone else’s property (also known as third party) caused by or in connection with your car. It also provides cover for loss of or damage to your motor car resulting from accidental collision or overturning, fire or theft.
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This policy provides cover against loss or damage to the insured vehicle as a result of fire, theft, vandalism, accidental damage or collusion. The policy also covers any liability for death, bodily injury or damage to the property of the third party arising out of the use of the insured vehicle including legal liability.
This policy provides cover against death, accidental bodily injury and damage to the property of the third party including fire damage and theft to the insured vehicle.
This policy provides cover against death, accidental bodily injury and damage to the property of third party vehicle(s) but does not cover any liability incurred against damage to the insured vehicle.
Commercial Vehicle has four types:
We also offer ECOWAS Brown Card for West African Countries.
Oil and gas Policies offer a comprehensive coverage for both oil and gas constructions and operational activities relevant to the oil and gas industry. Our policies offer full protection against loss or damage to Operational Assets, Third Party Liability, Operators Extra Expenses, Control of Wells, and Legal Liabilities occurring within the course of the Insured operational activities.
Goldlink is adequately reinsured for all classes of insurance from both local and International reinsurers. These are:
| Munich Re | 40% |
| African Re | 25% |
| Continental Re | 25% |
| Waica Re | 10% |
| Continental Re | 40% |
| African Re | 35% |
| Waica Re | 20% |
| Nigerian Re | 5% |
This policy will provide indemnity to the School or Educational Institution Proprietor in respect of:-