The Insurance Manager must understand and negotiate at almost limitless number of forms of insurance of which the following are among the most important. In Nigeria, not all the ones listed below are undertaken by insurance companies. However, one can make reference to "Agents and Brokers guide" published in advanced and developing Advertisers' Liability Insurance: Protects a firm against liability arising out of libel, (through advertising) slander, defamation of character countries through public libraries infrigement of copyright etc.
Comprehensive General Liability Insurance Covers all liability of the insured except from automobiles. The policy is broad enough to cover contractual liability and products liability as well as premises and
operations.
Consequential Loss or Damage Insurance: Is primarily a fire insurance and provides protection against spoilage or other damage to property because of fire or other insured damage to heating, refrigeration and other apparatus. The same form is used by garment manufacturers who send part of their work to other processors to provide coverage for loss of value of the remainder of a suit should part of it be destroyed elsewhere.
Contingency Business Interuption Insurance: This scheme also known
as Contingent use and Occupancy Insurance, protects the firm against
interruption of its business due to fire or other insurable perils at another premises such as suppliers or customers and can be written on a scheduled peril form or all risk form.
Credit Insurance: Protects the firm against losses in excess of a deductible, known as primary loss caused by the insolvency of customers or deliquent claims, filed within a prescribed period. This coverage is not
readily available to companies doing a retail trade.
Deductible Fire Insurance: Provides fire insurance coverage (and other risks as scheduled in the policy) over and above a stipulated pre-agreed deductible per loss.
Electronic Data Processing (E.D.P.) Insurance: This is a new form of insurance that covers the insured for the financial loss arising from damage to or destruction of his (E.D.P.) equipment, his peripheral equipment or his media. The policy covers not only the replacement of
loss or damage to property but can be tailored to cover the business interruption emanating from the damage, the extra expenses brought about by the need to use substitute facilities or even revert to mannual method, and in certain instances to cover the insured's liability resulting from the damage i.e. the loss of other people's media or records who might time-share the units.
Employers Liability insurance: Provides for the protection for the firm against liability arising out of injury to employees apart from that imposed by the Workmen's Compensation Act.
Export Credit Insurance: Covers agreed percentage of loss sustainedbecause of insolvency of firms to whom the assured has extended credit, and based on that credit, had exported goods or services to them.
Fire Legal Liability Insurance: This is insurance against liability of the firm for damage to property of others caused by the fire including property in the case, custody or control of the insured (usually excluded under general liability forms).
Landlord's Protective Liability Insurance: Covers owners of property who may lease the entire premises to others or sell the property under conditional sales contract, with the party taking possession assuming the responsibility for the property. This is a contingent form of liability insurance and is intended to step in to protect the firm should the party occupying the property fail to do so.
Manufacturers' and Contractors' Public Liability Insurance: Provides coverage for bodily injury and property damage liability arising out of premises and operations of manufacturers or contractors and can
optionally include elevator liability insurance, protective liability insurance, product liability insurance and contractual liability insurance. It can be written on a comprehensive liability basis. The premium is usually predicated on a payroll basis.
Monies and Securities Insurance: Protects the insured against loss of monies or securities within the premises and (depending on how the policy is written) outside the premises and includes the premises of the bank.
Motor Cargo Insurance: This coverage is intended for firms that carry their own merchandise on their own or in leased vehicles.
Ocean Cargo Insurance (Marine Insurance): This is probably the oldest form of insurance. This covers goods being carried by ocean going vessels on a per voyage basis or an open form that covers all voyages and all shipments, family. It provides the necessary cash on death whenever this occurs.
combustion and refrigiration and the insurance is against accident or plant equipment or appliances including steam, electric internal.
Power Plant Insurance: This title applies to almost any type of power breakdown. It is referred to in some quarters as steam boiler insurance as objects against specific accidents e.g. steam boiler against the accident of well as boiler and machinery insurance. It covers generally specific explosion or repture. In addition, it covers damage to property of others
Product Liability Insurance: (Including completed operations insurance) -(as well as the insured) and.can include bodily injury liability insurance, firm against liability incurred from the handling, use or existence of any.