Compulsory Insurances

Third Party Motor Liability Insurance

February 18, 2014 | posted in: Compulsory Insurances | by

This is the minimum insurance that all owners and drivers of motor vehicles, motorcycles and special type vehicles plying the Nigerian roads are required to have under the National Insurance Act 2003. The third party motor liability insures the motor vehicle against liability as to death, bodily injury or damage to property of a third..

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Healthcare Professional Indemnity Insurance

February 18, 2014 | posted in: Compulsory Insurances | by

All licensed health care providers and medical practitioners (such as doctors, nurses, pharmacists, etc.) are expected to obtain this cover under the National Health Insurance Scheme (NHIS) 1999. It requires that  they  have insurance that will protect their patients in case of accidents or fatalities (death) resulting from professional negligence. This type of insurance provides..

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Employer’s Liability (Group Life) Insurance

February 18, 2014 | posted in: Compulsory Insurances | by

Employers of labour with more than four employees are required to obtain this cover under the Pension Reform Act 2004. The law requires that employers have insurance that will provide for compensation in the event of death, disappearance, disability, or critical illness suffered by staff while in service and to subsidize pension provision in the..

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Occupiers Liability

February 18, 2014 | posted in: Compulsory Insurances | by

Owners or occupiers of public buildings, whether private or public are required to obtain this cover under the National Insurance Act 2003 . A “public building” is any building that is not 100 per cent used by the owner for residential purposes. Public buildings include tenement houses, hostels, residential buildings occupied fully or partly tenants,..

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Builders Liability Insurance

February 18, 2014 | posted in: Compulsory Insurances | by

Owners or contractors of buildings under construction (more than 2 floors) must purchase this insurance to provide compensation in event of bodily injury, death and property damage to workers at construction sites and affected members of the public in the event of collapse of the building and other construction risks.

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Authorised and Regulated by the National Insurance Commission (RIC 023)