Product Brief:

This policy covers “All risks” of theft, loss or accidental damage to property insured subject to terms, exceptions and conditions of the policy. All-risks insurance is the most comprehensive type of coverage available. "All risks" means that any risk that the contract does not specifically omit is automatically covered.

Target Market:

Individual & Corporate

Benefits

• Cover theft to the property insured
• Cover fire, lighting and explosive to the property insured.
• Cover accidental damage to the property Insured
• It is suitable for expensive personal and /or commercial non heavy equipment moved frequently from one place to another.

Features

• Provides financial compensation for items lost due to theft , fire, lighting and accidental damage
• The cover is not restricted to particular premises or location where items are kept, but is operative within the specified geographical limit

Policy Documentation 

• Completed Proposal Form
• Utility bill
• KYC: Certificate of incorporation, utility bill etc.
• Placement/broking slip
• Inventory of assets
• Inventory of assets

Claims Documentation 

• Duly completed claim form
• Detailed statement on circumstance of loss
• Statement of claim
• Police report

Product Brief:

Burglary and Housebreaking Insurance covers property contained within a commercial building from theft involving violent and forcible entry. The property covered by this policy includes furniture, fixtures and fittings, equipment and electronics etc.

Target Market:

Individual ,SMEs & Corporations

Benefits

• Insured items stolen during break-ins can be replaced
• It covers damage to means of entry up to specified amount
• It could cover all other contents not specifically insured up to limited amount
• It could be extended to cover contents temporarily removed from premises excluding stock: 10% of total sum insured.
• It could extended to cover the contents in the vehicle parked overnight in the premises specified in the policy.
• You can buy this insurance for both residential and non-residential premises.

Features

• May be extended to cover personal effects and tools of employees and visitors
• Replacement of lock and keys; damaged directly due to burglary - currently not in the policy would be good to add.
• Can be extended to cover larceny for residential premises only.

Policy Documentation

• Completed Proposal Form
• Utility bill
• Record of inventories and current stock value
• Stock Value over the last three months.
• Certificate of Incorporation/Business registration

Claims Documentation

• Police Report (this is applicable if the claim is due to Burglary) 
• Witness statement/Security report (if any)
• Purchase receipts/Invoice of stolen items or other acceptable evidence of stock
• Photographs of damaged properties or premises
• Quotation for the repairs of damage parts from a certified building contractor.

Product Brief:

This product covers the risk of accidental physical loss or damage in respect of the contract works, during the execution of a civil project. The policy covers legal liability falling on the insured contractor as a result of bodily injury or property damage belonging to a third party

Target Market:

Contractors, Corporate Clients & SMEs

Benefits

• This insurance provides an ‘all risk ‘cover. All perils are covered unless specifically excluded This Policy can also extend the policy to cover:
• temporary buildings and contents on the worksite,
• the policyholder’s existing property
• Contractors’ plant and equipment brought onto the site
• clearance of debris,
• Professional advisers’ fees
• Off-site storage cover
• Covers damages or loss of materials in transit
• Covers loss or damage to properties in custody or care of insured

Features

• Covers Fire and Allied Perils
• Covers flood, storm, tempest & cyclone
• Covers earthquake, fire & shock
• Covers collapse
• Covers water damage for wet Risks
• Faults in erection/ construction
• Human errors, negligence
• The policy can be written either to cover a specific project, or to cover all projects undertaken by the contractor during a set period (normally a year).
• Indemnifies and covers liability in the event of collapse, damage due to foreign object, impact damage

Policy Documentation

• Completed Proposal Form
• Utility bill
• Record of inventories and current stock value
• Stock Value over the last three months
• Certificate of incorporate/business registration

Claims Documentation

• Police Report in theft cases
• Statement from 2 or 3 witnesses and Security report (if any)
• Purchase receipts of all the stolen items (replacement invoices will do)
• Survey Report & Repairs Estimate of Damage 
• Fire brigade report (for fire claims)
• Photographs of damaged properties or premises

Product Brief:

This policy covers loss or damage to items, freight, customs duties and due cost of erection. It covers damage due to civil engineering works to the owners premises and other property (ies) located on the principals premises or on the site belonging to the principal or held in their care.

Target Market:

Contractors, Corporate Clients and SMEs

Benefits

• Indemnifies in the event of fire, lightning, explosion, aircraft damage, riot, strike, malicious act, flood, inundation, storm, cyclone and allied perils
• Indemnifies in the event of landslide, subsidence and rockslide
• Indemnifies in the event of burglary and/or theft of the subject matter

Features

• Cover faults in erection
• Cover short circuiting, arcing, excess voltage
• Covers electrical and mechanical breakdown
• Covers collapse, damage due to foreign object, impact damage
• Covers third-party liability
• Covers owner's property as well as surrounding property

Policy Documentation

• Completed proposal form
• Certificate of incorporation
• Nature of contract
• Experience of contractor

Claims Documentation

• Duly completed claim form
• Detailed statement on circumstance of loss
• Statement of claim
• Police report

Product Brief:

This policy is designed to cover for all risks of unforeseen physical loss or damage to electrical equipment. It covers material damage to electronic equipment, loss of external data media, and the increased costs of working due to the failure of electronic equipment.

Target Market:

Corporate Organisation

Benefits

• This insurance provides an ‘all risk‘ cover. All perils are covered unless specifically excluded
• It could be extended to cover business interruption risks
• It provides cover for increase cost of working as result of loss.

Features

• It covers damage from external means such as : Impact, water damage resulting from bursting of pipes, apparatus or leakage of sprinkler system
• It cover damage from internal sources that is breakdown risks.
• Human errors, negligence

Policy Documentation

• Completed Proposal Form
• Utility bill
• Record of inventories and current stock value
• Maintenance records
• Certificate of Incorporation

Claims Documentation

• Duly completed claim form
• In-house assessment report
• Detailed statement/estimate of loss
• Photographs of the damaged machine/equipment
• Police report

Product Brief:

Goods in Transit Insurance covers property against loss or damage whilst being loaded into or carried by or unloaded from any vehicle and while the goods are temporarily carried by either the insured’s own vehicles or vehicles you have hired anywhere within the country.

Target Market:

Traders, Contractors, Manufacturers, Corporate Clients

Benefits

• Provides financial compensation for items lost in transit due to fire, explosion, accident and theft (following any of the first three events)
• Option for replacement of insured goods can be replaced if stolen
• Covers damages to goods in transit arising from accidents

Features

• Compensation for items lost in transit due to fire, explosion, accident and theft.
• Covers against loss or damage while the goods are temporarily stored during the journey
• Cover extends throughout the territory of Nigeria
• Covers goods whether carried in owned or in hired vehicles

Policy Documentation

• Completed proposal forms
•  
• Utility bill & Company registration documents
• Document showing nature of the goods to be carry
• Registration documents number of vehicles to be used
•  
• Areas of operation within Nigeria

Claims Documentation

• Police report
•  
• Statement of claims (detailing the lost or damaged items with value)
•  
• Way bill
• Delivery note \ debit note
• Copies of correspondence between you and transporter

Product Brief:

Fire & Special Perils Insurance policy is designed to protect against loss or material damage to property caused by fire and certain associated risks.

The policy covers your building, furniture, equipment and electronics against material damage caused by fire, lightning strike or certain explosions caused by domestic use of the premises.

Target Market:

Corporate & Commercial Clients

Benefits

• Provides for cost of temporary accommodation
• Reimburses cost of rebuilding the damaged building
• Indemnifies against malicious damage of your property (except during theft)
• Covers cost of removing debris.
• Covers losses not resulting from fire e.g. burst pipes, flood etc.,
• The policy also provides cover of up to 10% of the sum insured for contents temporarily removed from premises for repairs.

Features

This policy covers loss or damage to properties as a result of  fire, lightning, limited explosion and other special perils listed below:

• Fire including Lightning & limited Explosion
• Explosion (Industrial)
• Aircraft
• Riots, Strikes, Lock-out
• Malicious Damage
• Earthquake or Volcanic Eruption
• Storm, Tempest & Flood
• Bush Fire
• Escape of Water from any Tank, Apparatus or Burst Pipes
• Impact by any Road Vehicle Or Animal

Policy Documentation

• Completed Proposal Form
• Utility bill
• Record of inventories and current stock value
• Stock Value over the last three months

Claims Documentation

• Police Report
• Witness statement/Security report (if any) 
• Purchase receipts/Invoice of stolen items 
• Quotation for the repairs of damage parts from a certified building contractor
• Fire brigade report (for fire claims)
• Photographs of damaged properties or premises

Product Brief:

This policy is designed to cover any damage to a plant or equipment while in use or at rest. It also covers the machine while being dismantled for the purpose of cleaning, repairing and/or overhauling

Target Market:

Corporate Organization

Benefits

• Indemnifies for structural defects, material defects or defects of assembly.
• Provides reimbursement for fortuitous working accidents such as vibration, maladjustment, loosening of parts, abnormal stresses, fatigue, centrifugal force and excessive speed
• Indemnifies against defective or accidental lack of lubrication, seizure, water hammer or local overheating, falling, impact, collision or similar occurrences

Features

• Cover damage as a result of short-circuit, disruption, electrical over-pressure to the machine
• Cover failure of operation of safety devices
• Covers all stationary equipment and mechanical plant: including engines, turbines (steam, water & gas), blowers, compressors, pumps, machine tools, presses and refrigerators.
• Also covers process machinery in such industries as cold storage, engineering
• Covers obstruction or the entry of foreign bodies into the machine

Policy Documentation

• Completed proposal form
• Certificate of incorporation
• Current valuation and maintenance report

Claims Documentation

• Duly completed claim form
• In-house assessment report
• Detailed statement / estimate of loss
• Photographs of the damaged machine / equipment

Product Brief:

This policy provides cover for loss of money whilst in transit, in the safe and on the insured’s premises.

Target Market:

Corporate Organization

Benefits

• It provides cover for loss of cash while in transit
• It provides cover for loss of cash in securely locked safe or strong room in the insured’s premises.
• Reimburse loss of cash on premises for checking and disbursement during working hours.
• Reimburses cash in personal custody of named or unnamed executives.

Features

• Covers Money (other than cheque) in transit whilst in charge of the insured’s employees from the time the money is received by the employees and until paid into a bank or delivered at the insured’s premises - Cash in transit
• Covers cash in personal custody
• Covers damage to safe

Policy Documentation

• Completed proposal form
• Certificate of incorporation
• Nature of business or trade of the insured
• Estimated annual carriage limit

Claims Documentation

• Duly completed claim form
• Detailed statement on circumstance of loss
• Estimate of loss
• Documents/instruments that support the lost money
• Police investigation report
• Details of the cash carrier including their insurance details

Product Brief:

This is a product that pays for damages to your vehicle as a result of theft, accident and fire. It comes in 3 variants namely Moov (Third Party), Moov Plus (Third Party, Fire and theft), Moov Prestige (Comprehensive) and Moov Luxury (Comprehensive)

Target Market:

Corporations

Benefits

• Covers Third party bodily injury & death – unlimited
• Unlimited cover for accidental bodily injury or death of third party
• Covers cost of repairs to own vehicle if damaged by fire
• Indemnifies you in case vehicle is stolen
• Towing limit: N10,000.00
• Insured’s personal accident benefits: a limit of N100,000.00
• Loss of personal effect up to N30,000.00
• Authorized repair limit up to N50,000.00
• Third party property damage up to N2million

Features

• Fire damage to the insured vehicle
• Theft & Accidental damage of the vehicle
• Excess buyback: free
• Flat depreciation rate
• Riot, strike & civil commotion (RSCC): Free
• Free tracker if vehicle value is N3million and above
• Passenger liability: N75,000 per person & N350,000 per vehicle
• Repair caused by accidental damage is paid for by insurer
• Nil depreciation on total write off for a brand new vehicle of less than six months
• No Claim Bonus of 2.5% payable after 2nd year of renewal

Policy Documentation

• Completed proposal form
• Copy of vehicle license
• Proof of ownership

Claims Documentation

• Repair estimate from a certified mechanic
• Clear photographs of the damaged vehicle
• Police report in the event of injury or death of a third party

Product Brief:

The risks covered include damage to the vehicle when parked in the garage or during road tests as a result of accident, fire or theft, death or bodily injury to third parties as well as damage to the properties of third parties due to accident involving your vehicle.

Target Market:

Motor dealer

Benefits

• Unlimited cover for accidental bodily injury or death of third party
• Covers cost of repairs to own vehicle if damaged by fire
• Indemnifies you in case vehicle is stolen
• Repair caused by accidental damage is paid for by insurer
• Nil depreciation on total write off for a brand new vehicle of less than six months
• Towing limit: N10,000.00
• Insured’s personal accident benefits: a limit of N100,000.00
• No Claim Bonus of 2.5% payable after 2nd year of renewal

Features

• Cover road risks and/or garage risks
• Third party bodily injury & death – unlimited
• Fire damage to the insured vehicle
• Theft of the vehicle
• Accidental damage to insured's vehicle
• Riot, strike & civil commotion (RSCC): Free
• Authorized repair limit:
• Passenger liability

Policy Documentation

• Completed proposal form
• Certificate of incorporation
• Proof of ownership

Claims Documentation

• Duly completed claim form
• A detailed repair estimate from a certified mechanic
• Clear photographs of the damaged vehicle
• Police report in the event of injury or death of a third party
• Details of the negligent TP (if someone else is responsible for the cause of the accident), including names, full address, insurance details.
• A duly completed claim form with a detailed description of the loss
• In case of theft
• A interim police report
• Original and duplicate keys of the stolen vehicle
• Original vehicle license, registration certificate, CMR, proof of ownership, and other original particulars of the stolen vehicle
• Letter transferring ownership of the stolen vehicle to Wapic Insurance Plc
• Final Police report

Product Brief:

This policy covers loss or damage to the insured from any cause outside the machine e.g. fire, impact explosion theft except breakdown which is the subject of another policy

Target Market:

Contractor

Benefits

• Indemnifies in the event of Short-circuit, disruption, electrical overpressure
• Failure of operation of safety devices
• Structural defects, material defects or defects of assembly.
• Fortuitous working accidents such as vibration, maladjustment
• Loosening of parts, abnormal stresses, fatigue, centrifugal force, excessive speed
• Defective or accidental lack of lubrication, seizure, water hammer or local overheating
• Falling, impact, collision or similar occurrences
• Obstruction or the entry of foreign bodies

Features

• All Stationary equipment can be covered
• Mechanical plant: Including engines, turbines (steam, water & gas), blowers, compressors, pumps, machine tools, presses and refrigerators.
• Process machinery in such industries as cold storage, engineering

Policy Documentation

• Completed proposal form
• Certificate of incorporation
• Current valuation and maintenance report

Claims Documentation

• Duly completed claim form
• Detailed statement on circumstance of loss
• Statement of claim
• Police report,

Product Brief:

This cover provides protection to aircraft owners (private and commercial) and their lessors with respect to operational risks (standard aircraft hull all risks, total loss only, aircraft spares, passenger legal liability, passenger baggage legal liability, third party and cargo legal liability, passenger and crew personal accident) for total or partial loss during take-off, in flight and landing and for damages on the ground.

Target Market:

Benefits

• Cover all risks of loss of or damage to aircraft
• Cover legal liability to passenger
• Cover loss of or damage to aircraft by war and allied perils
• Cover loss of or damage to spare aircraft engines, parts or equipment.
• Cover legal liability for bodily injury or property damage suffered by third parties.

Features

• Provide compensation to passenger and third parties
• Provide financial compensation for loss or damage for ground risks
• Damage to cargo/baggage

Policy Documentation

• Completed proposal form
• Certificate of incorporation
• Standard Airworthiness certificate
• Valuation report

Claims Documentation

• Estimate of repairs
• Statement of loss
• Service log of the Hull
• Certificate of air worthiness
• Evidence of the third party insurer (where third party is involved)
• Any other substantiating documents.

Product Brief:

This policy covers the shipment of consignment for one single voyage after which the contract terminates. The certificate is issued by the underwriter per request from client.

Target Market:

Importer

Benefits

• Protects you from footing the bill of loss/damage of goods in the cargo
• Provides unlimited cover for third party property loss
• Cover is warehouse-to-warehouse; from the time the goods leave the seller to the place of storage at the final destination
• Wapic offers an annual open cargo policy which automatically insures your shipments on set terms, conditions and rate without the need to contact us each time.

Features

• ship being stranded, grounded, sunk or capsized
• overturning or derailment of other land transport
• collision of the ship or other form of transport with any external object
• General Average & Jettison

Policy Documentation

• Copy of Form M
• Country of origin/destination
• Proforma Invoice
• KYC Documentation

Claims Documentation

• Original policy or certificate of insurance
• Original or copy shipping invoice, together with shipping specification and/or weight notes.
• Original Bill of Laden and/or other contract of carriage
• Survey report or other documentary evidence to show the extent of the loss or damage
• Landing account and weight notes at final destination.
• Discrepancy certificate
• Correspondence exchanged with the Carriers and other parties regarding their liability for the loss or damage

Product Brief:

Marine Hull Insurance covers loss or damage to vessels, yachts and their machinery. The hull is the structure of the vessel.

Target Market:

Benefits

• Provides financial compensation for damage caused to vessel
• Liability coverage protects you against third party property damage and bodily injury claims
• Covers piracy and violent theft of the vessel by persons from outside

Features

• Insured can select to protect vessel against all risks (theft, fire, damage caused by accident/collision)
• Cost of repairs is paid if a claim occurs
• Covers loss of or damage to any other vessel or property on that vehicle during a collision with the insured vehicle
• Cover applies even if collision is with a sister ship (same owners or management)

Policy Documentation

• Official number and name of your vessel
• Proof of ownership and seaworthiness
• Current survey/inspection report issued by a qualified marine engineer
• KYC Documentatio

Claims Documentation

• Estimate of repairs
• Statement of loss
• Service log of the Hull
• Certificate of sea worthiness
• Evidence of the third party insurer (where third party is involved)
• Any other substantiating documents.

Product Brief:

Group Life assurance scheme is an insurance solution designed for staffs of corporate organizations and members of associations and social clubs. It provides financial protection for loved ones of an employee working in organization or member of an association in case of demise whilst in service.

Target Market:

Corporations

Benefits

• The benefits payable under the policy is tax free
• Benefits upon demise is paid to the beneficiaries of the deceased employee
• Discharges any responsibilities employers may feel towards staff’s dependants
• It aids employers in attracting and retain best quality staff
• Mitigates employer’s unplanned financial payout associated with the death of an employee
• Fosters good relationship between the employer and the employees as the employee is rest assured that his/her loved one would not be financially strained
• >It relieves associations and friends from the burden of contributing toward the financial needs of a bereaved member’s family
• It relieves the government of the burden of providing for employees’ family and liberates the society of the menace of social problems of disintegrate family members arising from death of a bread-winner
• • It gives a creditor sufficient level of comfort to advance loan which indirectly contributes toward the growth of an economy

Features

• It is an yearly renewable policy
• Death Benefit is a minimum of three times the annual emolument for employee coverage according the Pension reform Act of 2014
• It provides optional cover for critical illness, burial expense, terminal/ accelerated benefit, accidental medical benefit, permanent disability

.

• It also accommodates spousal benefits for employees on a scheme
• Premium payment is annual
• Guaranteed death benefit becomes payable upon demise within the specified period
• Sum assured can be increased by the policyholder
• There must be a minimum of three (3) persons to incept cover
• It covers death as a result of any occurrence except suicide
• It provides worldwide coverage
• Retirement age is determined per scheme but to a maximum of 65 yrs.
• Medical Examination may be required for some members

Policy Documentation

• Completed proposal form
• Copy of vehicle license
• Proof of ownership

How it Works

• Proposer provides Wapic with the names, dates of birth, annual emolument/sum assured of each member with the selected options (if any)
• Wapic computes the provisional premium payable
• Proposer accepts premium payable, fills required Proposal Form & provides KYC documents
• Proposer makes premium payment
• Wapic issues policy document and advises members to undergo medical examination (where necessary)
• Wapic issues policy document