Consequential Loss Insurance

This policy is suitable for business concern to whom business interruption would mean heavy monetary loss in view of huge fixed costs levels.

This class of insurance is designed to provide cover for expenses and increased cost of working as a result of business interruption following a loss covered by the fire policy. Insurance cover can be taken for the maximum period (Indemnity period) of the anticipated interruption in the event of loss of:

  1. Net Profit which would have been earned but for the incident
  2. Standing charges such as rent, rates, taxes, loans, interests, bank charges and the likes which may still be payable even though the business may be more or less at a stand still
  3. Increased or Extra expenses incurred with a view of reducing the continued loss of net profit such as wages of skilled and/or extra staff, cost of alternative or temporary accommodation, advertisement, etc.
  4. Auditor’s Fees in assisting in the preparation of the claim.

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Guinea Insurance Company Limited became operative from December 3, 1958. The Overseas shareholders held 51% majority shares before the indigenization decree of 1976, reversed the holding to 60% Nigerian interest, 40% overseas.

The Overseas Shareholders divested their 40% holding to existing Nigerian Shareholders in 1988 thereby making the Company 100% Nigerian.

Contact

Guinea Insurance House
33 Ikorodu Road Jibowu, Lagos.

Copyright © 2020 Guinea Insurance Company Limited RC1808. Authorised & Regulated by the National Insurance Commission RIC N0. - 017