Contractors All Risk Insurance

This policy is specially designed to provide compensation to the insured in the event of physical damage to/or disruption of work in progress, contract work, construction plant and equipment and/or construction machinery and other similar items brought to the site,

Who needs the policy?

  • Contractors
  • Firms commissioned to carry out the work, including subcontractors
  • Project owners
  • Parties financing the project

What does it Cover?

  • Fire and Allied Perils
  • Flood, Water Damage for Wet Risks
  • Collapse
  • Faults in erection/ construction
  • Human errors, negligence

Cover Exclusions

  • War and Nuclear risks
  • Willful Act or Willful Negligence of the Insured
  • Partial/total cessation of Work
  • Defective material or bad workmanship
  • Normal wear and tear
  • Normal Maintenance
  • Loss or damage due to faulty design
  • Contractual liabilities
  • Consequential losses

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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