Machinery Breakdown Insurance

This policy provides cover for any unforeseen and sudden physical loss or damage from causes such as defects in casting and materials, faulty design, faults at workshop or in erection, bad workmanship, lack of skill/carelessness, shortage of water in boilers, physical explosion, tearing apart on account of centrifugal force short-circuit, storm and any other cause not specifically excluded.

Circumstances

The cover applies whether the insured property is at work or at rest or dismantled for the purpose of cleaning, overhauling, or of being shifted within the premises, or in course of subsequent re-erection.

 Premises/Location

The insured machinery is covered as long as it remains on the premises specified in the insurance schedule.

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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