Definition of Insurance:

Insurance can be defined as a contract

between parties. This contract is
represented by a policy. The contracting
parties are the insured, who pays a
consideration (premium) and the insurer,
who receives it. For receiving the premium,
the insurer(s) agrees to satisfy and make
good to the insured any loss, damage or
accident that may happen within the
contract period according to the terms and
condition of the contract or policy.

Classes of Insurance
There are many classes of insurance. For property
insurance, we have; Fire and Special Perils, Burglary
/Theft Insurance, Householders/House owners Insurance,
All Risks Insurance, Plant All Risks Insurance, Machinery
Breakdown Insurance, Electrical /Electronic Insurance,
Goods In Transit Insurance, Automobile Insurances,
Marine Open Cover Insurance, for Pecuniary Insurance,
we haveMoney Insurance, Business Interruption
Insurance, Fidelity Guarantee Insurance, Public Liability
and Product Liability Insurance . , and for personnel
Insurances we have, Workmens Compensation Insurance,
Group Personal Accident, Group Life Assurance and
Contributory Pension Scheme. The list is not exhaustive
but for the purpose of this meeting, we will limit our
presentation to a few.

UNICEM Insured Assets

UNICEM assets are presently insured

under four policies namely; Industrial
All Risks policy, All Risks Insurance
Policy, Electrical/Electronic Insurance
policy, Householders/House owners
Insurance policy and Marine Open
Cover Insurance. The scope of these
policies is as follows;