Oceanic Insurance Reforms
We have been restructured to optimise the inherent opportunities within our Group and positioned to deliver world-class insurance services to the country. This is reflected in our governance structure, management team (People) and technology.. more »
Oceanic Recruits
We provides equal opportunity for employment and promotion to all qualified candidates. Oceanic Insurance's policy is to employ the best qualified people possible to fill present and future vacancies. more»
BONDS
BID/TENDER BOND
This is applicable if the contract is by tender and not mutually negotiated.
The bond indemnifies the principal against financial loss resulting from the inability of the contractor to comply or carryout the contract work after award of the contract following the bid.
PERFORMANCE BOND
This is a form of guarantee issued to provide adequate insurance protection to the principal for the award of contracts. This is basically to indemnify the principal against financial loss suffered following non-performance /completion of the contract works in accordance with its specification and terms by the contractor.
ADVANCE PAYMENT BOND
It provides indemnity to the principal for the amount of money advanced to the contractor following failure to execute the contract up to the amount advanced
CUSTOMS & EXCISE BOND
This guarantees that if dutiable goods, intended for export and on which no duty is payable, find their way into the home market or are stolen, the duty will be paid by the surety (insurer) should the owner or manufacturer fail to pay.
CREDIT BOND
It provides indemnity to the Financier/Bank/Financial home against the inability of the contractor to pay back the amount borrowed. The indemnity amount is limited to the amount outstanding against the insured.
UNDERWRITING CONSIDERATIONS
1. Certificate of incorporation of the company
2. Memorandum of Association
3. Contract Agreement
4. Three years audited account of the company
5. Evidence of previous performance of similar contracts
6. Collateral e.g. building with C of O
7. Names and residential addressed of two(2) directors of the company with two(2) passport photographs each
8. Completed counter and personal indemnity forms.
