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»
ENGINEERING CONSTRUCTION
CONTRACTORS' ALL RISK:
Contractors “all risk” insurance policy provides compensation to the insured for loss or damage by any means to:
- Contract works
- Temporary buildings
- Working tools
- Principal’s existing properties
- Materials meant for the contract.
In addition, cover extends to third party liabilities in respect of:
- Death
- Bodily injury to persons
- Damage to third party property
ERECTION-ALL-RISK INSURANCE
This policy provides compensation to the insured for any sudden and unforeseen loss or damage at the erection site as a result of:
- Material damage to the insured properties
- Damage to the existing properties of the principal
- Damage to plant and machinery of the contractor at the site
- Insured’s liability to third parties (death, bodily injury and loss or damage to properties) consequent upon the happening of an event at the erection site.
- Employees personal effects, if required
BOILER AND PRESSURE VESSEL INSURANCE
This policy provides cover for accidental loss or damage as a result of the following:
- Explosion and collapse of boiler or any other pressure vessels.
- Damage to the insured’s property other than the boilers.
- Damage to surrounding properties (not belonging to the insured)
- Damage (other than by fire) to plant and other property belonging to the insured.
- Damage (other than by fire) to property held by the insured in trust or on commission or for which they are responsible.
- Other legal liabilities of the insured such as death or bodily injury to third party.
PLANT-ALL-RISK INSURANCE
This policy provides cover in respect of plant and machinery specified in the policy as a result of:
- Unforeseen, sudden, physical loss or damage as a result of fire, theft and impact damage
ELECTRONICS EQUIPMENTS-ALL-RISK INSURANCE
EEI provide cover for the insured item(s) against all risks of loss/damage not specifically excluded under the policy, WHILST the insured item(s) is:
- At work
- At rest
- Being dismantled for the purpose of cleaning, overhauling or repairs
Material damage cover is available for such equipment as:
• Electronic Data Processing (EDP) equipment
• Electrical and Radiation equipment for medical use
• Communication facilities
• Miscellaneous equipment.
Cost of data restoration is also covered.
MACHINERY BREAKDOWN INSURANCE:
This policy covers any unforeseen and sudden physical loss or damage from causes such as
- Defects in casting and materials
- Faults at workshop or in erection
- Bad workmanship 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 causes not specifically excluded
CONSEQUENTIAL LOSS ON MACHINERY BREAKDOWN
This policy covers loss arising from business interruption due to machinery breakdown in respect of:
- Loss of profit
- Salaries/wages paid to employees
- Auditors’ fees
