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»
FIRE & SPECIAL PERILS INSURANCE
This policy is designed to indemnify the insured against loss or damage to the insured property consequent upon:
- Fire
- Lightening
- Explosion
Loss or damage arising from the following natural perils are also covered:
- Flood
- Storm
- Tempest
- Earthquake
- Typhoon and the likes
UNDERWRITING CONSIDERATIONS/REQUIREMENTS
1. Location
2. Construction
3. Trade hazards
4. Adequacy of sum insured
5. Result of the survey report
FIRE CONSEQUENTIAL LOSS
Whilst the physical loss or damage caused by fire can be indemnified by a fire policy, the indirect losses to commercial firms, resulting from disruption of business activities and lack of production pending the time when production will be restored to its pre-fire status. This indirect loss can be covered by consequential loss or Business interruption or Loss of profit policy.
UNDERWRITING CONSIDERATIONS/REQUIREMENTS
This class is tied to a fire policy hence same considerations apply. However, the following must be considered in addition:
1. Location
2. Construction
3. Trade hazards
4. Adequacy of sum insured
5. Result of the survey report
6. indemnity period
BURGLARY INSURANCE:
This policy covers loss or damage to the property insured whilst contained within the premises as a result of theft accompanied by actual forcible and violent breaking into or out of the insured’s building.
This could be effected for both Private dwelling and Business premises.
UNDERWRITING CONSIDERATIONS/REQUIREMENTS
1. Location
2. Business or occupation
3. Past insurance history
4. Sum insured
5. Moral hazard
6. Survey
HOUSEHOLDERS' COMPREHENSIVE:
This is designed to cover the contents of the insured’s private dwelling against the risks of Fire & Special perils, Burglary & Housebreaking.
"Contents" means Household goods and all other personal effects, fixtures & fittings, property of the insured or of any permanent member of his household. The policy also covers damage to the Building including fixtures and fittings the property of the Insured as owner or for which he is responsible as Tenant. Insured's legal liability to the public and Compensation for Death of insured caused by Fire or Theft are also covered up to a limit.
UNDERWRITING CONSIDERATIONS/REQUIREMENTS
1. Location
2. Construction
3. Adequacy of sum insured
4. Result of the survey report
