Consequential Loss Insurance

This class of Insurance is designed to indemnify you against loss of earning following damage/loss caused by fire and special perils to property insured.

What is covered?

  • Net profit which would have accrued if the fire incident/special peril had not happened.
  • Fixed charges as interest, rents rates etc. which are compulsorily payable although no business activities is taking place in the premises again. These are called standing charges in the policy.
  • Expenses which will help to facilitate the resumption of normal business and minimize loss of net profit e.g. hiring of temporary premises, engaging the services of extra staff or working overtime. This is called increased cost of working.
  • Wages of staff whose services will have to stop immediately due to the fire damage – retained wages of skilled employees whose services are needed/for quick return of the business activities of the company.
  • Auditors’ fee of the Auditors employed to prepare any claim under the policy.

Who purchases this cover?

This is for Corporate and Individuals.

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About Us

AIICO Insurance Plc., is the leading life insurer in Nigeria.

Founded in 1963, AIICO provides life and health insurance, general insurance, investment management and pension management services as a means to create and protect wealth for individuals, families and corporate customers.