Stanbic Heights Star Assurance Headoffice


Products under this category includes:

Contractors All Risks (CAR)

Star Assurance Contractors All Risks (CAR) is an All Risks policy that provides indemnity to our insureds against loss or damage to the contract works, the
insured's plant and machinery and liability to third parties in respect of death, bodily injury or property damage during construction of the project works. Due to its comprehensive nature of cover, our CAR policy can be effected in respect of all types of buildings such as schools, residential & office buildings, etc. and all forms of civil engineering projects like airports, bridges, roads and water dams involving mostly brick and mortar.

Erection All Risks (EAR)

Similar to Contractors All Risks (CAR), Star Assurance Erection All Risks (EAR) policy offers comprehensive and adequate protection against all risks
involved in the erection, assembling, testing and commissioning of machinery, plant and steel structures of any kind, as well as third-party liability in
respect of property damage or bodily injury arising in connection with execution of the contract. Projects most appropriately insured under our EAR
includes power & chemical plants, telecommunication towers, boilers and railways lines involving mainly steel and metal and where the erection,
assembly, installation of the Machinery/equipment are manufactured in the factory and brought to be assembled on site.

Contractors Plant & Machinery All Risks (CPM)

Bearing our prestige contractors in mind, our CPM policy is designed to offer comprehensive and adequate protection against accidental physical loss or damage to the contractors’ plant and machinery. It covers unforeseen and sudden physical loss or damage from any cause whatsoever except specifically excluded, occurring whilst the machinery is at work, at rest or during maintenance operations. It thus provide indemnity by way of repair, replacement, or cash payment to the insured when the insured item suffers loss or damage. Machines commonly insured under our CPM policy are cranes, bulldozers, graders, excavators, factory
machines and plants, etc. boilers (although they can be more specifically insured under Boiler & Pressure Vessel policy).

Machinery Breakdown Insurance (MB /MI)

Machinery Breakdown Insurance (MB) is important for any firm largely operating plant or machinery.

This is because the failure of certain machines can lead to major losses and thus threaten the existence of such a firm. In the light of this, we designed
our Machinery Breakdown policy to address this concern. Our policy can thus be effected for all types of machinery, refineries, and apparatus, electrical equipment and plant, such as power generating units (turbines and generators), power distribution plant (transformers, high- and low-voltage switchgear), production machinery and plant etc. such that in the event of breakdown, indemnity would be provided to the insured. The scope of cover for our policy is such that, it provides an All Risks cover in respect of any sudden and unforeseen physical loss that leads to breakdown of the insured machinery.

Machinery Loss of Profits or Business Interruption Insurance (MLoP)

Damage to some essential machinery and equipment inevitably leads to business interruptions, the consequences of which can cause companies considerable expense due to lost production and revenue. Even more worrisome is where the insured had taken loan from a bank to purchase such machinery for operations.  Our MLoP which is an “add-on” to our Machinery Insurance policy was thus designed to minimize the Business Interruption risk for companies as it indemnifies the actual loss of gross profit sustained as a result of a business interruption caused by an accident covered under the Machinery Insurance. Specifically, indemnity provided under this policy mainly include continuing business expenses (standing charges) including the salaries and wages paid to employees, rent etc., the gross profit, and increase in cost of working, i.e. the additional expenditure necessarily and reasonably incurred for avoiding or diminishing a reduction in turnover.

Principal’s Advance Loss of Profits Insurance (ALoP
or DSU)

Principal's advance loss of profits insurance, also known as advance loss of profits (ALoP) or delay in start-up insurance, is an “add-on” that indemnifies the actual loss of gross profit sustained as a result of delayed commencement of business operation caused by an accident covered under the contractors' or erection all risks policy. It therefore provides protection in respect of anticipated financial losses to the principal or employer resulting from the delayed completion of a project (and therefore the delayed commencement of operations), provided that the delay is caused by an occurrence for which there is indemnity under the material damage section of a construction & erection policy. Our ALoP or DSU insurance can be effected in respect of any project which is expected to yield income or revenue. Examples are: Hospitals, shopping malls, office complex, retail shops, power stations, hotels, airports, etc.

Electronic Equipment Insurance (EEI)

The term Electronic Equipment comprises all electrical and electronic systems that are used in data processing and information transmission. Most common examples of such systems are office equipment, communications and radio equipment, medical equipment, Graphics industry equipment, broadcasting
and TV equipment.

We have tailor-made our EEI policy, which is an All Risks policy that provides indemnity in respect of sudden and unforeseen physical loss or material damage to the insured equipment. Cover is usually provided in respect of accidental material damage to the equipment, data media including cost of data reconstruction and increased cost of working.

Deterioration of Stock in Cold Storage (DoS)

The basic objective of our DoS policy is to offer our clients a comprehensive and adequate protection against loss or damage in respect of perishable goods stored in cold storage due to breakdown of the refrigerating machine/equipment. The policy can be effected in respect of all perishable goods suitable for storage in cold-storage houses. Cover is in respect of the actual product such as fish, meat, food, drugs, etc.). Under this policy, we agree to indemnify the our Insured if the goods stated in the policy schedule suffers from deterioration due to any unforeseen and sudden physical loss of or damage to the machinery in which the perishable foods are stored. However, the cause of such loss must be covered under the machinery breakdown policy covering the machine, before indemnify to the Insured in respect of such deterioration of stock would be covered.