General/property insurance

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This is also referred to as “non-life insurance. “it insures risks such as;

  1. Fire
  2. Theft and burglary.
  3. Flood
  4. Natural calamities.
  5. Schemes with special links-the schemes include educational policies, pension and group schemes and convertible schemes. Annuities are a form of pension scheme. The assured pays either a lump sum or a series of installments to an insurance company.
  6. Marine-this is the oldest and it covers ships and goods in ships.it deals with risks that may occur at sea,goods stolen and it covers areas such as;
  7. Marine hull-this policy covers the ship.
  8. Marine cargo-covers the cargo carried the ship.the following are the policies under marine cargo.
  • Voyage policy-the ship/goods in a ship are insured for a specific journey.
  • Time policy-covers losses that may be incurred over a specified period of time,usually less than one year.
  • Floating policy-covers all the cargo carried on a particular route which could be one or more ship(s).
  • Mixed policy-this is a cover taken on cargo for a particular route for a specified period of time.it combines voyage and time policies.
  • Accident –insures vehicles against accidents.



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