General Insurance

Property/Fire Insurance

The basic intention of the property/fire policy is to provide compensation to the insured in the event of damage to the property insured.The standard fire & lightning policy covers damage to property caused by fire, lighting or explosion, (explosion caused by gas or electric boiler used for domestic use). However, property can be damaged by other means and to meet this need a number of optional special perils are provided by NICE upon payment of an additional premium. These include:

• Storm, tempest and flood
• Bursting or overflowing of water apparatus
• Earthquake
• Bush fire
• Impact damage
• Spontaneous combustion
• Subsidence and/or collapse
• Strike, riot and malicious damage and/or
• Other types of explosions
• Aircraft damage
• Business interruption / loss of profit

For commercial enterprises, NICE provides fire insurance for building, machinery & plant, stock and household goods, etc. The Corporation does NOT cover damage/liability in connection to terrorism and war.

General Accident Insurance

• Burglary & Housebreaking Insurance:   This policy has a similar aim as the fire standard policy. It intends to provide compensation to the insured in the event of loss of the insured property. Within the meaning of the policy, burglary shall mean to include forcible entry or exit from the premises.
• Fidelity Guarantee Insurance:  The object is to provide insurance against loss caused by the dishonesty of persons holding positions of trust.
• Personal Accident/Group Personal Accident Insurance:  This provides compensation in the event of an accident death or injury, permanent total disablement (PTD), temporary total disablement (TTD) and medical expenses/hospitalization expenses. The policy pays compensation in case of death or bodily injury to the insured member of the group solely due to an accident.
• Workmen’s Compensation Insurance:  NICE underwrites workmen’s compensation policies for businesses. The policy covers the liability of the employer as per Labour Proclamation of Eritrea No. 118/2001 of the employer against death or bodily injury by accident or occupational diseases occurring at the place assigned for work or arising from his work and during the time of his work.
• Money Insurance:  The policy compensates the insured in the event of money been stolen from the insured’s home or business premises, or while being carried to or from the bank, in safe, and/or other transits.
• Plate glass Insurance:   This covers the accidental breakage of plate glass windows and doors.
• All Risks Insurance:   This provides cover for expensive property, lost or damaged by accident, which is not specifically excluded. An all-risks insurance contract covers the insured from all perils, except the ones specifically excluded from the list. The most common types of perils excluded from "all risks" include: earthquake, war, government seizure or destruction, wear and tear, infestation, pollution, nuclear hazard, market loss, etc. An individual or business, who requires coverage for any excluded event under "all risks" may have the option to pay an additional premium, known as a rider or floater, to have the peril included in the contract.
• Goods-in-transit Insurance:   This provides compensation to the owner of goods if they are damaged or lost in transit. This provides covers for goods against the various risks that may affect them during their transfer from one place to another during a certain period

Engineering Insurance

The cover intends to provide compensation to the insured in the event of loss or damage to the property insured and the liability of the insured depending on the type of the policy as follows:

• Contractor’s All Risks(CAR) Insurance:   This policy provides cover for every hazard that is not specifically excluded. It offers protection against loss or damage in respect of contract works and third party claims in respect of property damage or bodily injury in connection with the construction project.
• Erection All Risks (EAR) Insurance :   Provides cover against all site risks involved in the erection of plant and machinery and steel structures of any kind as well as third party claims in respect of property damage and bodily injury in connection with an erection project.
• Contractors Plant & Machinery Insurance:   Provides cover for plant and machinery whether in use, idle or being dismantled, in the course of operations, following successful commissioning of the construction project.
• Machinery breakdown Insurance:   Provides cover against unforeseen & sudden physical loss or damage from various perils not specifically excluded.
• Boiler Explosion Insurance :   Provides cover against explosion, collapse or damage to boiler and surrounding property of the insured by pressure vessels. It also provides cover for liability for death or bodily injury and property damage to third parties.
  
  
• Electronic Equipment Insurance:   Provides cover against unforeseen and sudden physical loss or damage to electronic equipment. This cover applies whether the insured items are at work or at rest, or being dismantled for the purpose of cleaning, overhauling or of being shifted within the premises, or in the course of the aforesaid operations themselves, or during subsequent re-erection, but in any case only after successful commissioning.
  
  

Marine Insurance

Marine policies cover risk associated with ‘perils of the sea’. Policies are available for Marine hull (shipping boats, pleasure boats, tankers, etc.) and Marine cargo (includes freight).

• Marine Hull & Machinery Insurance:   Policy covers the physical loss or damage to Hull & Machinery of the vessel and that it plies within defined territorial waters which is defined in the policy.
• Marine cargo Insurance:   Policy is designed to provide cover for loss or damage to cargo during transit by Air, Rail/Road, Sea and other ancillary modes of transports in respect of Imports & Exports [Sea & Air] and also Inland Transits by Rail/Road. Coverage provided depends upon type of cargo, nature of transit and the risk covered i.e. whether restricted cover or wider cover including freight. Coverage is provided based upon the standard clauses, conditions and warranties attached to the policy. Add on covers like Customs Duty Insurance, FOB Extension, shut-out cargo and Seller's contingency insurance.

Aviation Insurance

• Aircraft Hull All Risk Insurance:   In-flight coverage protects an insured aircraft against physical damage during all phases of flight and ground operation, including while parked or stored. The Insured’s aircraft can be owned, leased, rented or operated by the insured for which the insured is responsible.
• Spares All Risk & War Risk Insurance:   Indemnify engines, spare parts, components & ground support equipment which is used in connection with the Insured’s aircraft including spares kept in warehouse or property of others which is in the care, custody or control of the Insured for which the Insured is responsible. Coverage also extend War related incident.
• Aviation Third Party Legal Liability Insurance:   The Insured’s legal liability for damage to property or bodily injury to persons including to passengers, passengers baggage and personal effects, cargo (including declare values) and mail and including General Third Party Legal Liability arising out of Insured’s aviation operations.
• Aircraft Hull War Risk & Allied Perils Insurance:   Covering all risks against Hull War and Allied Risks (including confiscation by Government of Registry) to aircraft owned/operated/leased by the Insured.
• Aircraft Hull Deductible Buy Down Insurance:   To Cover the Insured for loss or damage to aircraft which would have been payable in accordance with the Hull "All Risks" Insurance Policy but for the deductible provisions therein.
• Crew Personal Accident Insurance:   Covers Cabin Crew i.e. Pilots & Co-Pilot (Flight Attendant / Air Hostess), Ground Staff, Engineers against Personal Accident. This can be opt either for 24 hours basis Or on duty only.
• Aerospace / Non—Flying Insurance:   NICE do have technical expertise in providing Insurance services to the Aerospace Clients viz. Refueling Liability, Airport Liability, Ground Handling Operations, Hangar Keepers Products and Premises Legal Liability, Air Traffic Controllers & Catering Liability

Medical Insurance

Wina Medical Insurance provides cover for the policyholder and their dependants against hospitalization expenses arising from medical or surgical treatment for any disease or bodily injury. NICE will either pay the hospitalization expenses directly to the doctor or will reimburse the policyholder for the hospitalization expenses, provided proper receipts are provided. Benefits are only paid if:

• Patient is treated as an in-patient
• Patient is treated upon the advice of a qualified physician
• Hospitalization takes place inside Eritrea and
• illness or injury occurs after the policy is issued
• Ambulance costs

The policy also covers pre-hospitalization medical expenses if they result in policyholder’s admission as an inpatient and post-hospitalization expenses for medication. Medical insurance can be provided as individual or group. All applicants above the age of 40 must undergo a medical examination prior to approval of their application. If no claim is made for four consecutive years the sum insured will automatically be increased by 20% and the policyholder will be entitled to a free health checkup to the value of 1% of the increased sum insured.

Livestock Insurance

In recognizing the importance of the agricultural sector to Eritrea; NICE offers a Livestock insurance policy, covering injury and death of livestock due to the following:

• Accidental injury/illness
• Permanent total disability of the animal
• Calving and Transport risks

NICE plans to extend its business in the agricultural sector in the future to include:

• Indemnifying farmers against any unforeseen losses
• Provision of products already available in urban areas to those in rural areas; and
• Providing cover for agricultural loans granted by banks and other financial institutions.

Bond Insurance

NICE also offers bonds to cover financial obligations that may arise in connection with construction works and other activities:

• Bid bond Insurance: makes a payment to the holder, should the principal fail to enter into a contract to provide work and materials within the period specified and at the prices offered by the bid accepted.
• Performance bond Insurance: makes a payment to the holder should a contractor fail to perform their obligation as agreed under a contract entered into
• Advance payment bond Insurance: c. Advance payment bond Insurance: makes a payment to the holder should a contractor default from their obligations following payment of an advance payment; and
Other bonds:

• Retention Bond Insurance: Protects the risk of the contractor's failure to perform the contract after the contractor finishes work or project. It is an agreement between a contractor and client by a third party known as a bond provider which acts as a guarantor.
• Customs Bond Insurance: A Customs Surety Bond is a contract used for guaranteeing that a specific obligation will be fulfilled between Customs and an importer for any given import transaction. The main purpose of a Customs Bond is to guarantee the payment of import duties and taxes.
• Supply Bond Insurance: One of the many contract bonds that ensures a supplier will produce the supplies or materials specified in the contract.
• Maintenance Bond Insurance: A maintenance bond is purchased by a contractor that protects the owner of a completed construction project for a specified time period against defects and faults in materials, workmanship, and design that could arise later if the project was done incorrectly

Liability Insurance

• Professional Indemnity Insurance: Covers the liability of professional people against claims for damage or financial loss allegedly due to their negligence, errors or omissions that may result in damages being awarded against them.
• Public Liability: Covers liability arising from premises risk whether it is manufacturing unit, office, go-down, shop, hotel, mall, theater, out of social activities and so on.
• Product Liability: provides cover against liabilities due to goods manufactured, supplied or sold.

Travel Insurance

Most travel insurance plans cover medical emergencies, trip cancellation, trip interruption, delays, medical evacuation and lost, damaged, or stolen luggage. Travel insurance will pay doctor and hospital expenses up to the benefit limit, when you face a medical emergency during travelling. If you’re stranded and having a medical emergency, travel insurance can help pay the cost of your evacuation to a hospital.

• Medical expenses
• Transport or repatriation of the deceased insured
• Accidental damage, loss or robbery to luggage
• Compensation for baggage delay
• Reimbursement of the cancellation expenses of the trip
• Indemnity due to the transport departure delay
• Personal Accident Cover
• Loss of passport
• Dental treatment relief
• Curtailment