Wednesday, 13 December 2017

Insurance today............ (Fire Insurance Cover)

What is 'Fire Insurance'

Fire insurance covers damage or loss to a property because of fire. It is a specific form of insurance in addition to homeowner’s or property insurance, and it covers the cost of replacement and repair or reconstruction above what the property insurance policy covers. Fire insurance policies cover damage to the property, and may also cover damage to nearby structures, personal property and costs because of not having the capacity to live in or use the property if damages occur.
!--break--Homeowners should document the property and its contents, which makes it easier to determine the value of items damaged or lost due to a fire outbreak. A fire insurance policy may contain exclusions based on the cause of the fire, such as not covering a fire caused by war.
The policy typically includes additional coverage against smoke or water damage due to a fire. A fire insurance policy is usually set up for one year. The policyholder may renew the policy according to the terms of the policy.
Some standard homeowner’s insurance policies include fire coverage, but others may not. This coverage may need to be purchased separately, particularly if the property contains valuable items that are excluded from coverage. The insurance company’s liability is limited by the policy value and not by the extent of damage or loss sustained by the property owner.

Policy Coverage

Fire insurance covers a policyholder against fire loss or damage brought about by the ignition of fire, electricity, lightning or explosion of gas, natural disasters, and bursting and overflowing of a water tank or pipes.
Most policies cover a home regardless of whether the fire originates from within the home or from outside the home. Coverage limits are dependent on the cause of the fire. The policy reimburses the policyholder on a replacement-cost basis in the event the property is lost, or on an actual cash value basis for damages.
If the home is considered a total loss, the insurance company may reimburse the owner for the current market value. If most of the possessions were destroyed in the fire, typically the insurance company offers a market value compensation for each item. For example, if a policy insures a home for $350,000, the contents are usually covered for at least 50-70% of the policy value, or $175,000 to $245,000. Many policies limit how much insurance companies pay for items such as luxury paintings, diamond rings or fur coats.


Coverage Assessment

A policyholder should check his home's value every year to determine if there is a need to increase coverage. He can set coverage limits using factors such as the value of the home and its contents. However, a policy may offer lower coverage limits for certain items, in which case it helps to purchase additional coverage for luxury items such as jewelry, art and other assets.

to be continued........

Saturday, 15 October 2016

Adamawa: Troops intercept suicide bomber in Madagali

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Vigilant troops of Operation LAFIYA DOLE Saturday morning intercepted and neutralized a male suicide bomber at Madagali, Adamawa State.

EFCC goes after Fani-Kayode over fresh N4.9bn scandal

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The Economic and Financial Crimes Commission has filed fresh money laundering charges against a former Minister of Aviation, Mr. Femi Fani- Kayode before a Federal High Court in Abuja.

‘Buhari Is Using Fake Chibok Girls’ Release To Divert Our Attention’ – Fayose

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Ekiti State Governor, Mr Ayodele Fayose has said the news of the release of 21 Chibok girls abducted by the Boko Haram insurgents is just a diversionary tactic by the government.
Fayose said that “it has become the practice of the All Progressives Congress (APC) led federal government to divert the attention of Nigerians each time it goofs.”
He noted that the report could be a way to shift attention from the last week assault on our judges and the Judiciary by federal government , which has been widely condemned.
Reacting through through his Special Assistant on Public Communications and New Media, Lere Olayinka, Governor Fayose said;
“Nigerians are no longer interested in the lies and make believes of the APC led federal government. Rather, Nigerians want the economy fixed and food on their tables.”
He said Nigerians should wait to see the set of girls said to have been released this time around before drawing any conclusion.
“As for me, I keep my fingers crossed on this reported release of 21 Chibok girls. This is because we were once told by this same government that one of the girls was released and the girl, who was supposed to be writing Physics WAEC examination then could not speak one sentence in English.
“Again, it was reported yesterday that Boko Haram bombed Maiduguri, Borno State and killed more than 10 people. How the same Boko Haram insurgents that bombed Maiduguri yesterday could release 21 Chibok girls today is a question Nigerians must ask.
“Until proved otherwise, the story still appears like one of the diversionary tactics of the federal government,” he said.
Speaking further, Governor Fayose said; “The economy deserves more attention than all these lies and propaganda.
“We have heard enough stories on corruption, the federal government should give Nigerians food. The people are suffering and their sufferings must be attended to by the federal government. “Propaganda, cheap lies and diversionary tactics must give way for serious governance

‘Vincent Enyeama Set To Return To Super Eagles’ – Coach Gernot Rohr

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Super Eagles technical adviser Gernot Rohr has made a stunning revelation of a possible return for former Nigeria captain Vincent Enyeama who quit the Super Eagles last year.
Rohr noted that Enyeama will return to the Super Eagles once the team has fought for, and clinched the ticket to the Russia 2018 World cup.
Rohr has said even though Carl Ikeme has been wonderful, Enyeama will still come back to the team to add more experience and competition
“I’ve known him (Ikeme) before now. I have seen him in his club, Wolverhampton Wanderers a second division side in England. I like his approach to the game, his concentration, calmness, attitude to training and games.’ Rohr told CompleteSportsNigeria.
“He is a good goalkeeper and I must commend him for his saves in Ndola. Carl kept us in the game by pulling at least three great saves. He was the man of the match against Zambia. Great guy.
“I said it that I wanted Vincent Enyeama to return from retirement and I called him and we spoke with him. He will come back if we qualify for the World Cup. We need very good goalkeepers in the Eagles.
“We have two local goalkeepers whom I don’t know if they will fit in if Carl sustains an injury, so I think we need two big goalkeepers.
“Of course for this moment, Carl is number one. We cannot change him, he will be number one for the next game”

Thursday, 22 September 2016

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WE HAVE TURNED THE BEND by the CBN GOVERNOR

The Central Bank of Nigeria (CBN) Governor Godwin Emefiele has sent words of good news to Nigerians and indeed the world on the recession-hit economy, by assuring  that
'We have turned the bend'..
Nigerians have been grumbling over the tough economic climate - high food prices, poor infrastructure, job cuts and low productivity, among others.
To Emefiele, who spoke with media executives at the weekend in Lagos said that  the worst is over. His optimism is hinged on the following facts:
  • foreign portfolio investors have injected $1 billion into the economy in the last two and half months;
  • an Emergency Spending Bill, which will enable the government shorten the process of spending money (through award of contracts) is ready for the National Assembly;
  • close to N374 billion will be injected into the economy this week to stimulate it. So far, N420 billion has been spent;
  • social spending will soon begin and there will be capital expenditure payments; and
  • one million traders will get subsidised loans.
'Those are the things that government is doing and I must confess to you that I'm optimistic that we have turned the bend and going forward we will still spend more that will stimulate the economy,' the CBN chief said.
He said the $1 billion inflow came in response to the flexible foreign exchange regime introduced within the period.
Speaking on the success of the forex policy and the government's policies geared towards reviving the economy, Emefiele said: 'The only way we can improve supply at this time is to say, 'fine, those foreign investors, those foreign portfolio investors, what do we do to make them come again?' And so we went into a flexible exchange rate regime. We opened the market, we organised the market. We've seen some depreciation in the currency, but I must say that at this time, we are somewhat happy that the result is paying off, because in two and a half months, we've seen close to about $1billion coming in as inflow into the market, and the reason this has happened is because other than just liberalising the market, we bought into the market the OTC (Over-The -Counter) features market.
'The Market that provides the opportunity to reduce the volatility in the foreign exchange market so that people do not bunch up their supply on the spot, so they can now go i and do their business without disturbing themselves about the exchange rate. Those were the actions that we've taken and today I must say that it's been successful.'
The government is determined to pump money into the economy and pull it out of recession, but this, according to the CBN boss, is being hampered by the slow procurement process, which, in most cases, takes about six months to actualise.
He said: 'Naturally, let me say this, if you are in a recession, basically what you do is to spend your way out of recession. I will tell us what has happened between January and now. I will tell you what actions have been taken to send us out of this situation. Budget, like you know was approved in May 2016 and, of course, by that time, we had started to see signs that this was going to happen. Unfortunately, the procurement process is such a long one in the Public Service and, of course you dare not breach, or break the rules of procurement and I give you an example.
'When you start the procurement for an item, what happens is that you have to advertise for bids in the newspapers. That process of advertisement and calling for bids require that it has to be for 12 weeks. Twelve weeks is three months. Now when you open the bid, you'll  now see the numbers, you'll now negotiate for the prices. After that you'll go to the Bureau for Public Procurement, get the approval. After that, maybe you'll go to the Federal Executive Council to get approval. You'll find out that almost six months would have elapsed and that is why government is saying we must shunt this process.
'Shunting this process means that we need to have an Emergency Spending Bill, which has now been prepared. I am aware it's ready for the National Assembly to take on for approval.
'What that does is, it removes all the bottlenecks involved in the process of procurement so that government can go directly and procure items and spend money to stimulate the economy.'
Emefiele said the Federal Government's revenue caused by falling oil prices and the restiveness in the oil producing areas that reduced crude output, will not daunt government's efforts o revamp the economy.
The apex bank, said Emefiele, is working to provide Bridge Funds to keep the government's activities going, pending when budgetary funding and due process requirements are met.
'Government remains undaunted, the Monetary and Fiscal policies remain undaunted and we also had in the budget a deficit of N1.8trillion; N900 billion was to be sourced locally, another N900 billion was to be sourced in foreign currency, and because the foreign currency is yet to come in, what the Monetary and Fiscal authorities are saying is, 'if the need arises, it would provide what is called 'Bridge Funding' for the fiscal authorities so they can go ahead and spend. When the proceeds of the foreign loans come, then, we can use that to clear the bridge fund that has been done.
'That is allowed because this time we do not need to wait and that's why you may have read  that the Minister of Finance just came up and said so far we have spent about N420 billion and, in fact, by this coming week (this week) alone another close to N374 billion would be injected into the economy to stimulate it.
'The social spending will kick in; other payments for capital expenditure will also kick in. Those are the things that government is doing and I must confess to you that I'm optimistic that we have turned the bend and going forward we will still spend more that will stimulate the economy,' he said.
Emefiele added that part of the plan that has been projected for 2016 is that one million market women will benefit from subsidised loans at subsidised rates that will come from 'our micro, small and medium enterprise loan.'
The CBN is discussing with the fiscal authorities and the Office of the Vice President that handles social spending is also in discussion with the apex bank to see to it that 'we put it in place as quickly as possible so that market women  across the country can enjoy the micro, small and medium enterprise loan at subsidised prices, the CBN chief added.
'Those are some of the actions we are taking and I'm optimistic that going forward you are going to see more action that will help to stimulate the economy and turn the country around again,' Emefiele said.