ABSTRACT : This project deals with the projection of the Nigeria Economy, through the successful implementation of the various insurance cover on the risk involved in the production of steel products in Nigeria. Prospecting for steel product is very risky and hazardous and some of the equipments used such as power plant, magnetic crane, automatic binding machines, centre. Lathe machine, are equipments used in dispatching of steel products and other risky ones, the risk from the use motor vehicles, public liability and marine risks on the importation of both consumable and non-consumable product. The implication of any of these risks can not be over emphasized. Anyone of them would directly or indirectly result in a loss of production with a resulted economic loss.
In this regard, the insurance industry however provides different insurance covers for these risks. Covers available for the protection of steel production are: fire insurance, Group personal accident, vehicle fleet / staff motor fleet insurance cover, public liability cover, uniformed occupational pension scheme respectively. It was discovered that there is only one insurance company underwriting and covering all the risks involved in the production of the various types of steel products in Nigeria. As much emphasis is placed on steel products and considering the nature of high risks in the industries, it would be desirable if more insurance companies are involved in covering various risks facing the company and their staff during production processes.
TABLE OF CONTENTS
CHAPTER ONE
1.1 Introduction 1
1.2 Statement of Problems 3
1.3 Objective of study 4
1.4 The significance of the study 5
1.5 Limitation of study 5
1.6 Definition of terms 6
CHAPTER TWO
2.0 Review of related literature 8
2.1 SFEMED steel and insurance 8
2.2 Staff welfare and insurance 10
2.3 Importance f brothers to steel companies 10
2.4 Importance of pension scheme to the steel companies 11
2.5 Insurance covers available to the steel industries 12
2.6 Fire insurance cover 14
2.6.1 Group personal accident Insurance Cover 17
2.6.2 The Benefit of Individual Staff Motor Vehicle Fleet Cover 19
2.6.3 Public Liability Cover 21
2.6.4 Marine Cover 23
CHAPTER THREE
3.0 Research methodology 27
3.1 Source of data 27
3.2 Primary source 27
3.3 Secondary source 27
3.4 Method of distribution and collection of data 28
CHAPTER FOUR
4.0 Presentation and analysis of data 29
CHAPTER FIVE
5.0 Summary of finding and Conclusion 38
5.1 Conclusion 39
5.3 Recommendation 40
Bibliography 49
Appendix
CHAPTER ONE
INTRODUCTION
Appreciation of the topic to be discussed will not be fully attained if a brief historical review of the steel industry is not given.
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