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.
In the past, developing countries, Nigeria inclusive did not have a balance of economy and they urgently needed to be rescued from their under development trap. This they realized could not be achieved until they developed their own iron and steel industries, the bedrock of any economy. This recognition let Nigeria to develop its steel industry through this did not come into being until after the attainment of its independence.
In 1978, therefore, negotiations between Nigeria and foreign partners gave rise to the Delta steel company, Ajaokuta steel project and the three inland rolling mills at Osogbo, Katsina and Jos.
Thus, during the last 30 years, the federal government has been actively involved in the development of viable steel industry for Nigeria.
The Ajaokuta steel company Ltd, is an integrated blast finance producer of bars, shapes and medium structural. The present total in the company is in excess of N6 billion pre-sfem and definitely more if adjusted to reflect current replacement cost.
Any project with such a huge sum of money invested in it, which serves as the bedrock of a nation’s economy is bound to pose a great concern and in an effort to provide protection, insurance is the best solution to it. Insurance is a business designed to absorb the risk of others, and remembering that risk is inherent I the production of steel, the steel industry, therefore, understands what risk is and appreciates the cushion provided by the insurance
The portifolio of insurance industry is made up of the following policies: fire, theft, burglary, machinery breakdown, group personal accident insurance to mention but a few.
With the provisions of these various covers each of the steel companies established is free to take up any of the insurance covers that best fits the risk faced. This security provided by the insurance industry goes along way to aid the economic development of the steel industries.
1.2 STATEMENT OF PROBLEMS
The occurrences of accident in the steeling Rolling mills are the major problem in the steel rolling company. It is a fundamental knowledge that accidents do not just happen, they are caused by human frailties as well as error of judgment. About 95% of the accidents are caused by human failures and mistakes while 5% could be traced to technical fault, disasters and other causes some of which are often regarded as act of God.
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