The world is full of dynamic complexities. Individuals and businesses in their day to day activities face different degree of risks which is a natural phenomenon in our daily lives. The potential loss from these risks we undertake cannot be reasonably estimated most times hence the need for an insurance. For example, a trader moving trailer loads of perishable goods from far North to Lagos, or a warehouse filled with goods. Insurance is a contract between the policy holder(the individual/firm) and the insurance company in which the policy holder receives from the insurance company, protection against losses that has been insured.