Additional Insurance Products
- FIRE & PERILS
This policy covers loss or damage to property occasioned by:
- Riots and strikes
- Water damage (floods)
- Malicious damage
This is a product where the insurance company undertakes to act as the guarantor to the insured to pay a defined amount of money should the person/party guaranteed fail to pay or meet the terms and conditions of a contract with the third party.
The bonds may include:
- Immigrations/Security Bonds.
- Performance /Contractor’s Bonds.
- Tender /bid bonds.
- Financial Guarantee Bonds.
- Customs Bonds.
- MARINE INSURANCE
Marine hull – This policy provides cover that is limited to pleasure crafts operating within Kenya’s territorial waters.
Marine cargo – This policy covers in respect of goods and/or merchandise in transit from one place to another by sea, air, rail, road or registered post.
- PROFESSIONAL INDEMNITY
This policy protects professionals from legal liability that may arise due to acts of negligence, error or omission in the rendering of or failure to render professional services for others in the insured’s capacity as a professional.
Cover is available for, among others;
- Medical practitioners…
- MOTOR INSURANCE
Covers are available for the following categories of vehicles;
Private Cars – These will include Saloons, Station wagons, Estates, and the large Four Wheel Drives (4X4). The key aspect of these vehicles is that they must be used for social, domestic and pleasure purposes only.
Commercial vehicles – These will range from small half ton pickups to the large trucks, Vans and company/school buses.
Motor Cycles – Used for the insured’ business only
Other vehicles – These will include agricultural type vehicles of tractors, combine harvesters, construction vehicles of graders and shovels, to emergency
response vehicles of ambulances, fire tenders etc.
Scope of cover;
For each category of vehicle, three types of covers can be purchased;
Third Party Only (TPO) – This is the basic and minimum cover available. It provides for liability to third parties only in respect of bodily injury and damage to third party property. It is the mandatory cover that a motorist should have.
Third Party Fire and Theft (TPF&T) – In addition to the TPO cover above, this cover extends cover the insured’s vehicle against the risks of fire and theft, including partial theft.
Comprehensive – This is a superior cover to all the others as in addition to TPF&T, it extends to cover any other accidental damage to the vehicles including collision, overturning, effects of floods, Earthquakes etc.
- GOODS IN TRANSIT
The Goods in Transit policy offers protection against loss, destruction, or damage to goods whilst they are in transit – from the time of leaving the insured’s premises to final delivery.
The policy also protects the insured from liability during loading and unloading of the goods, and temporary housing in the course of transit.
The cover is available for individuals or companies transporting goods.
- CONTRACTORS ALL RISK
An “ALL RISKS” cover available to contractors that will offer protection destruction or damage to;
i) the contract works
ii) contractor’s plant & machinery at the site
iii) materials on site
Scope of cover will include fire, burglary, floods, earthquake and unforeseen and accidental damage to the property insured. A limited amount will also be available for removal of any debris from a site after such damage/destruction.
In addition, the policy will extend to cover the contractor’s liability to members of the public (third parties), for death, injuries or damage to their property arising out of the contractor’s negligence.
- ELECTRONIC EQUIPMENT
This cover is suitable for electronic items usually to be found in an office environment or in hospitals …, electronic items that are not to be found in heavy industrial set ups. These will include computers, medical equipment (X-rays, radiology, weighing scales and the like), microscopes, PABX and other equipment.
The policy protects the insured equipment against any unforeseen and sudden physical loss of or damage.
Causes of the loss will include;
» Accidental damage
» Theft (an extension on the policy)
» Internal damage due to short circuiting
In case of computers, the policy can also be extended to include costs of replacing lost or damaged external data media and costs of reproducing lost data. Any increased costs of working as a result of the loss or damage can also be recovered under the policy.
The policy will operate when the insured items are at work or at rest, or being dismantled for the purpose of cleaning, overhauling or being shifted within the premises, or in the course of the functions themselves. Usually a premises cover but can be extended to cover temporary transits away from the premises.
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