Sarchi provides quality commercial products and insurance services throughout Kenya to both large and small companies.

BRIEF DESCRIPTION OF THE INSURANCE COVERS

  1. All Risk Insurance Policy
  2. Aviation Hull and Liability
  3. Boilers and Pressure Vessels Insurance
  4. Book Debts Insurance
  5. Burglary/ Theft
  6. Businessman Combined
  7. Consequential Loss/Business Interruption
  8. Contractor’s All Risks
  9. Credit Services
  10. Crop insurance
  11. Directors and Officers Liability
  12. Domestic Package (Residential Premises)
  13. Electronic Equipment
  14. Employers Liability
  15. Erection All Risks
  16. Fidelity Guarantee
  17. Fire & Perils Policy
  18. Goods in Transit Policy
  19. Group personal Accident (Separate)
  20. Horticulture insurance
  21. Industrial All Risks Insurance
  22. Kidnap & Ransom Insurance
  23. Life Insurance
  24. Machinery Breakdown
  25. Public Liability
  26. Machinery Breakdown Loss of Profits (MBLOP) Insurance
  27. Marine (Cargo) Insurance Policy
  28. Medical insurance
  29. Money Insurance Policy
  30. Motor Commercial (Own Goods Only)
  31. Motor Cycle
  32. Motor Private
  33. Motor special types
  34. Motor trade
  35. Pension
  36. Plate Glass Insurance
  37. Political risks – Asset / investment protection insurance
  38. Products Liability
  39. Professional Indemnity
  40. Public Liability Insurance
  41. Stock Floater Insurance
  42. Travel insurance
  43. Work Injury Benefit Policy

 

  1. All Risk Insurance Policy
  • The policy is intended to cover loss or damage of small items of high value as specified in the policy – laptops, cell phones, jewellery, watches, cameras, personal effects and other portable electronic equipment It is possible for the geographical area to be extended to worldwide at an extra cost.

Important Exclusions

  • Wear and tear
  • Goods held in trust
  • Mechanical derangement
  • Loss from un attended vehicle

Important clauses

The policy is subject to:

  • Excess
  • It is usual for the policy to be subject to a small deductible
  • Pairs and sets clauses is a common feature of this policy.
  • Explosives, Livestock, Money, High value items like bullion, gold & silver articles, jewellery, tobacco and wines and spirits
  • Wear, tear or depreciation or defective packing
  • Theft from un attended vehicle
  1. Aviation Hull and Liability
  • Hull covers loss of or damage to aircraft (fixed and rotor wing) by

fire, theft, windstorm, flood hail and other perils as well as pilot’s

mishandling.

  • The liability component includes cover for bodily injury or property

damage to third parties and passengers.

  • Additional policy coverage for: Spares
  • Provides cover for loss or damage to parts or spares while not attached to the aircraft.

Loss of use

Provides compensation for financial loss while the insured aircraft

is unable, as a result of accidental damage, to operate as intended

(but not as a result of total loss).

Vero Aviation

2.1     Aviation Hull War

Designed to cover loss of or damage to aircraft arising from

events such as (but not limited to) war, invasion of foreign

enemies, revolution, riots, extortion, hijack etc which are normally

excluded from the Hull Policy.

2.2     Non Ownership Liability

Provides cover for people or entities who use aircraft owned by other parties.

Aviation Insurance Policy

  1. Boilers and Pressure Vessels Insurance

Description

Boilers, steam apparatus and other pressure vessels may be insured on its own through the Boiler Explosion policy. A boiler stores up substantial energy, which on being released by explosion, can cause extensive damage and sometimes bodily injury.

Scope of Cover
The policy is designed to cover explosion (the sudden and violent rending or tearing apart of the permanent structure of a boiler or other apparatus by force of internal steam or fluid pressure) and collapse (the sudden and dangerous distortion of any part of a boiler or other apparatus by bending or crushing caused by steam or fluid pressure).

Among covers provided by the policy are damage to the boiler or other apparatus described in the schedule, damage to auxiliaries and surrounding property e.g. buildings and machinery, liability of the Insured at law for fatal or non-fatal injuries sustained by any non-employee, liability of the Insured at law for damage to property belonging to third parties The policy can also be extended to cover inland transit, extra cost for overtime, express delivery and airfreight.

General policy exclusions include defects due to wearing away or wasting of materials, grooving or fracturing whether by leakage corrosion or by fuel action, failure of individual tubes in boilers of water tube, damage to Insured’s property caused by fire whether resulting from explosion or any other cause whatsoever, loss sustained by stoppage of work, loss or damage arising out of hurricane, cyclone or other convulsion of nature, any kind of consequential losses.

  1. Book Debts Insurance
  • Also known as Accounts Receivable insurance, this covers any debit balances that you are unable to collect because the books have been destroyed. Backup records obviate the need for this cover
  1. Burglary/ Theft

COVER: Loss or damage to property insured resulting from forcible or violent entry / exit from

Premises

Following extras can be included

Internal removals clause                                Alterations & repairs clause

First Loss clause                                            Designation of property

Temporary Removals

Riot, Strike & civil Commotion                        Reinstatement Value clause

Payment on Account

Damage to Buildings                                    Armed Hold-up & Threat of Assault

All Other Contents                                           Use of Skeleton Keys

Subrogation Waiver clause

Important clauses

Protection condition                                      Safe & Books Clause

Alarm System                                                Watchman/Security

Terrorism exclusion clause                              War & civil war excl. clause

  1. Businessman Combined

This cover is ideal for small and medium enterprises. It has several sections namely: Fire & Perils, Burglary, All risks, Fidelity Guarantee, Cash (money), and Goods in Transit.

  1. Consequential Loss/Business Interruption

COVER: Loss in Profits due to-Reduction in turnover or increase in cost f working to maintain

turnover as a Result of any admitted claim under current fire Insurance. Cover is to replace loss of income due to resultant damage.

Limits of insurance:

Gross profit including wages –

Audit fees for claim Preparation

Period of Indemnity –

Following extras can be included

  1. Departmental clause
  2. Alteration index clause
  3. Salvage clause
  4. Accumulation of stock
  5. Public utilities
  6. Accountants clause
  7. Payment on account
  8. Minimum retention 50% – Rebate clause
  9. Denial of access
  10. 25% Business increase
  11. Difference in wording
  12. Goods sold and services rendered elsewhere
  13. Customer/supplier clause
  14. Reinstatement of loss
  15. Subrogation waiver clause
  16. Deletion of average
  17. Prevention of access.
  1. Contractor’s All Risks

Whether you’re a small suburban builder, a major infrastructure contractor or anything in between, we will work with you to construct a plan providing the cover, and peace of mind, you’re after.
Our specialists are qualified in the construction and engineering field and understand the risks you face and the protection you expect. We can design specific wording on request to meet your individual needs whether the risk is across all major segments including mining, civil works and infrastructure.

Our specialist products include:

  • Contract works and Third Party liability
  • Equipment
  • Surety bonds. /Performance Bonds

COVER: Fire, Theft & Accidental Damage or Loss to:

Any construction of buildings &/or civil engineering based contracts undertaken by

Insured to constructions, maintenance including insurance of works on site

Important clauses

Excluding Professional indemnity

Sub-Standard workmanship

Sub Standard materials

Unproven Technology

Following extras can be included

Third Party Liability

Damage to existing/surrounding Property

Materials & Equipment on site/ Architects &/or Engineers Fees

  1. Credit Services

Through our finance associates, the group offers insurance premium financing to clients who would prefer to spread their payments while managing their finances.

The service gives our clients better control of their cash flows by eliminating the need to make huge lump sum payments at the time of taking cover.

It also facilitates consolidated insurance payments by enabling an easy payment plan for multiple policies.

NOTES

Some of the specialised policies are not available off the shelf but require an individual application.

Please inquire from our office.

Information provided is a summary but for full details ask for a specimen policy document.

The list of policies provided will be continuously updated for the existing and with new policies will be added upon market launch.

  1. Crop Insurance

Provides cover against the following:

  • Fire excluding singeing(Scotching),melting, burning out of electrical appliances,overheating etc
  • Windstorm where the crop is permanently damaged
  • Excessive rainfall that causes irreversible damage
  • Uncontrollable pests and diseases
  • Drought except irrigation farming
  • Hail

EXCLUSIONS

  • Crop failure
  • Earth movement
  • Nuclear pollution
  • War and terrorism
  • Any kind of consequential loss, delay,detention or confiscation
  • Any crop harvested prior to inspection bythe assessor
  • Hay and straw
  1. Directors and Officers Liability

Your company’s directors and officers could be exposed to significant personal liability in the course of doing their jobs. If action is taken against them, it could mean financial ruin.
Directors and Officers Liability Insurance covers the directors and officers and provides reimbursement cover to your organisation if it indemnifies the directors and officers for liability or incurred defence costs.

Policy coverage also includes:

  • representation expenses at inquiries (no allegation of wrongful act required)
  • defence costs at legal proceedings, and
  • Pecuniary penalties (as permitted by law).
  • This policy is suitable for public and large private organizations, and some not-for-profit organisations.
  1. Domestic Package ( Residential Premises)

Home insurance is a comprehensive insurance package that ensures peace of mind in the comfort of your home. It provides cover for a dwelling house and contents against fire and other specified perils, for contents against theft following a break-in, for portable items against all risks, domestic workers for injuries sustained while at work  as well as owners/ occupiers liability. Your home insurance covers against:

Insurable Sections-

SPECIFICATION

Section A- On Buildings

Section B- On Contents

Section C- On All Risks (on Valuables)

Section D -On Workmen’s Compensation  -servants

Section E -building Owners Liability

Section F -Occupiers/Tenant’s Liability

 

The policy includes cover for damage or loss caused by:

  • storm, lightning or earthquake
  • rain, flood or fire
  • riot or civil commotion
  • malicious acts, theft or attempted theft
  • collision, falling trees or branches
  • accidental escape of liquid (for example from bursting or overflow of water systems)
  • accidental glass breakage, and
  • Loss of Rent
  • Theft accompanied by actual forcible and violent breaking into, or out of, the Buildings (burglary)Impact on the Buildings by any road vehicle or animal not belonging to the insured or any member of his family normally residing with him.
  • Aircraft or other Aerial Device or any article dropped there from.
  • Explosion
  • Injuries to the domestic workers employed in your private residence
  • Legal liability for accidental bodily injuries and loss or damage to property (Occupiers and Owners liability)
  1. Electronic Equipment

The term ‘Electronic Equipment’ comprises in the context of this insurance all electrical and electronic systems such as:-

  • Electronic data processing (EDP) equipment
  • Communication equipments
  • Lighting and navigation facilities
  • Equipment for research and material testing.

Material Damage cover

This is an “Accident” insurance basis covering sudden and unforeseen physical loss or damage other than specifically excluded perils. Such risks are

  • Fire, lightning. Explosion, falling aircraft
  • Smoke, soot, corrosive gases
  • Failure of air- conditioning
  • Short- circuit and other electrical causes
  • Malicious acts of workmen, employees third parties
  • Burglary
  • Hail, frost.

Data media cover

  • Cover is provided on a first – loss basis for :-
  • The material value of the external data media used in computing facilities
  • The costs of reprocessing and restoring lost information

Increased cost of working cover

  • If in the event of a breakdown the required computing capacity is hired the increased cost of working insurance applies. It covers such expenses as:
  • Hire charges
  • Transport charges for data media and personnel
  • Expenses of accommodation away from base
  • Night work or work on public holidays e.t.c.

Important clauses

The policy is subject to:

  • Excess
  • Lightning & over voltage protection devices condition
  1. Employers Liability
  • The cover is for legal liability of the Employer to the employees for injuries or death occurring in the course of duty. To protect the employer against any legal action instituted by the employee.
  • Cover is to take over legal defence costs of the employer & court awards
  • Employee must proof negligence on the part of the employer

Clauses

  • Casual and Temporary Employees clause
  • Transportation of employees

 

  1. Erection All Risks

COVER: Fire, Theft & Accidental Damage or Loss to:

Any engineering based contract undertaken by Insured to erections, commissioning

Including insurance of works on site and factory

All equipment sold, serviced, supplied, installed by insured or specifically mentioned including subcontractors Indemnity and annual maintenance visits cover.

Important clauses

Excluding Professional indemnity

Sub-Standard workmanship

Sub Standard materials

Unproven Technology

Following extras can be included

Third Party Liability

Damage to existing/surrounding Property

Materials & Equipment on site

  1. Fidelity Guarantee
  • The policy indemnifies the insured against direct pecuniary(Assets & Mpney) loss that he may sustain through acts of dishonesty by an employee in course of his employment.
  • The cover is subject to a discovery period which is usually six, twelve or eighteen months after death, dismissal or retirement of the person guaranteed or the lapsing of the policy.
  • The policy is normally subject to an excess.

Clauses

  • Reference regarding previous employment
  • Collusion with other employees
  • Extension for stock
  • Automatic deletions and additional of employees.
  1. Fire & Perils Policy

The basic Fire policy provides indemnity against loss or damage to property described, caused by fire, lightning and explosion. The cover can be extended to include following additional perils.

  • Bush Fire,
  • Full Explosion,
  • Earthquake (Fire & Shock),
  • Riot & Strike,
  • Malicious Damage,
  • Special Perils A-J, (Includes-Flood, impact Damage, Tsunami etc.)
  • Spontaneous Combustion
  1. Goods in Transit Policy
  • This covers all risks including loss or damage by fire, collision or overturning or derailment of the conveyances and any theft subsequent thereon.

Important Exclusions

  • Explosives, Livestock, Money, High value items like bullion, gold & silver articles, jewellery, tobacco and wines and spirits
  • Wear, tear or depreciation or defective packing
  • Theft from un attended vehicle

Important clauses

The most common clauses are:

  • Excess
  • Hold-up or hijack extension
  • Strike, riot and civil commotion

Unattended vehicle endorsement

  1. Group personal Accident (Separate)

Cover provided by this policy is for accidental death or injury to the insured

Provides cover for 24 hours round the clock

Policy provides benefit under:

  1. Death
  2. Temporary Total Disablement weekly earnings maximum 104 weeks
  3. Permanent Total Disablement
  4. Medical expenses

Funeral Expense

  • The policy is available to both group and individuals
  • Benefits are based either on annual earnings or on defined capital sum
  1. Horticulture Insurance

Cover provided for:

  • Plastic cladding and structures (steel only)
  • Crop – taken with No.1 above
  • Transit
  • Machinery breakdown (compressors)
  • Deterioration of stock
  • Irrigation equipment – taken with No.1above
  • Other assets related to greenhouse production – taken with No.1 above

EVENTS COVERED

  • Fire and fire fighting
  • Theft and /or loss during fire, fire fighting or salvaging
  • Lightning
  • Impact damage
  • Plane crash
  • Theft after burglary
  • Damage during burglary or attempt thereto
  • Water from reservoirs and / or water tanks
  • Excessive rain
  • Storm (including hail or weight of snow)
  • Salvage costs
  1. Industrial All Risks Insurance
  • This policy is a Comprehensive Package Policy which covers almost all risks and perils, which a large industry may face during its operation. This policy covers Buildings, Machinery, Furniture, Fixtures, Fitting & electrical installations on Reinstatement value, while the stock is covered on market value basis. Underinsurance on each item of the schedule will be ignored if it does not exceed 15% of sum insured. Policy also covers equipments and machinery sent for repairs outside the premises for a period of 60 days. Transit risk inside the compound of an industry is also covered.
  • Major Exclusions:
  • Damage to the property caused by faulty or defective design materials or workmanship, inherent vice, wear and tear etc. Interruption of water supply, gas, electricity or fuel systems. Collapse or cracking of the building.Wilful act or gross negligence. War,Invasion, mutiny, rebellion, revolution etc. Damage direct or indirect by nuclear weapons material and contamination by radioactivity.
  1. Kidnap & Ransom Insurance

Kidnap and Ransom/Extortion Insurance not only protects against financial loss but also provides the services of Kroll Associates, leading crisis management and security consultants, to manage incidents on the policyholder’s behalf.

  1. Life Insurance
  • Life insurance is most commonly used to protect your family from any financial effects of your and/or your spouse’s premature death. However, it can be difficult to think about or plan for such an event. And, unfortunately, adequate planning is often put off until it’s too late.
  • Although it may sound simple, there are many things to consider. There are many ways to protect your family with life insurance.

 

Family Protection

   How Much Life Insurance Do I Need?
How much protection does a family need? That’s a difficult question because it depends on so many factors that can’t be predicted – like how long you will live. A simple approach is to plan for the worst case (e.g., immediate death) and decide how much money surviving family or loved ones will need to handle such matters as…·

. Final expenses, including funeral costs·

. Debts, including mortgage

  • Estate taxes1
  • College expenses for children
  • Survivor living expenses
  • There are two primary categories of life insurance: Fixed Period and Whole Life. However, there are several different types within each category. Listed below are some of the most common types. Consult your life insurance professional for a more detailed description of the various types of life insurance and how they may apply to your specific situation.
  • Term Insurance – Life insurance under which the death benefit is payable only if the insured dies during a specified period. Listed below are various types of term insurance. This is the cheapest type of cover.
  • Traditional Endowment – a fixed amount of coverage with premiums that are fixed over a certain period of time, usually in 10-30 tear period.(Money back policy)
  • Increasing/Decreasing Term – amount of coverage increases or decreases throughout the term, premiums typically remain level.
  • Renewable Term – includes a renewal provision that gives the policyowner the right to renew the insurance coverage at the end of the specified term without submitting evidence of insurability.
  • Convertible Term – gives the policyholder the right to convert the term policy to a permanent policy.
  • Group Term – insurance purchased typically by an employer or professional association that is intended to cover several people, usually resulting in reduced premiums.
  • Whole of Life Insurance – Life insurance that provides coverage throughout the insured’s lifetime and may include an element that builds cash value.
  • Indexed Universal Life – a form of permanent life insurance that combines the premium and death benefit flexibility of universal life insurance under which the cash value’s current crediting rate is based in part on the performance of a financial index. Most policies offer guarantees that if the index is negative, the crediting rate will not go below zero.
  • Traditional Whole Life – remains in force during the insured’s entire lifetime, provided premiums are paid as specified in the policy. Whole life insurance may also include an element for accumulating growth (called “cash value”).
  • Universal life insurance – characterized by its flexible premiums, flexible face amounts, and unbundled pricing factors.
  • Variable life insurance – a form of whole life insurance under which the death benefit and the cash value of the policy fluctuate according to the investment performance of separate account investment options. Most variable life insurance policies guarantee that the death benefit will not fall below a specified minimum.
  • Variable universal life insurance – a form of permanent life insurance that combines the premium and death benefit flexibility of universal life insurance with the investment flexibility and risk of variable life insurance. Also called flexible premium variable life insurance and universal life II.
  • Last survivor  life insurance (also known as “survivorship” or “second-to-die” life insurance) – permanent life insurance that covers two people (e.g., a husband and wife) and provides for payment of the death benefit proceeds only when both insureds have died. It is generally designed to pay estate taxes.
  • Single-premium whole life insurance – whole life insurance purchased with a single, lump-sum premium.
  1. Machinery Breakdown

This is an all risks “Accident” insurance and provides indemnity against unforeseen and sudden physical loss or damage to specified machinery, plant, mechanical equipment and apparatus arising from the following causes not excluded in the policy. Such covered causes are:-

  • Faulty design, faults at workshop or in erection, defects in casting and material
  • Faulty operation, lack of skill, negligence, malicious acts.
  • Tearing apart on account of centrifugal force
  • Physical explosion, fuel gas explosion in boiler
  • Short- circuit and other electrical causes

Important Exclusions

  • Fire and associated perils
  • Wilful act or gross negligence
  • Existing defaults known by the insured at inception or renewal
  • Theft or burglary

Important clauses

  • Excess
  1. Public Liability

A Public Liability Policy provides indemnity against legal liability to third parties for both bodily injury and property damage incurred in the course of the insured’s business. This could be as a result of

  • Negligence
  • Statute

The cause of loss should be “accidental” as it is not the intention of the policy to cover deliberate acts or omissions.

Important Exclusions:

Professional / Contractual / Motor Third Party Liabilities

Important clauses

  • Loading and unloading
  • Food and drink poisoning
  • .
  1. Machinery Breakdown Loss of Profits (MBLOP) Insurance

    Description

The Machinery Breakdown Loss of Profits Insurance is an optional cover that could be purchased to supplement the Machinery Breakdown insurance. It protects the loss of gross profits and/or increased cost of working due to a continuing interruption to business caused by a breakdown covered by the Machinery Breakdown insurance. The interruption usually comes in the form of time spent in arranging repairs, awaiting delivery of repaired or replacement parts (sometimes from overseas), starting up the plant and re-activating the business.

Scope of Cover
With increasingly sophisticated machinery and longer delivery periods from manufacturers, any such interruption is a cause of great concern to the owners especially when the cash flow dries up, standing charges are not met, wages and creditors remain to be paid and shareholders looking for a profit, a situation which this Loss of Profits policy is designed to remedy.

  1. Marine (Cargo) Insurance Policy
  • Cover is offered in accordance with the institute cargo clauses (ICC).

There are three sets of I.C.C viz; A, B and C

  • Institute Cargo Clauses (A); is the widest and covers ALL RISKS subject to specified exclusions. Mostly for goods transported by Air.
  • Institute Cargo Clauses (B); which is the second widest and covers water damage caused by entry of sea, lake or river water as well as total loss of any package lost overboard or dropped during loading or unloading in addition to major fortuities e.g. fire stranding sinking collision etc.
  • Institute Cargo Clauses (C ) which is the narrowest in scope and restricts cover to the effects of major fortuities eg. Fire stranding sinking collision etc.

Clauses

In addition to the institute cargo clauses mentioned above, other important clauses are: –

  • Institute Standard Conditions for cargo contracts
  • Institute war and strike clauses
  • Institute cargo clauses (Air)
  • Institute replacement clause
  • Institute classification clause
  • Institute theft pilferage and non-delivery clause
  1. Medical Insurance

A..IN-PATIENT (HOSPITALISATION)

This caters for expenses where an insured person is confined to a hospital bed, for the purpose of closely monitored medical attention.

The scope of Cover is based on the following: –

  •   Daily bed charges – net of the amount recoverable under the National Hospital Insurance Fund, where applicable.
  •   Professional doctors’ fees.
  •  In-Hospital facilities and services.
  •  Theatre charges.
  •  Expenses for diagnostic examinations, such as X-rays,
  • CT Scans and Laboratory tests.
  • Consultants’/Specialists’ fees.
  •  Drugs & Medicines.
  •  Surgical appliances.

Special Exclusions.

Expenses arising from:-

– Maternity care, child birth, abnormal pregnancy, disorders of the reproductive system, infertility, abortion and miscarriage.

– Except the first ever operation for caesarean section in an insured person’s lifetime.

– Child care in the event of an operation for caesarean section.

–  Family planning procedures.

–  Cosmetic & Beauty treatment and/or surgery (unless necessitated by injury).

– Nature cure clinics, health hydro, sanitaria or custodial care.

– Procedures of experimental nature and not accepted or approved by the medical profession, such as acupuncture, chiropractic treatment, etc.

– Home nursing or hospital stay, arranged partly or wholly for domestic reasons.

  1. OUT-PATIENT COVER

This caters for expenses where an insured person receives medical treatment and/or services at a hospital, a doctor’s clinic, or at any other recognized health facility, without being confined to bed

The scope of Cover is based on the following: –

–           Professional doctors’ fees.

–           Charges for theatre/surgery.

–           Expenses for diagnostic examinations, such as X-rays ,CT Scans and Laboratory tests.

–           Consultants’/Specialists’ fees.

–           Drugs & Medicines.

–           Surgical appliances.

Special Exclusions.-Expenses arising from:-

–           Maternity care, child birth, abnormal pregnancy, disorders of the reproductive system, infertility, abortion and miscarriage.

–           Family planning procedures.

–           Cosmetic & Beauty treatment and/or surgery (unless necessitated by injury).

–           Nature cure clinics, health hydro, sanitaria or custodial care.

–           Procedures of experimental nature and not accepted or approved by the medical profession, such as acupuncture, chiropractic treatment, etc.

–           Home nursing, arranged partly or wholly for domestic reasons.

  1. Money Insurance Policy
  • Money is generally defined as cash, bank and currency notes, cheques, postal and money orders, postage stamps, NHIF stamps, service charge stamps and other negotiable instruments, ATM & Credit Cards.
  • Cover is on “all risks basis” and damage to safes or strong rooms by theft or attempted theft is included
  • Cover can apply for money:
    1. In transit including whilst to & from Bank, sales collection, salary & purchase payments elsewhere
    2. In premises in and out of business hours
  • In safe in and out of business hours
  1. In hands of authorized employees

Important Clauses

  • Transit Warranty
  • Declaration Condition
  • Political risks exclusion
  • Excess
  • Personal funds

Common extensions are: –

  • Replacement of keys or alteration of locks mechanisms following theft of keys to safes or strong rooms
  • Personal accident resulting from an assault in the course of theft / robbery
  • Loss resulting from fraud or dishonesty of employees discovered within seventy two (72) hours
  • Cover for loss of damage to clothing and personal effects sustained as a result of robbery or attempted robbery.
  1. Motor Commercial (Own Goods Only)
  • This policy covers motor vehicles other than private cars described above, used for carriage of own goods, social domestic and pleasure purposes and for the insured’s business.
  • Transportation of passengers is not permitted unless the policy is extended by incorporating the cover endorsement, and even then only if the vehicle is designed and/or is licensed to carry passengers.
  1. Motor Cycle
  • Covers social, domestic and pleasure purposes and use in connection with the insured’s business.
  1. Motor Private
  • This policy is intended to cover vehicles classified as private cars including saloons, family estates and station wagons, but excluding pick up whether with or without enclosed bodies, or vans or omnibuses or any other vehicles whose classification is other than as provided herein.
  • The vehicle is exclusively used for social, domestic and pleasure purposes and for the insured’s business.
  1. Motor special types

Third-party only

This is the most basic level of cover, and the bare minimum required by law. All three policy types have this.

If you cause a road accident and someone else is injured or their car is damaged, it’s not fair for them to have to pay out of their own pocket to fix this.

This is where third-party cover comes into play, which covers:

  • damage to other vehicles
  • injury to other people and animals
  • damage to property

You aren’t covered for damage to your own car, or any injuries you sustain after an accident that’s deemed to be your fault. That’s coming out of your own pocket.

Third-party, fire and theft

A third-party, fire and theft policy has all the benefits of a third-party policy, but with one or two extras.

As the name suggests, the policy offers extra protection for your car if it’s stolen or catches fire.

This kind of policy may also cover you for damage that happens as the result of an attempted theft, eg if a thief breaks your window to steal your stereo.

Comprehensive cover

This level of cover gives you all the benefits of third-party, fire and theft, but with a few added extras.

For one, a comprehensive policy covers damage to your own car, even if an accident is deemed to be your fault.

Comprehensive policies also tend to have cover for windscreen damage.

Some insurers may also throw in a courtesy car with comprehensive policies, but not all of them do.

It’s a commonly-held belief that comprehensive policies are the most expensive to buy, since they offer the most benefits.

This isn’t always the case. Higher-risk drivers tend to go for third-party policies as a means of lowering their costs. As a result, the cost of third-party policies go up.

Although many people refer to comprehensive insurance as “fully comp”, it may not offer absolutely everything.

For example, breakdown cover might not come as standard on most policies, so you’ll have to pay extra if you want all the bells and whistles.

  1. Motor trade

Motor trade insurance is split into different sections:

  • Road Risk Insurance – This allows a named driver on a motor trade road risks policy to drive any vehicle which is the property of the insured or under his/her custody or control as a motor trader for business use. The policy can typically be extended to include social, domestic and/or pleasure use. The policy can usually be extended to include demonstration cover for customers.
  • Covers included are typically as per a Motor Insurance policy:
  • Third Party Only
  • Third Party Fire and Theft
  • Comprehensive
  • Motor Trade Internal Insurance – This is a premises public liability policy and may be extended to include defective workmanship and products cover.

Important clauses

Excluding Loss or damage caused by

  • defective materials or workmanship
  • defective design or latent defect
  • explosion of steam boilers or vessels(Fire resulting from an explosion is not  excluded )
  • general wear and tear, gradual deteriation, rust, insects and vermin
  • malicious or fraudulent access erasure or use of computer data
  • the bursting of water tanks if the premises are vacant or disused
  • molten metal breakout

–    Theft or malicious damage perpetrated by any partner employee or member of    your family unless it involves forcible or violent entry to or exit from the premises

–   Theft of or malicious damage to portable or mobile equipment left in the open

-. Any losses discovered during a routine inventory

– Damage to boilers by overheating, cracking or joint leakage

-. Breakdown of plant and machinery

.- Theft by fraud or deception

-. Loss or damage to any motor vehicle whilst subject to the Road Traffic Act or         which is more specifically insured   under a motor policy

  1. Pension

In general, a pension is an arrangement to provide people with an income when they retire and are no longer earning a regular income from employment. …

There is Tax benefit upto a certain level of Premium payment with a registered Insurance Company.

For individuals pension policy is known as an Annuity.

What Is an Annuity?

An annuity is a pension contract between you as an individual and insurance company; you put money into the contract (purchase payments) and in return, it can provide a lifetime income stream on retirement age. There are many different types of annuities, but the common benefits among all annuities are that they

(1) Help individuals accumulate money for retirement.

(2) Provide monthly income that can be guaranteed to last for as long as they live, or

(3) Both

Group pension schemes.-Employee

Private sector schemes can be either final salary schemes known as defined benefit schemes or money purchase schemes known as defined contribution schemes.

Employers can set up an occupational pension scheme for their employees. An occupational pension scheme can be offered to both public and private employees. These are based on :

  1. Common retirement date for employee
  2. Premium payment shared by Employer & Employee in agreed portions

Known as money purchase scheme

  1. Life insurance can also be attached to the scheme if the employee dies prior to reaching the retirement age to provide benefits to the dependants of employee

Executive pension schemes( Final Salary Basis)

This is similar to above save that the amount of pension payable to the executive will be 66% of the final salary at the retirement date

thus has a variable premium to allow for this facility.

  1. Plate Glass Insurance

The policy provides indemnity to the insured against loss and/or destruction/damage    to glass by accident or misfortune of a fortuitous character. Items covered can include:

  • Buildings –External Glass
  • Shop/ Offices – External & internal Glass Fittings as well as showcases
  • Contents of shop windows
  1. (A) Political Violence & Terrorism Insurance

Insurance cover that offers protection against loss of personal and business property due to acts of political violence and terrorism. Such acts were in the past given as standard exclusions in most policies.

It’s more affordable than you think!

What is covered under this policy?

  • Riots, strikes and civil commotion for political reasons
  • Acts of terrorism
  • Sabotage
  • Malicious damage for political reasons
  • Insurrection, revolution or rebellion
  • Mutiny and coup d’etat
  • Civil war

(B) Political risks – Asset / investment protection insurance

Cover against the actions, or omission of actions, by a foreign government that:

  • Deprive a corporation of all or part of its assets or financial investment located in the foreign country
  • Prevent or restrict the performance of a contract
  • Book value of foreign equity, retained earnings and accounts payable
  • Book value of fixed earnings and mobile assets
  • Business interruption and extra expenses
  • Payments (including contractual interest) due from foreign counter parties under trade contracts, letters of credit, loan agreements or other trade-related financial instruments
  • Hard currency equivalent of local currency deposits that cannot be converted or transferred
  • Pre-shipment costs of raw materials, design, manufacture, overheads, up to 10% for net profit
  • Scheduled payments due from a borrower under a loan agreement

Asset / investment protection

Coverage to include the following events:

  • Confiscation, expropriation and nationalisation (CEN)
  • Forced abandonment
  • Forced divestiture (own government actions divesting the assured of their overseas assets)
  • Deprivation
  • Selective discrimination (creeping expropriation)

Aviation offers cover for:

  • Private aircraft Corporate and Business aircraft
  • Regional and Charter aircraft Helicopters
  1. Products Liability

Cover: Any loss or damage suffered by customers/ third parties due to goods manufactured or supplied by insured & or their agents

Following extras can be included

Recall Extension

Legal Costs

  1. Professional Indemnity

If you or your employees provide professional services involving specialized knowledge or expertise such as advice, design, consultancy, opinion or analysis, you need professional indemnity protection.

  • The purpose of the Professional Indemnify Policy is to protect professional person/organisations against legal liability towards third parties for injury, loss or damage arising from professional negligence on his part or on the part of his employees.
  • Liability may arise from contract or breach of the duty of care owed.
  • Retroactive cover may be granted in the form of discovery period

Important clauses

The most common clauses are:

  • Excess
  • Reinstatement of cover
  • Retroactive date
  1. Public Liability Insurance

Public liability insurance protects the insured in respect of legal liability for:
· bodily injury to third parties; and
· any loss of or damage to third party property.
Third parties are not employees, but will include members of the public who:
· visit the insured’s premises;
· occupy or visit premises at which the insured is carrying out work;
· occupy or visit surrounding premises.
THE COVER:

The Insurer will indemnify the Insured against all sums that the Insured becomes legally
liable to pay as damages in respect of accidental,
(a) Injury to any person
(b) loss of or damage to Property
(c) obstruction, trespass, nuisance or interference with any right of way, air, light or water
….arising out of and in connection with the Business.
EXCLUSIONS
Unless otherwise specially stated hereon the indemnity expressed in this policy shall not apply to or
include liability, damage or loss:-
1) Assumed by the Insured by agreement unless such liability would have attached to the Insured not
withstanding such agreement
2) In respect of injury to any person who is a member of the Insured’s family or who at the time of sustaining such
injury is engaged in the service of the Insured or for compensation claimed from the Insured by an injured person
or dependant under any Workmen’s Compensation or WIBA Legislation.
3) In respect of property:
(a) Belonging to or in the charge or under the control of the Insured or of any servant or agent of the
Insured.
(b) Being that part of any goods or land or building or structure on which the Insured or any servant or agent
of the Insured is or has been working.
4) In respect of injury or in connection with or arising from;-
(a) The ownership or possession or use by or on behalf of the Insured of any Animal, cycle,
vehicle, locomotive vessel of any kind aircraft lift elevator escalator crane hoist or other lifting machinery
not specified in the Schedule under the heading of the Plant.
(b) Fire, earthquake, explosion, flood fumes, water pollution or bursting of boilers.
(c) Deflective sanitary installation or poisoning of any kind or foreign deleterious matter in food or drink.
5) In respect of loss arising from damage to any land or property or building caused by vibration or by the removal
or weakening of support.
6) For any consequence of war invasion act of foreign enemy hostilities (whether war be declared or not) civil war
rebellion revolution insurrection or military or usurped power.
7) Arising out of the action of any commodity used or applied or administered by the Insured or by any employee or
agent of the Insured or supplied by the Insured for use consumption or application.
8) Injury or damage arising in the course of or as the result of remedial or other advice or treatment given or
administered by the Insured or by any person acting on behalf of the insured
9) Any property of any description due to the manufacturer, construction, alteration, repair or treatment of such
property by the Insured or by any person acting on behalf of the Insured.
10) Legal liability of whatsoever nature caused by or arising from ionizing radiations or contamination by
radioactivity from any nuclear fuel or from any nuclear waste from the combustion of nuclear fuel.

  1. Stock Floater Insurance

This policy provides cover for all stocks against loss or damage by fire & Allied perils and theft whilst stored in the insured’s owned or leased premises or any other specified locations (i.e. Branch Network) or in transit anywhere in Kenya.

  1. Travel insurance

Travel insurance has been tailored to meet all needs of students, groups, individuals, and corporate business travellers. For peace of mind in a foreign environment do not leave home without your Travel Insurance Cover.  Travel insurance product is tailored to cover  Accidental Injuries, medical expenses, losses of personal effects, Baggage and travel delays & flight Cancellations, hijack, personal liability and legal expenses etc.

Cover can be arranged for a single journey or on an annual basis to allow for multiple journeys. Either for individual traveller or with family or for corporate staff

  1. Work Injury Benefit Policy
  • Cover provided by this policy is for accidental death or injury to any employees of the insured in the course of employment including occupational diseases. Employee’s status is as defined under the Work Injury Benefit Act.
  • Limit per person   Kshs 4million
  • Limit per incident Kshs 25million
  • Limit per year       Kshs 50million
  • Provide cover for whilst on duty

Act requires following benefits made available in event of claim:

  1. Death             8 years earnings
  2. Temporary Total Disablement weekly earnings
  • Permanent Total Disablement 8 years earnings
  1. Medical expenses
  2. Funeral Expense

Important Exclusions

  • Suicide
  • Existing bodily defects
  • Political risks

Important clauses

  • Casual and temporary employees clause
  • Transportation clause
  • Accumulation clause – 100 million
  • Age limit 18 – 65 years

Optional Group Personal Accident cover to extend the policy to 24 hours cover.