This is a list of products offered by Kenindia Assurance and its branches in Kenya. It is one of the 56 licensed insurance companies in Kenya by the Insurance Regulatory Authority. The company was established on 6th December 1978 after a merger of Indian Insurance Companies operating in Kenya.
Kenindia Assurance Products
a) Kenindia General Insurance Products
1. Travel Insurance
This policy covers medical expenses, loss of checked baggage, delay of checked baggage, loss of passport, travel delay, hijack, personal accident (covers death or permanent disability) and hospital benefit while travelling( fixed cash amount per day while hospitalized).
2. Bonds Insurance
A bond is a financial guarantee; hence this policy guarantees the repayment of the principal and all associated interest payments to the bondholders in the event of default.
3. Motor Commercial Insurance
- Third-party – It covers the legal liability of the owner or driver towards third parties against injuries or damages to their properties, subject to exclusions.
- Third-party fire and theft- In addition to third party cover, it covers fire and theft to the vehicle and or its accessories in the vehicle subject to exclusions.
- Comprehensive cover- In addition to a third party, fire and theft, it covers accidental and malicious damage to the vehicle.
4. Motor Private Insurance
Under motor private insurance, all private vehicles are covered. They offer three products under this policy:
- Motor Private Insurance.
- Motor Commercial Insurance.
- Motor PSV Insurance.
The covers given are classified into three levels:
- Third-party: This covers the legal liability of the owner or driver towards third parties against injuries or damages to their properties, subject to exclusions.
- Third-party fire and theft: In addition to third party cover, it covers fire and theft to the vehicle and or its accessories in the vehicle subject to exclusions.
- Comprehensive cover: In addition to a third party, fire and theft, it covers accidental and malicious damage to the vehicle. It covers the insured against loss or damage to the motor vehicle and its accessories and spare parts therein.
5. Professional Indemnity
This cover caters for all sums which the insured shall become legally liable to pay to any person as compensation, damages including claimants costs and expenses.
6. Public Liability
- Contractors All Risk Insurance – It covers the insured against property damage and third-party injury during construction.
- Erection All Risks Insurance- It provides protection for all risks involved in the erection of machinery, plant and steel structures of any kind including third party claims in respect of property damage or bodily injury arising out of or in connection to the execution of an erection project.
- Machinery Breakdown Insurance- It covers sudden and unforeseen physical loss or damage to the insured’s machines while at work or at rest or during cleaning, inspection, overhauling or removal to another position in the premises necessitating repair or replacement.
- Boiler and Pressure Plant Insurance- covers boiler and pressure vessels explosion or collapse in the course of ordinary working. It indemnifies the insured against damage to the insured’s boiler and or another pressure plant, damage to surrounding property of the insured, legal liability to third parties of the insured on account of bodily injury, fatal and or non-fatal to the person and damage to the property of third parties.
- Electronic Equipment Insurance- The policy covers sudden and unforeseen physical loss, damage necessitating repair or replacement to the equipment. It includes electrical and mechanical damage, impact damage, negligence, theft and burglary, fire and special perils.
- Deterioration of Stock Insurance- It covers against deterioration of goods in cold storage due to breakdown of refrigerating machinery.
- Engineering Business Interruption Insurance- It covers the insured against loss of Gross Profits due to business interruption occasioned by an event covered under machinery breakdown insurance.
10.Group Personal Accident
It covers your employees against bodily injury caused by violent accidental external and visible means.
11.Goods In Transit
It covers goods in transit from any accidental loss, damage or destruction from any cause.
12.Cash In Transit
It provides cover to the following :
- Money in Transit.
- Money in premises during and after business hours while locked in drawers.
- Money with the directors at residence or in transit.
- Money with authorized staff.
- Money in locked safe.
- Money with the tellers at the counters or locked drawers.
- Value of safe or strong room.
- Unused local Authority, NSSF, or NHIF stamps.
13.Carrier Legal Liability
It covers the insured against legal liability for actual and physical loss of or damage to goods or merchandise directly caused by fire and or accident whilst in transit by any means of transport, occurring during the period of insurance and within the territorial limits specified.
This policy provides compensation for loss or damage caused to property and valuable items due to burglary ( Theft following the forcible or violent entry into or exit from the premises).
This policy provides protection against loss in the event of a fire.
- Fire Domestic Insurance- This is offered to a residential and or private dwelling house or private flats including domestic outbuildings, landlord’s fixtures and fittings, walls, gates and fences under the same property. The insured will be indemnified against damage to the property caused by the following:
- Fire, lightning, thunderbolt, earthquake or volcanic eruption.
- Riot and strike.
- Aircraft or other aerial devices.
- Bursting or overflowing of water tank apparatus.
- Theft accompanied by actual forcible and violent breaking into the building.
- Impact to the building by any road vehicle or animal not belonging to the insured.
- Storm and tempest.
- Additional expenses incurred for alternative accommodation and loss of rent.
- Fire Industrial (Material Damage) Insurance-This is a basic fire policy that covers the capital assets of the insured. This may include:
- Stock in trade.
- Furniture, fixtures and fittings.
- Office equipment.
- Fire Business Interruption (Loss Of Profits – This cover (consequential loss) protects the insured from future earning capacity. It covers loss of profits due to reduction or complete stoppage of production following sudden and unforeseen damage including breakdown to plant or machinery.
- Industrial All Risks- This is a comprehensive Fire Policy which includes Fire material damage and business interruption.
It is a transit risk policy covering the movement of cargo from one specific point to the other point of discharge.
Kenindia Medical Insurance Products
- Individual / Family Plan
- Corporate Health Plan
- Health Save Plan
Kenindia Life Insurance Products
1.Individual Pension Plan
2. Group Life Cover
It provides cover on employees/members life against the risk of death due to illness(natural) or accidental causes, critical illness, permanent total disability, and medical expenses. It also provides cover for last expense (funeral benefits )
3. Staff Retirement Benefit
- A member receives periodic pension payments on retirement.
- Up to one-third of the total accrued benefits as of retirement date can be received in a lump sum, the balance is then utilised to purchase annuity/pension.
- If a member leaves service early, a deferred pension or a lump sum can be granted.
- In the event of the death of a member, a pension scheme can provide benefits to the dependents.
4.Nguzo ya Jamii
This is a stand-alone funeral expense product that takes care of financial obligation while alive and after demise. It takes care of the funeral costs and part of the education of the children who are left behind.
5. Kumi Bora
The 10-year money back plan provides protection, saving and investment at periodical intervals in the name of survival benefit.
This is a whole life plan whereby the risk is covered by life insurance throughout the lifetime / up to the person’s attaining age 99.
14. Education Endowment