This is a list of products offered by Monarch Insurance and its branches in Kenya. It is one of the 56 licensed insurance companies in Kenya by the Insurance Regulatory Authority. The company has been operating in Kenya since 1979 primarily offering life and general Insurance.
Monarch Insurance Products
Life Insurance Products
1. The Soma Assurance Plan
This policy is designed to meet the ever-growing need of parents to have their children access better education and to continue to do so even in the unfortunate event of loss of the parent.
2. The Likizo Shwari Plan
This is a tailor-made plan with simple flexible payment methods to assist you in planning for a holiday with no hassle.
3. Credit Life Assurance & Sacco Loan Protection
It provides cover to outstanding loan balances in the event of premature death or disability of the borrower.
4. Mortgage Protection
This policy protects the families of the deceased mortgagor from the risk of the lender reselling their home in the event of the untimely death or disability of the breadwinner.
This policy allows you to save money for the future.
6. Group Life Cover
This cover is provided by an employer to employees. It helps compensate your employees’ dependants when your employees lose their income due to death or disability.
7. Group Last expense policy
This policy provides fast access to finance to meet funeral expenses is very vital to the family that has lost a loved one.
General Insurance Products
- Contractors’ All Risks – This is an all risks cover for contractors that provides protection against, contract works, materials on site, plant, and machinery on site.
- Electronic Equipment & Computers – It protects the insured against accidental loss or damage to electronic equipment and computers. Additional protection also includes; loss of income, additional expenses incurred to repair the equipment, and the cost of restoring data lost as a result of electronic equipment breakdown.
- Machinery Breakdown- It protects against loss or damage to the insured machinery or any unforeseeable losses that may arise as a result of machine breakdown.
- Contractors Plant &Machinery – provides cover against accidental damage or loss to machines and equipment as a result of fire, water, collision, overturning, falls, theft, storm, or malicious damage.
- Engineering Conloss – protects the insured against reduced gross profit due to turnover reduction as well as additional expenditure incurred in minimizing the reduction in earnings.
2. Domestic Package (Home Insurance)
It protects against accidental loss or damage to the insured property. It includes building, contents such as furniture, clothing, kitchen equipment, electronics, sports equipment, etc. It also protects domestic servants against occupational accidents as well as personal liability to the owner/ occupier to third party’s claims.
3. Fire & Perils
It protects the commercial property against fire, lightning, boiler explosion, earthquake, floods, riot and strike, and related perils.
4. Fire Consequential Loss
It provides coverage against, overhead costs and loss of profits associated with fire, lightning, boiler explosion, earthquake, floods, riot and strike and related perils.
5. Fire Industrial
Provides protection against damage to insured property caused by
- Riot and strike/malicious damage.
- Special perils A to H which include hail, snow, wind, hurricane, cyclone, tornado or typhoon, Flood or rain, impact, aircraft or articles falling, subterranean fire
6. Industrial All Risks
This is a combined policy that incorporates, Fire, fire con loss, accidental damage, and Theft.
7. Stock Floater
It protects stock against all risks such as fire and special perils, Theft, Transit risks, and accidental damage. It is ideal for distributors and businesses to handle a lot of moving stock.
8. Pvt And Sabotage
It provides coverage against loss, damage, business interruption, and third party liability as a result of politically motivated events and terrorism.
9. Product Liability
It protects against personal injury or property damage claims caused by products sold or supplied by your business. The cover pays for legal costs or court fees in case a claim happens.
10. Professional Indemnity
It covers legal costs incurred as well as any damages or costs awarded when a professional is alleged to have awarded inadequate advice, service, or design that caused a loss to the client. It is ideal for professionals such as lawyers, medical practitioners, architects, and accountants.
11. Public Liability
It protects businesses against claims made by members of the public as a result of loss property, damage, injuries, or death within the business premises. It covers legal fees and settlement charges in case a claim arises.
It provides protection to a carrier against legal liability in case of a loss or damage to goods that are being transported.
13. Directors & Officers Liability
It protects directors and officers against potential lawsuits resulting from their actions.
14. Marine Insurance
- Marine Hull – Provides protection against vessel damage, materials, and equipment of the vessel as well as third party liability
- Marine Cargo – Covers transportation of goods by sea or air, the product provides indemnity against loss or damage for goods being transported.
- Marine Open Cover – This product provides cover for all cargo shipped during a specific period. The product provides indemnity against loss or damage for goods being transported and is ideal for companies that make frequent shipments
- Goods in Transit- It protects goods against accidental loss or damage to goods while being transported. Cover starts at loading and ends when goods are offloaded at the insured’s premises.
15. Personal accident
It provides compensation to the insured in the event of injuries, disability or death caused by accidental, external and visible events
16. Group Personal Accident
It provides compensation to the insured’s employees in case of bodily injury, disablement, or death caused by accidental, external, and visible events.
17. Money Insurance
It protects against all risks of physical loss or damage to money while in transit to and from the premises, and while in business premises during and after working hours.
It provides protection against loss of money, goods belonging to the business, or securities as a result of fraud committed by an employee.
It protects premises against loss or damage as a result of burglary, damage to premises caused by burglars during burglary, or attempts at burglary.
20. Commercial All Risks
It provides indemnity against loss or damage to insured items as a result of any cause specified in the policy.
21. Employers’ Liability
It protects employers from the financial loss incurred in case an employee has a work-related injury or illness not covered by workmen compensation insurance.
It provides critical cover for your employees in accordance with the W.I.B.A Act of 2007. It protects the employer from the financial loss incurred in case of a work-related injury.
23. Golfers Policy
It covers loss or damage to golf equipment, personal accident in case of an injury, hole in one in case you score a hole in one, personal liability in case of third party damage or injury to third parties while playing golf.
24. Plate Glass
It provides coverage to the insured as a result of accidental loss or damage to the glass.
25. Custom Bonds
These provide a guarantee to the country’s revenue authority for compliance with custom and Tax requirements.
26. Immigration Security Bond
This bond protects the obligee against losses resulting from the principal’s failure to meet their set obligations. In Kenya, this is usually a 3 – year renewable bond.
27. Financial Guarantees / Bonds
These bonds are mostly associated with projects where contractors have to comply with specific contract terms. They include Tender/bid bonds, performance bonds, Advance payment bonds, surety undertaking amongst others.
28. Motor Private Insurance
This policy provides cover for the insured’s vehicle against financial loss & legal liability arising from accidental damage, fire, theft, and malicious damage.
29. Motor Cycle
This cover pays to repair or replace the motorcycle in the event it’s stolen or damaged in an accident. It also covers legal liability against injuries to other people and damage to other people’s property.
30.Motor Private Comesa
Also known as Comesa yellow card, this policy is given to insure a motor user private against third party risks within the COMESA region.
31. Motor Commercial Insurance
This policy insures you against loss of or damage to your vehicles due to a collision and other accidental damage, theft, fire and also includes indemnity for any legal liability for third party property damage.
32. Agric & Forestry Vehicles Insurance
It covers any type of tractor or tractor engine, or self-propelled agricultural implement used solely for agricultural or forestry work, including the haulage of agricultural produce or articles required for agriculture
33. Motor Trade(Road Risks)
It provides cover to those who earn their living by selling, buying, repairing, or generally doing anything related to cars vans or motorbikes. Motor trade insurance will provide cover for small, big, or even part-time motor traders.
34. Psv-Self Drive
This insurance covers Motor vehicles used to carry passengers for hire and reward, specifically used for self-drive.
35. Psv-Chauffeur Driven
It provides protection against damage to property, damage to property of third parties arising from the use of motor vehicles owned and/ or operated by the insured.
It covers tankers. A tanker is a ship designed to transport or store liquids or gases in bulk. Major types of tankship include the oil tanker, the chemical tanker, and gas carrier.
This policy protects you against accidental loss or damage to the vehicle and any legal liabilities arising from third party bodily injuries and property damage
38. Motor Commercial-General Cartage
This policy applies to a type of vehicle that is used for the carriage of goods for others on hire and/or reward. It provides protection against accidental loss or damage to a motor vehicle, third party property damage, bodily injury, or death liabilities.
39. Psv-Motor Cycle(Boda Bodas)
The cover pays to repair or replace the motorcycle in the event it’s stolen or damaged in an accident. It also covers legal liability against third parties.
40. Special Vehicles
It provides cover for special vehicles i.e Crane, and Forklifts. This policy insures you against loss of or damage to your vehicles due to a collision and other accidental damage theft, fire & also include indemnity for third parties.
41. Driving Schools Insurance
It provides cover against loss of or damage to your vehicles due to a collision and other accidental damage theft, fire & also includes indemnity for third parties.
42. Motor Commercial-Institutional
Institutional vehicle insurance insures you against loss of or damage to your vehicles due to a collision and other accidental damage theft, fire & also includes indemnity for any legal liability for Third Party property liability.
43. Motor Commercial Comesa
Also known as Comesa yellow card, this policy is given to insure a motor user commercial against third party risks within the COMESA region. It is a legal requirement before one can be allowed to cross the borders into a foreign nation.
Monarch Pension Products
1. Individual Pension Plan
This is a savings plan tailor-made to allow individuals who are not having a retirement plan or who want to secure their retirement.
2.The Monarch Umbrella Retirement Benefits Scheme
This scheme allows for participation by multiple, unrelated employers to adhere to a single pension scheme.
3. The Monarch Trust fund
A trust fund is a legal arrangement whereby a trustee (Monarch) holds property for the benefit of another person, group, or organization. The fund can be used to consolidate all the benefits that are payable to a deceased member to take care of his or her remaining dependants.
An annuity is a contract between you and the Monarch Insurance Company in which you make a lump-sum payment or series of payments and, in return, obtain regular disbursements beginning either immediately or at some point in the future. The goal of an annuity is to provide a steady stream of income during retirement.
List of Monarch Insurance Branches in Kenya
1. Monarch Insurance Head Office
Location: Chester House 1st Floor
2. Monarch Insurance Prudential Branch
Location: Prudential Assurance Building, Wabera Street, 4th floor
Contact: 020 4292000, 0724635700 0733635700
3. Monarch Insurance Solar House Branch
Location: 2nd Floor, Solar House, Aga Khan Walk, Nairobi
Contact : 020 2215675
4. Monarch Insurance Thika Branch
Location: Shop No. F 3 – 8 & F 3 – 9, 3rd Floor, Victory Plaza, Mama Ngina Dr, Thika,
Contact: 0728 560450
5. Monarch Insurance Kisii Branch
Location: Magisons Building, 1st Flr, Kisii/Kilgoris Highway
Contact: 0722 893656
6. Monarch Insurance Kisumu Branch
Location: Jubilee Insurance House, Opposite Standard Chartered, Oginga Odinga Rd, Kisumu
Contact: (020) 239 60 85
7. Monarch Insurance Mombasa Branch
Location: Jubilee Insurance Building, 3rd Floor, Moi Avenue
Contact:(020) 259 53 43
8. Monarch Insurance Mombasa North Coast Branch
Location: Nyali Centre, Links Road, Nyali Centre, Mombasa
Contact : 020 4292000
9. Monarch Insurance Meru Branch
Location: MCK Building, MB53
Contact: (064) 313 06 63, 0725 832579,
10. Monarch Insurance Nyeri Branch
Location: Konahauthi Building, Kanisa Rd, Nyeri
Contact: 020 4292000
11. Monarch Insurance Eldoret Branch
Location: Khetia’s Building, Ronald Ngala St, Eldoret
Contact : 020 4292000
12. Monarch Insurance Nakuru Branch
Location: AFC Building, Wing A, 2nd Flr
Contact: +254 512210272