Motor business shall be categorized into:
- Motor private
- Motor commercial: PSVs, Lorries, Tractors, Trailers, and Motor Cycle.
MOTOR INSURANCE OFFERING
- THIRD PARTY ONLY COVER
Covers the insured against accidental loss or damage and/or death, bodily injury or loss or damage to property of third parties arising out of use of motor vehicles owned and/or operated by the insured.
- THIRD PARTY FIRE AND THEFT COVER
In addition to cover provided under third party only, this cover includes loss or damage arising from fire or theft only to the insured vehicle.
- COMPREHENSIVE COVER
In addition to the full third-party fire and theft, it covers accidental damage and malicious damage to the insured vehicle; however, comprehensive cover does not imply that every conceivable risk is covered. Every policy has some perils that are not covered as per the exclusion under the policy e.g. terrorism, special perils, nuclear energy risks exclusion, riot and strike.
The motor comprehensive insurance policy can be extended to cover the below benefits
- Windscreen cover
- Riots and strikes and civil commotion cover
- Special perils cover (Volcanic eruptions, floods, hurricanes, typhoons, earthquakes,
- sub-terrene fires)
- Medical expenses
- Repair authority. Limit above excess up to which a customer is allowed to undertake
- Bail Bond-Incase insured is arrested, insurance Company pays for his bond at police station.
- Emergency charges for transport to hospital
- Insured’s legal liability – Amount insured is liable to pay in case of a claim
- Passenger liability – Liability arising out of injuries sustained or property lost by
- Passengers while lawfully traveling in the insured’s car.
- Loss of use cover - If insured gets a claim, underwriter provides car hire charges.
- Personal accident cover
- Radio cassette and other additional accessories cover e.g. alloy, rims and other extras.
- Towing charges.
An all risk cover best suitable for contractors undertaking building and civil engineering works therefore covering risks surrounding the construction process of an actual property being built or developed in a contract site.
Scope of Cover:
- Contract works
- Contractors plant and machinery
- Third party liability
Fire insurance provides a standard cover against loss or damage to property, buildings or contents insured by fire, lightning and domestic explosions.
Covers damage arising from theft following upon an actual forcible and violent entry to or exit.
Attempt there to such building(s) for which the insured is responsible.
The policy covers loss resulting from forcible entry or exit into or out of the insured’s building/ premises. All points of entry therefore must be protected by adequate security devices. Great care should be taken to ensure that the proposal form is accurately and fully complete.
The insurance covers the insured for specified perils leading to death of the insured animal.
The insured will be indemnified in the below circumstances;
- Accidents: lightening, internal and external injuries, electrocution or flooding.
- Illness or disease.
- Epidemic: widespread outbreak of an infectious disease affecting many animals at the same time in a region.
- Emergency slaughter on advice of qualified veterinary surgeon following an accident, illness or disease.
It’s an all risk cover for livestock unless specifically excluded.
The insurance covers for physical loss or damage to growing crop directly caused by: drought, uncontrollable pests and diseases, flooding, fire and lightning and excessive rainfall.
The period of insurance is from germination to harvesting of the insured crops
The extensions below are given at an additional premium:
- Transit risks
- Storage risks
It covers the insured perils apart from those that are specifically excluded.
Are you a home owner? This is the policy for you. Sidian Bank Domestic Insurance, covers damage to residential premises(house/apartmentss,walls,fences and gates) caused by ;
- Fire, lightning, thunderbolt, earthquake or subterranean fire
- Riot & strike
- Aircraft or another aerial device
- Bursting or overflowing of a water tank apparatus or pipe
- Theft accompanied by actual forcible and violent breaking
- Impact with the buildings by any road vehicle or animal not belonging to the insured
- Storm or tempest
The policy covers the contents, furniture and fittings, all risk items such as phones, jewellery, laptops and other portable items.
It also covers the domestic servants of the insured and, liability of the insured to third parties as an owner or occupier of the premises.
Travel insurance is a 24 hour worldwide cover designed for travellers on honey moon, business trips, education, medical grounds or leisure.
The policy covers for;
- Worldwide medical and hospital expenses including medical evacuation
- Accidental death and loss of limbs
- Luggage compensation
- Travel delay
- Flight cancellation
- Personal legal liability
Do you run a company that deals in money transfer? Sidian Bank Money Insurance is a risk policy that covers for loss of money in direct transit or on premises including damage to safes or strong room caused by theft attempt. Money which unless otherwise stated refers to cash, bank notes, cheques, money orders and postage stamps.
- Money insurance cover is an accommodation class and must be taken with other insurances.
- Scratch cards may be covered separately but on condition that they are put in a safe outside business hours.
Indemnity to the Employer against legal liability under the WIBA Act (2007) and awards for bodily injury, medical expenses and funeral cover arising by accident or disease caused to employees covered by WIBA only and occurring during the period of insurance and arising out of and in the course of that employment by the employer in the business, Subject to the terms, jurisdiction clause, exceptions, conditions, and warranties, of the Company’s WIBA Policy
WIBA policy covers both accidental and occupational risks.
Death: 96 months (8 Years) salary subject to maximum limits
Permanent Total Disability: 96 months (8 Years) salary
Temporal Total Disability: Maximum 52 weeks
Medical Expenses: Actual Expenses incurred but limited to Kshs.100, 000/- Per employee
Funeral Expenses: Kshs. 30,000/- per death
Factors to consider in rating:
- Specific occupation of the employees
- Client, Proposer (for purposes of gauging moral hazards)
- Location – pressure of ambulance chasers.
- Experience (claims)
- No. of employees.
Sidian Bank All Risk Insurance is a policy that covers loss arising from all the risks specified unless those that are specifically excluded. This class of insurance is designed to cover delicate or valuable items or movable office equipment, generators etc. This policy is on accommodation only.
Protects property insured against all risks unless specifically excluded.
The policy will provide monetary payments in the event of bodily injury sustained by the insured. It covers injury caused by violent, accidental, external and visible means subject to the option selected by the insured.
Cover is available as follows:
b) Permanent total disability
c) Hospital cash
d) Medical expenses
This policy offers protection to employers for their legal liability, for damages and claimant’s costs and expenses of lawsuits filed by an employee.
If you run a transport business, this insurance cover covers the goods in transit by a prescribed motor vehicle, either owned or hired, against all risks including road risks unless specifically excluded from the point of loading to unloading of the goods and temporal housing in the course of transit within the prescribed territorial limits.
This insurance cover must be taken with a motor comprehensive cover.
The policy runs between the point of loading of the risk and unloading of the risk at the point of destination.
Do you transport goods frequently via air, sea, road or rail to the point of destination.
Marine insurance is divided into three categories;
- Marine Cargo Insurance
Marine cargo policy is a transit risk policy covering movement of cargo from a specified point to the point of discharge
- Marine Hull Insurance
Covers the vessel or craft from being stranded, sunk or capsized, over tuning or derailment, collision or contact of vessel or craft with any external object other than water, fire, lightning and explosions
- Third Party Liabilities
Covers the crew and passengers on board against any injuries or death while on board, this section also covers third party property against accidental damage but in most cases all the cargo being carried in a ship the owners have already arranged for alternative insurance for the property.
- Perils of the Sea- fire, explosion, storm, sinking, collision with other objects in the sea other than water, earthquake, volcanic eruption or lightning
- War & SRCC Perils-war, riot, strike and civil commotion
- Extraneous Perils- non-delivery, rain water damage, oil damage, overheating, denting, chipping, breaking.
In case of an accident:
- Don't leave the accident scene.
- Notify us immediately, report to the police and obtain the police abstract
- Note the details of any third party, including name, address, vehicle registration number, the name of their insurance company and their policy number.
- Complete the claim form
- Do not admit liability
When following up a claim, the following is advised:
Before you call
- Call the police if your claim is the result of a criminal act or accidental loss. Make sure you obtain a police abstract.
- Take immediate action to minimize the loss.
When you call
- Your details will be checked to verify your identity.
- The details of your claim will be taken - what happened, when, where and details of the loss or damage.
- You will then be informed if you’re covered for the loss of damage and any excess that applies.
What you’ll need
- Notify us immediately
- Completed claim form
- Police abstract
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