Kenindia Assurance Company Limited offers various Insurance products in the market. These products may be classified into four categories as given below:
Under each class of Insurance, the basis of the contract are proposal forms, premiums are the basis for consideration of indemnity and upfront payment of full premiums is mandatory before commencement of cover. Under Fire Insurance, there are four categories of products offered.
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 as per values specified in proposal form if caused by the following:
NOTE: The Insurance therein may be extended to include contents under section B. This may include furniture, fixtures, household goods and personal effects of every description the property of the insured or member of his family residing with him if covered under the policy.
This is a basic Fire policy. It covers the capital assets of the insured. This may include:
The cover is given against perils such as fire, lightening, limited explosion, aircraft and other aerial devices, strike, riot and locked up workers, malicious damage, earthquake or volcanic eruption, storm, tempest and floods, escape of water from any tank, apparatus or pipes, impact by any road vehicle or animal, bush fire, subterranean fire and spontaneous combustion.
The 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. In the event of loss, what is at risk is the sales referred to as Turnover or sometimes Revenue. It seeks to make good the lost income (profit element) arising out of damage at the insured’s premises or elsewhere (e.g premises of the suppliers or customers) or by paying the additional expenditure arising from increase in cost of working to assist the insured to maintain his own income.
The perils, conditions, and warranties in Fire material damage policy must be the same as those in the Fire business interruption policy. For a claim under business interruption to be admissible, the fire material damage claim has first to be admissible.
This is a comprehensive Fire Policy which includes Fire material damage and business interruption. This is normally given after taking into consideration the volume of business and the huge sum insured. This may cover: