Corporates Insurance

Corporates Insurance Includes;

1.Fleet Motor insurance

2.Group Life cover

3.Corporate Medical

4.All Risk

What Are The Advantages of Buying Motor Fleet Insurance?

Here are some of the biggest advantages of choosing motor fleet insurance.

Less Hassle

It is no secret that managing individual insurance plans for a sizable fleet of vehicles may be time-consuming. Fleet insurance, on the other hand, covers your whole fleet of cars under one policy, which means less administrative work and aggravation. This frees up more time for your staff to concentrate on your company’s core objectives.

Often Cheaper

In addition to being more practical, fleet insurance is frequently less expensive than purchasing numerous individual policies. Depending on the size of your fleet, you might be able to significantly reduce your insurance costs. This is because the transaction your fleet represents has a higher value to the insurer than individual insurance, giving you more negotiating leverage and enabling you to obtain more affordable costs.

Coverage for Drivers

The drivers of your company’s fleet of cabs or buses are crucial members of your corporate family. Because of this, it is your responsibility to ensure their safety while driving. The personal accident coverage provided to all fleet vehicle drivers by a business motor fleet insurance plan goes a long way towards safeguarding their wellbeing. The coverage covers their medical care if they are hurt in a car accident. Their family receives money if they pass away or become incapacitated.

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Legal Coverage

Commercial fleet vehicles frequently get into collisions, and the other party often brings a lawsuit against the fleet business. The owner may lose a lot of money due to the expensive lawsuit costs. The fleet insurance plans include third-party covers that cover the costs of defending against a legal claim. This is yet another excellent application for commercial fleet insurance.

More flexible

Furthermore, you can select the fleet’s insured cars, the sorts of vehicles covered by the policy, and whether or not each driver has access to every vehicle or simply a select number of them.

What Does Motor Fleet Insurance Policy Cover?

The inclusions change depending on the type of insurance purchased. The standard services we offer to our clients are:

  1. Motor Fleet Insurance: This advantage offers coverage for all cars under a single policy.
  2. Accident Coverage: Protection from financial loss or property damage caused by car collisions, accidents, or overturning
  3. Exterior Explosion & Fire Cover: Guards against damage brought on by explosion and fire.
  4. Roadside Assistance: If your car breaks down or is involved in an accident, transportation services or towing assistance to the closest gas station is offered.
  5. No Claims Discount: It’s a discount based on the number of years that have passed since your last vehicle insurance claim.
  6. Damages: Damages by man-made catastrophes and natural disasters.
  7. Personal Accident Insurance: For both licensed drivers and passengers riding in company cars.

 2. Group Life cover

Death Benefits:

This benefit is payable on death from illness (natural causes) or accidental. The amount payable, called the sum assured, is either a fixed sum for all members in a particular category as predetermined by the sponsor or is determined as a multiple of the annual salary as set by the sponsor. The benefit is normally paid out as a lump sum to either the sponsor or the designated beneficiaries of the deceased employee / member.

Last expense:

This is normally taken as an additional benefit to help facilitate the disposal of the mortal remains of the deceased member. The benefit amount ranges between Kshs. 30,000 and Kshs. 200,000/- either as a separate cover or as acceleration (advance payment) of part of the full death benefit described above. Customarily, this benefit is paid within 48hours of receipt of written notification of the death.

Credit Life Assurance& Sacco loan protection:

Group life plans are also used to provide cover to redeem the outstanding loan balances in the event of premature death or disability of the borrower. This cover can be renewed every year (annually renewable) or provided at the onset of the loan agreement for the entire term of the loan (single premium option). All lenders with a minimum of 10 borrowers including financial institutions and Sacco’s qualify for this cover.

Mortgage Protection:

Group life schemes offer mortgage protection arranged on a yearly renewable or single premium basis for lenders to specifically protect 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 cover provides the same benefit as for credit life.

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What are the age limits for the Group Life Assured plan?

The minimum age at entry is 18 years while the maximum age at entry is 65. Beyond the age of 70 years, renewal for the respective member is reviewed individually

3. Corporate Medical

The Corporate Health Insurance Product is well designed to protect employees/directors of corporate organizations and their declared nuclear family dependants against valid medical expenses arising from both illness and accident during their employment.

The product offers Inpatient medical cover as the main or basic cover, with optional or rider benefits namely Outpatient cover, Maternity cover, Dental cover, Optical cover and Excess of loss cover, each with annual benefit limits per family or per person depending on the client’s requirements.

This product is suitable for all types of corporate organizations including commercial enterprises, Government institutions, Educational institutions, religious institutions, and NGOs

The cover also pays for overseas treatment expenses subject to Policy terms. The product can be customized for a given organization based on their specific healthcare requirements.

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