At Credit Bank, we understand that life is full of risks. That is why we have developed a wide range of insurance solutions in partnership with various insurance companies that will keep these risks at bay giving you the peace of mind to live your life and run your business with confidence. Better yet, take away the burden of lumpsum payments with Insurance Premium Financing.
Motor Insurance
Property Insurance
Premium Financing
Education Policy
Investment Policy
Contractors All Risk
Liability Insurance
Burglary Policy
All Risk Insurance
Domestic Package
Health Insurance
Cash in Transit
Goods in Transit
Credit Life Insurance
Personal Accident Cover
Travel Insurance
Motor Insurance
Credit Bank provides cover against risk to all types of vehicles including
- Private vehicles
- Commercial vehicles including but not limited to lorries, vans, pickups, school buses, cranes, ambulances, tractors, excavators etc.
- Public Service Vehicles (PSV’s) such as matatus, taxis, private hire etc
The insurance will protect your vehicle against accidental:
- Damage including collusion
- Fire
- Theft to the vehicle
- Third party liabilities
The pricing of the cover is dependent on the type of motor vehicle to be covered and the liability sought on the cover.
Property Insurance
Property Insurance is a comprehensive insurance that covers the property insured against any accidental and unforeseen loss or damage.
Credit Bank offers this insurance cover with a wide range of unique benefits depending on your needs. The following policies are available under this class;
- Fire and Allied Perils – Covers the loss or damage to the property insured as a result of accidental fire, lightning and explosion (of gas cylinders, earthquake, malicious damage, floods, riot and strike etc.).
- Burglary Policy – Covers the loss or damage to the property insured following forcible entry into/exit from the premises mentioned in the policy including holdup. It also covers the loss or damage to the premises as a result of the burglary.
- Cash in Transit/Goods in Transit – This cover provides compensation to owners of goods for loss or damage to goods in transit by means of fire, overturning and accidental means. It includes temporary parking overnight and stop-over by conveyances in which goods are being carried. This cover is suitable for your business especially if it involves moving goods from one location to another as well as transporters of goods on behalf of other parties
- Home Insurance – This is a domestic package for home owners and tenants covering the private residence/dwelling in any of the following – building, contents, domestic workers, all risks and third-party liability cover etc.
- All Risks– This cover is best for items that are portable such as laptops, mobile phones etc and covers the insured property against all risks.
- Work Injury Benefit Act (WIBA).
Insurance Premium Financing
Let’s breakdown Insurance Premium Financing into two. An insurance premium is the amount of money that you or your business must pay to get the benefits of an insurance cover. Normally, this premium is paid upfront and at times this may be a large figure. This may require financing for the premium in form of a loan to pay for the insurance policy.
Credit Bank offers you or your business Insurance Premium Financing allowing you to enjoy the benefits of insurance upfront. You can then pay it back in manageable instalments thereby eliminating the need for you to pay the premium lumpsum.
Education Policy
The best gift we can give to our children is a secure future and education is the key to that future. This Education Policy, which is bundled with the Bumblebee Account, enables you to build a fund over a period of time so as to enable you:
- Pay for your child’s school fees requirements as and when they fall due
- It also ensures that the child’s fee required is available even in the untimely
- death of the policyholder during the term of the policy.
The Nitty-gritty
- Minimum premium amount from Kshs 2,000
- Entry age: 18-65 years
- Maximum maturity age: 70 years
- Minimum Sum Assured: KShs. 200,000
- Policy can vary from 5 – 20 years
- Cash Value: 3 full years’ premiums. If policy has been in force for at least 3 years
Investment Policy
This policy will enable you build a fund over a period of time to meet any financial need such as building a home for your family, seed capital for your business or any other need. The policy has a term (saving period) which ranges from 5 to 20 years, which will be chosen by you, and this will depend on when you will require the funds
What You Get
- The sum assured and premiums are determined at onset and they remain fixed throughout the term of the policy ensuring discipline towards saving
- Life Cover
The Nitty-gritty
- Entry age (ANB- Age Next Birthday): 18-65 years
- Maximum maturity age: 70 years
- Minimum Sum Assured: KES 350,000
- Cash Value: 5-10 year terms, after 5 years
- Cash Value: 11-20 year terms, after 3 years
- Cash Value: 3 full years’ premiums. If policy has been in force for at least 3 years
Contractors All Risks (CAR)
Whenever there is the construction of buildings or civil works, there is a risk of loss or damage. With Contractors All Risks, the contract governing the works will place the responsibility for this loss or damage with either the Contractor or Employer
Credit Bank offers this policy and typically provides cover for:
- The cost of physical loss or damage to building works
- Advanced loss of revenue/income
- Public liability
- Installation and constructional plant/machinery including hired-in plant and tools
- WIBA – Work Injury Benefit Act – for employees
This cover can be customized to meet your specific needs and the project requirements, as such, you are requested to specify the areas that you would want covered or included in the policy.
The pricing of the cover varies depending on the scope of cover
Liability Insurance
Every individual or organization has duty to care to one another. This cover takes effect in the event the insured (you or your business) is legally liable for any injury to or loss of damage to a third party. It protects the insured from any risks of being held liable for any eventualities.
Some of the policies Credit Bank avails under liability insurance include;
- Public liability
- WIBA (Work Injury Benefit Act)
- Employers liability
Burglary Policy
- Acts of the insured or his employees
- Loss of records, manuscripts or accounts
- Larceny, pilfering or shoplifting
- Nuclear reaction radiation or radioactive contamination
- War, strike, riot, civil commotion and malicious damage
- Mere disappearance, shortage or consequential loss
- Goods not lawfully under the custody of the insured
- Theft by employees or anyone related to the insured
- Losses arising out of fraudulent, dishonest or criminal
All Risks Insurance
- Nuclear reaction radiation or radioactive contamination
- War, strike, riot, civil commotion and malicious damage
- Mere disappearance
- Consequential loss
- Goods not lawfully under the custody of the insured
- Theft by employees or anyone related to the insured
- War, invasion, acts of foreign enemy, hostilities or warlike operations
Domestic Package
- Building
- Content
- All risks
- Domestic Workers
- Third part Liability cover
Health Insurance
Cash In Transit
- whilst in transit, in the custody of the insured or his authorized representatives or appoint security courier
- whilst contained in the insured’s business premises after business hours
- whilst contained in the insured’s business premises during business hours (hold up risk only)
- whilst in the hands of salesmen, collectors, senior employees et cetera.
- loss or damage or destruction to a specified safe(s) or strong rooms as a result of money being stolen or an attempted theft
- loss or damage or destruction to personal clothing in the course of theft or attempted theft
- Due to fraud or dishonesty of any person in employment of the insured
- Not discovered within a specified period (usually seven working days) from the date of such occurrence.
- Due to shortage by error or omission
- By use of key to any safe or strong room unless due to violence or threat or collusion of the key holder with other persons
- in the custody of collections or agents which has been in their possession for a period exceeding 24 hours from time of receipt
- in transit by post
- due to depreciation or fall in value of money
- due to ionization or contamination by radioactivity from any nuclear fuel or from any nuclear waste from the combustion of nuclear
- from an unlocked safe or strong room
- not contained in a locked safe or strong room
- in a vehicle used unless a principal, partner, director or insured’s employ is in the vehicle or is within allowed distance from the vehicle
Goods In Transit
- Mechanical or electrical breakdown
- Nuclear fission, war, terrorism and political risks
- Theft & Pilferage by employees
- Theft in unattended vehicles
- Wear, tear and effects of deterioration
- Consequential loss/loss of market/delay
- Unsuitable conveyances/packaging e.g. cereals carried in an open vehicle
Credit Life Insurance
Personal Accident Cover
