Micro Insurance

SUBJECT MATTER OF INSURANCE: The bank’s micro – customers who are taking loans up to Kshs. 3,000,000 and independent micro customers whose stocks is up to a maxim. Kes.3,000,000

REPAYMENT PERIOD: As prescribed on the offer letter for the financed clients

NATURE OF BUSINESSES: General Merchandise and, or medium to low income owners, individual account holders, joint account holders



  • Fire and Perils - Up to a maximum of Kes. 3,000,000
  • Burglary - Up to a maximum of Kes. 3,000,000
  • Political Risks and Terrorism - Up to a Maximum of Kes.1,000,000
  • Business interruption as a result/ following fire loss only- Up to a maximum of 30% of the payable loss
  • Transit Risk (stock in transit only) - Up to a maximum of 5% of sum insured under burglary - Kes.150,000
  • Domestic Package/Loan Chattels (as declared) - Max. Of 30% of sum insured, cover for fire risk only
  • Riot Strike & Civil Commotion 
  • Credit life cover (Mandatory for all financed clients)
  •  Personal Accident cover with the following benefits; Accidental Death 100,000 ( option 1) 50,000 (option2): Permanent Total Disablement 100,000 ( option 1) 50,000 ( option 2):  Accidental Medical expenses 30,000 ( option 1) 20,000 ( option 1) Welfare plans benefit/Last expense 50,000 ( option 1) 30,000 ( option 2)   Premiums 700 ( option 1) 425 ( option 2)



  • Loss by theft following a fire
  • Water damage following a fire
  • Damage to goods in transit following an accident from one sale point to the other but excluding unexplained disappearance and theft by persons legally entrusted with the goods and or employees of the insured
  • Indemnity period 12 months



  • Goods held in trust or on commission
  • Illegal trade
  • Loss of property left unattended for a period of over 5 days
  • Loss through theft where the client deliberately refuses to be part of the local security arrangement unless complied with watchman warranty.
  • Loss following confiscation by local authorities
  • Damage by order of legally constituted authority
  • Professionals sports , Racing, Rallies and speed testing, Sinking of air, water or gas wells, Diving, Mining, Naval, military, police or Air force operations
  • Excluding theft from unattended vehicle
  • Excluding theft by employees/subordinates/relatives
  • Excluding LPGS gases, explosions, petroleum products or loss or damage caused by explosives or goods of flammable and or of a dangerous nature




A. (Standard Buildings)

  • Fire-0.15% of Sum insured Min Kes.1, 200
  • Business Interruption;-0.15% of Sum insured (Min Kes. 1,200)
  • Burglary -0.5% of Sum insured (Min. Kes. 1,200)
  • PVT - 0.25% of Sum insured (Min Kes. 1,200)
  • Credit life (for the financed clients only)
  • Transit risk-0.5% of the insured value (limited to one claim in an year (Optional);-Min Kes. 500
  • Personal Accident – Kes. 700 per person. Or Kes. 425 whichever option is selected

B. (Non-Standard Buildings; Fabricated structures only)

  • Fire-0.75% of Sum insured Min Kes.1, 200
  • Business Interruption;-0.75% of Sum insured Min 1.200
  • Burglary -0.65% of Sum insured Min. Kes. 1,200
  • PVT - 0.25% of Sum insured Min Kes. 1,200
  • Credit life (for the financed clients only)
  • Transit risk-0.5% of the insured value (limited to one claim in an year (Optional);- Min Kes. 500
  • Personal Accident –Kes. 700 per person. Or Kes. 425 whichever option is selected



  • 10% of the claim amount minimum Kes. 2,500 applicable to burglary only
  • Earth Quake excess included
  • Time excess -3 days transit excess; 10% of each and every claim minimum Kes. 3,000



  • Claim form to be filled by the insured.
  • Police Abstract for theft cases.
  • Sales records.
  • Comprehensive statement by the insured explaining how the loss occurred for theft cases.
  • An inventory of the items stolen.
  • Proforma invoice, quotation and   purchase receipt of the similar items stolen.
  • Transactions Ledger if its loss of money.
  • Employment details of the staff involved in theft in case it is a loss of money claim.
  • Bank statement.



  • Total loss – As per the loan amount disbursed for financed clients and declared value for non financed clients maximum Kes.3,000,000/=


POLICY DURATION: As per loan term, renewable annually and limited to a Maximum sum insured: Kes.3,000,000 for the financed clients and annually for none financed clients renewable annually as well.


CLAIMS PROCEDURE: On happening of any event likely to give rise to a claim, the Insured shall immediately notify Britam Insurance through HF Insurance Agency in any case not later than 72 hours and shall within fifteen (15) days after the loss, deliver to Britam a completed claim in a format provided by Britam and the loss report containing an account of loss and of the amount of the loss.


LOSS EVALUATION: Britam Insurance shall at their cost decide to appoint a qualified and registered assessors to ascertain the cause of loss if need be.


PREMIUM COLLECTION: HF Insurance Agency shall collect and remit premium charged to Britam Insurance Ltd together with the declaration list every 5th of the month.



PAYMENT OF CLAIMS: Payment of all claims will be due after receipt of completed claim form and the loss reports by Britam appointed loss assessor. Any compensation shall be effected through HF Insurance Agency. Subject to full premium payment.


PRODUCT TRAINING : Britam Insurance shall train HF Insurance Agency in on the Micro Fire &Burglary product and to its prospect customers as deemed necessary.


INSURER : Britam General Insurance Co. Ltd.