Builder Risk


This insures against the risk of physical loss or damage to property during construction. Builder’s risk insurance is typically written on an “all risk” basis covering damage arising from any cause (including the negligence of the insured) not otherwise expressly excluded. Builder’s risk insurance is coverage that protects a person’s or organization’s insurable interest in materials, fixtures and/or equipment being used in the construction or renovation of a building or structure should those items sustain physical loss or damage from an insured peril.

Where a doctor is putting up a hospital, or erecting some machines, this insurance becomes very crucial.


Health Insurance


With such high medical and health care costs these days, it’s hard to even think about visiting a doctor. But what about an unexpected mishap or an unforeseen disability or attack, where the potential medical bills could shoot up to the sky? Where would you get so much money from?

KMA SACCO LTD has negotiated an INPATIENT medical scheme with UAP Insurance Co Ltd, currently with a membership of over 500. A copy of the rating guide is availed under separate cover.


Motor Insurance


Motor insurance protects the policyholder against financial loss in the event of an incident involving a vehicle they own, such as in a traffic collision. This insurance would typically cover both the property risk (theft or damage to the vehicle) and the liability risk (legal claims arising from an accident including injuries), and may extend to cover minimal medical costs, Courtesy car, rescue and recovery, lost personal effects; Free valuation, death cover for the driver, etc.

Most countries, such as Kenya require drivers / owners to buy some, but not all, of this coverage. When a car is used as collateral [asset finance] for a loan the lender e.g KMA SACCO usually requires comprehensive insurance to be arranged. Currently, we have a comprehensive motor scheme for SACCO members where annual premium has been discounted to 5.25% of the vehicle value, and with enhanced benefits as above, plus much more.


Professional Indemnity Insurance


This policy protects professionals such as medical practitioners against potential negligence claims made by their patients/clients. Professional liability insurance in reference to the medical profession may be called medical malpractice insurance issued to cover an individual doctor, or a hospital institution.The insurance pays for the lawyer’s fees, as well as the judgement amount issued by the court.


Travel Insurance


It is an insurance cover taken by those who travel abroad, which covers certain losses such as death, medical expenses, loss of personal belongings, travel delay, and personal liabilities, while abroad.For the UAP inpatient medical scheme members with limits of kshs 2,000,000/- and above, this benefit is offered for free. ALL other KMA SACCO members and clients’ travel insurances can also be arranged on payment of the appropriate premiums.


Life Insurance


Life insurance provides a monetary benefit to a decedent’s family or other designated beneficiary, and may specifically provide for income to an insured person’s family, burial, funeral and other final expenses. Life insurance policies often allow the option of having the proceeds paid to the beneficiary either in a lump sum cash payment or an annuity [stream of payments]. The education policy is a subset of the life insurance.

Annuities and pensions that pay a benefit for life are sometimes regarded as insurance against the possibility that a retiree will outlive his or her financial resources. In that sense, they are the complement of life insurance and, from an underwriting perspective, are the mirror image of life insurance.

KMA SACCO has partnered with CIC Insurance to offer a life insurance product, which has a saving element, since the member will NOT have to pay the premiums, as indicated in the SACCO brochures.

KMA SACCO has also established a retirement pension scheme for members who wish to contribute to an individual pension plan towards their retirement.


Property Insurance


Property insurance provides protection against risks to property, such as fire, theft or weather damage. This may include specialized forms of insurance such as fire insurance, flood insurance, earthquake insurance, etc.

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