This is the first amount payable by the insured in the event of a claim. The amount is either a stated amount or percentage of the item insured. In this policy, there are various excesses applicable under each section as indicated below and in the policy document:
a) Earthquake: 2% of the sum insured up to a maximum of Kshs. 5,000,000
b) Contents: 10% of each and every loss minimum Ksh. 5,000
c) All risks;
- Mobile phones:10% each & every loss minimum Ksh 1,000
- All others: 10% of each & every loss minimum Ksh 5,000
d) Work Injury Benefit (Employees): Kshs. 5,000 for each and every claim excluding funeral expenses
e) Employee liability: Ksh 25,000 for each and every claim
2. Why is it important to revise the policy schedule?
3. Why is depreciation factored under this policy?
4. What factors would impact the change in premium at renewal?
5. What will I need to do to cancel a policy?
6. Can the insurer cancel my policy?
7. How will the insurer get in touch with me?