Director’s Liability Insurance
The indemnity for this cover is to ensure business continuity in case of death or Permanent disability of key personnel in the business. Some businesses have just a few people contributing a big chunk of the business performance and their absence would impact negatively on the revenues and/or profitability of the company. The Key Man Cover therefore aims to cushion the business from such eventualities and ensure that the business continues as a going concern even after the departure of these key people. The traditional Key Man only offers compensation in the event of death or Total Permanent Disability of the Key Man. This cover will indemnify fall in revenue due to the temporary absence of key personnel due to illness or injury, and also to protect the business in case of a breach of contract when a key person leaves In addition, there shall be a life cover for the key personnel of Kshs.1 Million which shall be payable to the beneficiaries of the key personnel.
Death Benefits shall be payable in four options for the sums assured below.
• Kshs. 1 Million
• Kshs. 2.5 Million
• Kshs. 5 Million
• Kshs. 10 Million
In addition to the above sums which shall be payable to the firm.
The following will be required to effect cover
• Completed Membership proposal form
• Employment contract.
The following will be required when a claim arises.
- duly completed claim form
- Death certificate
- Burial permit
- Copy of identity card
- Police abstract for accidental related case