FAQ
Q 1. What products does Madison Insurance Co. Kenya Ltd offer?
A. General Insurance products offered:-
- Fire
- Burglary
- Domestic Package
- Engineering
- Consequential loss
- Contractors All risks
- Personal/Group Accident
- Workmen Compensation/Employers Liability
- Professional Indemnity for: Doctors, Engineers, Architects, Lawyers, Accountants
- Hospital Malpractices
- Public Liability
- Money
- Fidelity guarantee
- Motor
- Excess Protector
- Medical
- Double sure
Q 2. What are the requirements for joining Madison’s general Insurance policy?
A. You are required to complete a Madison proposal form and pay the premium before inception of cover.
Proposal form can be obtained from any of our branch offices country wide or from your broker.Medicals may be requested depending on the Sum Assured.
Proposal form can be obtained from any of our branch offices country wide or from your broker.Medicals may be requested depending on the Sum Assured.
Q 3. How much premium should I pay per month to have an insurance policy?
A. The premium for general insurance is normally annual and it is paid at or before the inception of cover. The amount payable depends on the sum insured( value) /limit of benefit being purchased. Other factors determining premiums are Excess/ deductible the client is willing to assume.
However if one would like to pay premiums on installments we refer them to Insurance premium financiers like NIC bank, Diamond trust etc who advance you premium money by paying it directly to us and then you deposit posted dated cheques maturing after every thirty days. Premium financiers allow up to a maximum of ten equal installments.
Premium can be paid by cash, Cheque, eletronic money transfer to Madison directly or to your appointed broker.
Q4. What are the benefits of a general insurance policy?
A. The premium for general insurance is normally annual and it is paid at or before the inception of cover. The amount payable depends on the sum insured( value) /limit of benefit being purchased. Other factors determining premiums are Excess/ deductible the client is willing to assume.
However if one would like to pay premiums on installments we refer them to Insurance premium financiers like NIC bank, Diamond trust etc who advance you premium money by paying it directly to us and then you deposit posted dated cheques maturing after every thirty days. Premium financiers allow up to a maximum of ten equal installments.
Premium can be paid by cash, Cheque, eletronic money transfer to Madison directly or to your appointed broker.
Q4. What are the benefits of a general insurance policy?
A. The following are the benefits :-
- Financial security /protection for the insured member or corporate.
- Peace of mind as the burden is transferred to the insurer.
Q 5. What happens in the event of non-payment of premium ?
A. The risk does not attach and policy becomes void.
Q 6. What happens if I cancel my policy before the expiry time?
A. We compute and pay refund premium for the unutilized period subject to the policy terms if there has not been a claim made.
A. We compute and pay refund premium for the unutilized period subject to the policy terms if there has not been a claim made.
Q7. What do you give as proof that one is covered?
- We issue a policy document in case of new clients and a renewal endorsement for renewal business.
The policy document will show the item/ benefits covered and the sums insured/limits, the perils covered, the exclusions conditions and excess levels where applicable.
Q8. How do I notify a claim when it occurs?
- If a loss occurs you are required to notify any of the Madison insurance office or your broker as soon as possible. Some claims like motor and theft claims within 24 hours of occurrence. Notification can be made via the telephone, email, letter etc.
Q9. Ater notification what else am I supposed to do?
A. You are required to complete a Madison insurance claim form detailing how the accident/loss occurred, attach proof of loss e.g. receipts of purchase like in fire and burglary claims, police abstract for theft claims and road traffic accidents claims.
A. You are required to complete a Madison insurance claim form detailing how the accident/loss occurred, attach proof of loss e.g. receipts of purchase like in fire and burglary claims, police abstract for theft claims and road traffic accidents claims.
Cooperate with investigators /assessors where required to hasten the claims process.
You also required to sign a claim discharge voucher when sent to you to facilitate issuance of a cheque.
You also required to sign a claim discharge voucher when sent to you to facilitate issuance of a cheque.
Q10. How long do you take to pay a claim?
A. Up on full documentation of a claim it will take seven days to pay a claim. Payment can be done by a cheque or electronic fund transfer where the client’s bank details are availed to the company.
Q11. What determines the amount to be paid in the event of a loss?
A. General Insurance is a contract of indemnity whereby you are supposed to be taken back to the position you were before the loss. You are therefore not supposed to make profit from the policy. The sum insured/limit of benefit and the market value of the property will be taken into account in determining how much to pay.
A. General Insurance is a contract of indemnity whereby you are supposed to be taken back to the position you were before the loss. You are therefore not supposed to make profit from the policy. The sum insured/limit of benefit and the market value of the property will be taken into account in determining how much to pay.
Q12. Does the policy expire upon paying a claim?
- The policy does not expire because a claim has been paid. It is supposed to run for twelve months. However windscreen and radio cassette cover does expire upon payment of a claim unless it is reinstated.
13. Can I get a refund premium if I do not make a claim at the expiry of the policy?
- No. You can not get a refund because you have not made a claim during the insurance period because you will have enjoyed policy protection . Insurance operates like a SACCO whereby a pool of funds is created with each member contributing to the kitty so that those who have a need or loss in case of insurance we use the funds from the pool to compensate them. This means your share of premium is utilized to pay claims for those who suffered losses.
If you do not make a claim you can however be allowed a discount at renewal because of good claims experience.
Q14. How do I know when my policy will expire?
- We send a renewal notice to our clients directly or indicating the renewal premiums and other terms two moths prior to expiry.
Upon receipt of the renewal notice you are expected to give us instructions to renew together with the premium cheque. We in turn pass an endorsement to effect the renewal which is sent directly to you or through your broker as the case may .
