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Home Insurance
- Can I own a home without domestic package insurance?
- Can I purchase domestic package insurance if I'm renting a house?
- How are claims paid under various Sections?
- How do I file a claim under domestic package insurance?
- How often should I review my policy?
- What information do I need to provide to my agent,broker or insurer when proposing or renewing cover?
- What is a standard domestic package insurance cover?
- What is domestic package insurance?
- What kind of domestic package cover is adequate?
- What should I do if I am leaving the house unoccupied for sometime?
- What type of insurance do I need for a house purchased through a mortgage?
- Which are the common types of misfortunes covered in a domestic package insurance?
- Why is it important to take a home inventory?
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Motor Insurance
- How do I file a motor insurance claim?
- How is the premium of motor insurance determined?
- Is motor insurance compulsory in Kenya?
- What are my rights when filing a claim?
- What are the different types of motor claims?
- What are the different types of motor insurance certificates in Kenya?
- What are the different types of motor insurance policies?
- What are the duties of insured person in the event of an accident?
- What are the duties of the insurance company in the event of a claim?
- What are the main documents required in settling a claim?
- What information is required when proposing for<br>insurance?
- What is motor Insurance?
- What should I do if I am involved in an accident?
- What should I do if I have a problem with claim<br>settlement?
- What steps are taken by an insurance company before a motor insurance claim is settled?
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Medical Insurance
- Am I insured while out of the country?
- Do I need to continue paying my monthly contribution to NHIF if I have medical insurance policy?
- Does medical insurance cover all hospital bills?
- Does my policy cover conditions existing before I took up the insurance?
- Does the policy cover all my children?
- Does the policy cover the insured in old age?
- How are medical bills paid?
- How do I apply for medical insurance?
- How do I benefit from NHIF membership?
- How will the hospital know that I am the insured?
- What happens in case of an emergency?
- What is medical insurance?
- Who does an in-patient policy cover?
- Who does an out-patient policy cover?
- Will the policy compensate me for all kinds of treatment that I receive?
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Agriculture Insurance
- Agriculture insurance underwriting and claims
- Challenges of crop insurance
- Index Based Livestock Insurance
- Index based weather insurance
- Introduction to agriculture insurance
- Livestock Insurance
- Other types of agriculture insurance
- Perils that affect the agriculture sector
- Poultry Insurance
- The International Agricultural Insurance Market
- Types of Crop Insurance
- What is Agriculture insurance?
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Aviation Insurance
- Aircraft Hull and Liability Cover
- Aviation Hull War and Allied Perils Cover
- Aviation Insurance Underwriting and Rating
- Introduction to Aviation insurance
- Laws Relating to International Trade or Carriage of Passengers by Air
- Loss Adjusting and Surveying Aviation Insurance
- The Aviation Insurance Market
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Business Interruption Insurance
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Common Factors in Property Insurance
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Emerging Issues and trends in general insurance
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Engineering Insurance
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Fire and Perils Insurance
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Liability Insurance
- Classes of liability insurance
- Directors’ and Officer’s Liability Insurance
- Employers Liability Insurance
- Introduction to liability insurance
- Legal Expense Liability Insurance
- Products LIability Insurance
- Professional Indemnity Insurance
- Public Liability Insurance
- Trustees’ Liability Insurance
- Work Injury Benefit Act (WIBA)
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Marine Insurance
- Arranging for marine insurance
- Effecting Marine Insurance market
- International Contracts of Sale(INCOTERMS)
- Introduction to Marine Insurance
- Marine Insurance and Trade
- Marine Insurance Claims
- Marine Insurance Policies
- Marine Insurance Underwriting and Rating
- Marine Perils
- Principles of Marine Insurance
- The marine Insurance Markets
Marine Insurance and Trade
The buying and selling of goods and services across national borders is known as international trade.
Advancement and rapid expansion in transportation, globalization, multinational corporations and outsourcing have combined to have a major impact on the international trade., increasingly, international trade is becoming a critical to the continuance of globalization, without it, nations will be limited to goods and services produced within their own borders and the standard of living would be much lower.
Marine insurance plays a small but critical role in facilitating international trade. It provides protection against fortuitous losses which enable those engaged in international commerce to venture – their usually enormous capital – more freely than it would be the case. This expands the scope of operation of the overseas trade. In countries like UK which attracts marine insurance business from other states, marine insurance is an important earner of foreign exchange which helps the country’s’ balance of payments
Banks are to a very great extent, responsible for financing the overseas trade of the world. The buyer forwards to the seller of goods a letter of credit drawn on a banking house. The letter of credit is not negotiable for it is an authority from the banker who signs it to the banker or other person to whom it is addressed to honor the draft of the person named in it on production of whatever documents may be required. Hence the banker merely acts as a collecting agent and not financing the transaction.
In most cases, the seller may wish to obtain assistance of their bank in the credit that the banker is extending to the buyer. The seller will ask the bank to buy the Bill of Lading against the value of each shipment. (The Bill of Lading is the evidence of affreightment between ship owner and the shipper of goods and is a receipt of goods given by the carrier to the shipper.)
This means that the seller of goods is put in funds immediately instead of waiting until of remittance from the customer abroad for goods shipped as this will only happen when the goods are received.
The Bill of Lading must be accompanied by other documents of title which include;
- The invoice – this is the sellers’ bill of the goods sold and specifies details of goods, their prices and various charges
- The Bill of Exchange – this is the draft or order drawn by seller on the buyer requesting the latter to pay the stated sum, on slight or in a specified number of days after the sight or presentation of the draft and necessary documents to the party named in the order
- Export Invoice – this shows the quantity, quality and price of goods
- The Marine Insurance Policy – this indicates that the goods are insured against loss or damage by marine perils with approved insurers.
The bank will not discount the bill of exchange unless the goods are insured against marine risks and the policy lodged with the bank as collateral security.
If the goods are damaged or lost, a claim will be forwarded to the insurer and is recoverable under the marine policy.