Let us help you navigate through your insurance needs
We have compiled here the various FAQs
This has been a common question in my sessions which I love to hear people answer. Wealth creation has proven to be more an art of stewardship than it is the art of money making. What this statement means is that how we handle what we have will be very essential to our goals. Today let’s do some planning.
Families handle finances differently but there are common ways in which most families go about their finances.
1.They pool their resources to one account, plan for it together and then one executes.
2.They share responsibilities thus each contributor has a responsibility to take care of.
3.One member of the family takes care of all the bills while the other member takes care of the little forgotten things.
The first method is very rare in the days we live in. When used, It kept marriages together by encouraging transparency and financial growth. The disadvantage was that one contributor remained an observer and often broke after planning. The system was good but gave less responsibility to one contributor which meant less growth.
The second system is the most common today. It distributes responsibilities to both contributors; however it kills communication at home. Have you ever heard someone say, “I don’t know how much that costs – it’s my wife’s department”? It sounds good and empowering, however it communicates that there is no accountability. This system liberates the contributors, after you do your part you can enjoy the rest thus making it the most popular system used in many homes. The disadvantages are that some of the income is unaccounted for which is dangerous for relationships. The third system is not very common, it’s mostly culturally motivated, one member of the family feels it dents his/her ego to openly receive help, on provision for the family. The system makes the main provider feel achieved, however it always leaves questions unanswered since it always derives from a past experience that was not good. As much as other members of the family may feel privileged to be provided for, this may deprive them the freedom to challenge a financial move taken by the main provider. This system is not good for relationships either.
A family is an institution, and like all other institutions there are fundamentals that’s must be in place to realize harmony and success. These are:-
1. Leadership
2. Vision
3. Goals and
4. A Strategic plan
When it comes to money management in this institution it’s important to recognize departments. There are fundamentally three departments.
- Home finances (house rent, food and house budget, education,telephone, clothing etc)
- Investments (buying land, building, buying a utility car, regular/monthly investments etc.)
- CSR/ God’s business. Giving back to the society. (tithes, offering, charity and philanthropy)
These are three main departments in which finances should be allocated. These departments should have leadership and accountability. These systems encourages first; growth financially, it develops self believe in each member of the family, it distributes roles, and bestows ownership. It’s good for relationship. It’s level of accountability is high and will work well with people who have good intentions and have good self-esteem. While sharing responsibility it’s important that you consider one’s strength and not contribution.
I wish you all the best and see you at the top.
A broker’s job is to help you to identify the risks that you or your business may be exposed to.
The broker will advise you on what insurance’s are available for these risks and will canvas the wholesale business insurance market to obtain the most advantageous terms for these covers providing you with the insurance quotes. The broker will then discuss this with you and when agreed place the cover with the chosen insurer/s and arrange the documentation at the specified insurance rates.
The broker will also help you with general insurance advice and information as required and look after any amendments to the policies that may be required. With any claims, the broker will assist you in formulating the claim and will liaise between you and the insurer to bring the claim to a successful resolution.
The first step in determining the answer to this question is to work with your broker to identify and define the areas of risk for you or your business. The decision then is which risks to retain (i.e., not insure) and which risks to transfer through insurance.
The sums insured should be relevant to the risk, taking special care not to under-insure and be subjected to co-insurance clauses. To choose to take the risk yourself to save money can leave you vulnerable and may severely affect your cash flow or assets. This is where our experience can assist you in making decisions on how much insurance you require to adequately cover your various risks.
.
It is possible that your goods may be less prone to loss or damage than others, but based on the kenyan law all goods must be insured, Additionally you still run the risk of a ship sinking, a plane crashing, or some other catastrophic event. It is important to keep in mind that a ship sinks every single day according to maritime statistics. In addition, you are vulnerable to General Average losses. A recent study concluded that a shipper will be involved in a General Average incident once every eight years. This could potentially lead to a business ending situation without a cargo insurance policy..
Actual cash is the depreciated value of the property after allowing for its physical condition. It is used as a basis for calculating the amount recoverable because it is considered to represent true indemnity
A quotation is free and there is no obligation to accept. Where commission is payable to us by the insurer this will be included within the quotation. In addition, we may charge a fee for arranging your policy and this will be detailed in the quotation provided.
Your insurer will require that we settle the premium on your behalf within a set period. In most instances we offer flexible payment terms, and accept settlement by –
- M-PESA
- Cheque
- Debit Card
- Credit Card (3% charge applies)
- Premium Finance Instalment Plan (service charge/annual interest rate usually applies)
Please note that an instalment option may not be available in every instance and a credit check will be undertaken.
.