Office All Risks

All Risks insurance provides indemnity against accidental loss or damage to specified items as a result of any cause (including fire) within the geographical area specified in the policy.

Items under this policy include portable office equipment, laptops, scanners, smaller printers, cameras and other similar light equipment. Coverage may be extended to personal effects of senior employees while traveling on company business e.g. Laptops.

Guidelines:
The insured may chose whether the policy will be on replacement of value or indemnity basis.

Replacement policy is where the value of the item insured is compensated in the event of a loss without subjecting the same to a further depreciation.

Indemnity is where the insured is returned to the state they were before the loss. In other words the estimated market value of the item lost after depreciation is reimbursed.

For new items that are below 3years old, it is advisable to insure them on replacement.

Where items of jewellery and works of art are to be insured, this can be covered on 'agreed value' basis such that in the event of total loss, the amounts set against specified items is paid in full. However, here the insurer will generally require a valuation report prepared by professional valuers to be produced when the cover is being effected.

Requirements for quotation:

  • A schedule of the items (or asset register) is to be provided including
  • Make,
  • Model,
  • Serial No
  • Date of Purchase
  • Value of each item

The cover may be extended to cover riot and strike at additional premium. The Territorial limits may be restricted to Kenya but extensions can be requested to Worldwide.