Specialized Lines of Insurance

We help you to grow

Contract Works Insurance (Contractors All Risks)

Construction projects entail investing huge amounts of capital, expertise and time. The project principals, contractors and sub-contractors are all exposed to any unforeseen interruption, damage or destruction of the works during the construction period or after completion. There is also a huge risk during the testing and commissioning phase for all projects.

Contractors All Risks (CAR) insurance is a product specifically designed to protect all parties involved in a construction project to ensure that the project is quickly resuscitated and completed as planned. The insurance provides cover for loss or damage to the contract works whilst in progress, goods and construction materials whilst in transit or storage as well as liability to third parties who are affected by your project, for example, damage to a third party’s pipes whilst you are digging trenches.

Erection All Risks insurance is required where a contractor is installing or fitting finished parts or components for example prefabricated structures or pre-cast structures. These completed parts need to be transported from the place where they have been manufactured to the place where they need to be fitted. There are risks associated with dismantling, loading, transit and unloading from the departure point to the destination. Erection All Risks provides comprehensive cover for these risks.

The second part of the risk is associated with the actual mounting of the completed structures. Insurance provides protection against losses suffered due to unforeseen collapse, impact damage, and fire as well as risks associated with harsh weather elements. Liability to third parties is also covered during the entire process.

Plant All Risks Insurance

This insurance protects businesses against the risk of loss or damage to mobile and fixed plants which is used by your business. The policy offers comprehensive cover including damage to the plant itself as well as third-party liability.

Our clients include the following:

Machinery which is operational on a day-to-day basis in the production process is exposed to various risks which can cause sudden and unforeseen damage. This will cause work stoppage for an extended period, in particular where no immediate financial plan is in place to restore operations. Machinery breakdown provides cover for machinery which is fixed at a particular address or location and used for production in the business.

Machinery breakdown loss of profits insurance provides protection for loss of revenue or decline in profits which is caused by events which are insured under a machinery breakdown policy.

Goods stored in a refrigerated area can easily get damage or lose their value when the required temperature range is breached. The most common example is where goods rot or lose commercial value when the cold room air conditioning system breaks down. The Deterioration of Stock policy provides protection against the financial loss caused by unforeseen damage to goods following an accidental rise or fall of temperature.

This insurance provides cover for damage to electronic equipment such as computers, servers, laptops, modems, and other business equipment at the insured premises. The loss can be because of lightning damage or weather-related elements.

Contract Works Insurance (Contractors All Risks)

Travelling exposes your employees to various health exposures which can lead to sickness, hospitalisation and a need for medical attention. Travel insurance provides travel assistance against medical expenses if you fall sick or require medical attention while travelling domestically or internationally. The cover includes assistance with emergency medical expenses, repatriation and evacuation, loss of luggage and personal liability.

Our clients include the following:

Domestic tourists
International travel tourists
Professionals on work travel
Holiday travellers
Group tourists
Students
Family travel

Organising events can be a risky business due to the potential for harm or damage to third parties as well as unforeseen circumstances which can lead to the event being cancelled. As a business, you lose revenue or you suffer a financial loss which requires a solution through insurance risk transfer.

This is a legal claim brought by a person who has suffered a loss, injury or damage at your premises. Every business needs protection against loss, injury or damage to the public.

Legal liability claims can be brought for loss, injury or damage caused by the company’s products. Any company that is handling products from manufacturers, wholesalers, retailers, distributors, processors, importers or exporters can be sued for damage caused by their products.

This cover protects the employer from loss, injury or death of employees during their employment. Any company that has employees needs this type of cover to ensure that they have adequate financial protection.

The company’s directors and employees make difficult decisions on a daily basis in the course of executing their duties. During the decision-making process, the directors and officers may make errors of commission or omission which cause loss or damage to third parties. Insurance cover can be put in place to avoid such exposure and also to encourage decision-makers to execute their duties without fear.

Any business operating in the digital world is exposed to risks of loss or damage to attacks by way of viruses, phishing, hacking or any other form of exposure to malicious attacks by criminals. Cyber risk insurance provides your business with financial security against loss or damage to computer hardware, software, systems and data.

The insurance products also assist with risk management solutions to reduce the risks of attacks and interruption of your business.

The major risks are:

Our clients include the following:

Entertainment industry
Party organisers
Schools
Event organisers or event planners
Hotels
Event venues
Churches
Wedding planners
Associations
Conference and seminar organisers
Golf event planners
Trade shows
Exhibitions
Festivals
Galas
Sports events

Marine insurance consists of three major components:

1. Marine Hull Insurance – this is insurance for the sea or water assets used in the transportation of goods from one part of the world, for example, ships, boats and terminals.
2. Marine Cargo Insurance – this refers to the actual goods carried from one point to the other, mainly by sea, rail, or air.
3. Marine Liability Insurance – This covers the risk that your hull or cargo will cause loss, harm, damage, injury or death to third parties.

Our clients include the following:

Importers and exporters.
Manufacturers.
Clearing agents.
Distributors.
Ship / Boat/ Ferry owners
Fisheries
Pleasure watercraft / Yacht owners.
Shipping companies

This type of insurance protects medical professionals against legal suites for alleged professional negligence during the execution of their duty. The cover provides financial security for legal fees as well as the compensation awarded to the patient by a competent court of law. Our clients include the following medical professionals:

Anaesthetists
Prosthetists
Physiotherapists
Pharmacists
Pathologists
Paediatricians
Orthodontic
Orthoptists
Optometrists
Occupational therapists
Obstetricians
Neurosurgeons
Gynaecologists
Dietitians
Dentist
Cervical cytologists
Counsellors
Cardiologists
Cardiographers
Cardiac physiologists
Audiologists

This insurance provides protection to businesses against fraud, embezzlement, corruption, money laundering, computer fraud, extortion, dishonesty and contractual penalties caused by employees. Employees can commit a commercial crime either directly or in collusion with other criminals outside of the organisation. The employees can steal money, either cash or fraudulent electronic transfers as well as property. Insurance will ensure that the business will recover from the loss.

Our clients include the following entities:

Hospitals and clinics
Government departments
Municipalities
Farms
Mines
Consulting companies
IT Companies
Churches
Car dealerships
Financial services entities
Banks
Wholesalers
Retailers

Our insurers offer competitive and comprehensive cover for aircraft. The cover includes the following:

Our clients include the following:

Just like any other business, farmers face multiple risks daily. We assist farmers with risk solutions for their assets, livestock, crops and income. Our insurers provide comprehensive insurance products for small, medium and large-scale farmers.

The insurance solutions available include cover for the following:

Livestock – cover for theft, death, injury, disease and illness and transit risks.
Farm assets and equipment – for example, farm buildings, warehouses and plants.
Motor – Comprehensive insurance for farm vehicles.
Crop insurance.
Employer’s Liability Insurance
Group Personal Accident
Third Party Liability

Our clients include the following:

Crop, vegetable and fruit farmers
Dairy industry
Livestock breeders
Large scale farmers
Small and medium scale farmers
Land owners
Cooperatives

One of the major risks in construction is that the contractor may fail to complete the project. The project owner or principal therefore requires security from a third party to guarantee that the project will be completed. A Performance bond therefore enables the project owner or principal to recover from insurers up to the full costs of the project.

Some several risks and faults are discovered well after a contractor has handed over a project and evacuated the site.

The retention bond is designed to ensure that the principal has recourse when such defaults are discovered and to ensure that they are fixed. So in the event that the contract does not come back to correct the defaults, insurers will provide funds, through the retention bond, to correct the errors.

The bidding process for construction work is expensive and lengthy. Sometimes contractors bid for work that they do not have the capacity to complete. The project owner is forced to repeat the bid process when a contractor pulls out after winning the bid. Project owners can recover costs from insurers who have issued bid bonds to the bidders.

Faulty material and defective workmanship usually surface after the project has been completed and handed over to the project owner. The owner will need to get these faults fixed either by the contractor or another independent party. Project owners therefore require Maintenance Bonds to protect them against potential costs of defective workmanship which is identified after the completion of the project.

This policy covers the risk that a contractor defaults on a project after receiving a payment in advance for goods and services. The principal can recover the funds from insurers who provided the guarantee to the contractor.

A warehouse bond is a financial guarantee issued to a warehouseman as security against the risk of loss or damage to the goods stored in the warehouse or failure by the warehouseman to meet their obligations.

This is a policy required by the Master of the High Court as security against the risk that an executor may fail to meet their obligations.

This bond is required by liquidation practitioners as security that is submitted for them to be appointed.

A customs bond policy is required by the customs department to ensure that the trader will fulfil their tax obligations arising out of the import and export transactions.

Trade Credit Insurance

Trade credit insurance provides cover against the risk of default by customers who buy on credit. The policy pays out a percentage of the uncollected debt thus ensuring that your business continues to enjoy sound cash flows. Our clients include the following:

Trade credit insurance provides cover against the risk of default buy customers who buy on credit. The policy pays out a percentage of the uncollected debt and thus ensuring that your business continues to enjoy sound cash flows.

Our clients include the following:

Political Risks, Sabotage and Terrorism Insurance (PVT & PTS)

PVT – Political Violence and Terrorism insurance covers the client from losses caused by politically motivated violence and related damages as well as losses caused by terrorism activities.

PTS – Political Violence, Terrorism and Sabotage insurance provides PVT cover, including losses caused by sabotage.

Professional Indemnity

This policy protects professionals from legal claims arising from the delivery of their day-to-day professional service. These legal claims can arise out of alleged negligent acts, negligent errors, negligent omissions or negligent breach of contract. Some of the professionals that we assist include the following:

Engineers
Architects
Land Surveyors
Accountants
Tax consultants
Legal consultants
Attorneys
Auditors

Project Managers
Town Planners
Loss Adjusters
Quantity Surveyors
Intermediaries
Insurance brokers
Liquidators
Lawyers
IT professionals
Advocates
Engineers
Property Valuers

Cyber Risks Insurance

Any business operating in the digital world is exposed to risks of loss or damage to attacks by way of viruses, phishing, hacking or any other form of exposures to malicious attacks by criminals. Cyber risk insurance provides your business with financial security against loss or damage to computer hardware, software, systems and data.

The insurance products also assist with risk management solutions to reduce the risks of attacks and interruption of your business.

Directors and Officers Liability

The company’s directors and employees make difficult decisions on a daily basis in the course of executing their duties. During the decision-making process, the directors and officers may make errors of commission or omission which cause loss or damage to third parties.

Insurance cover can be put in place to avoid such exposure and to encourage decision-makers to execute their duties without fear.

Cyber Risks Insurance

Any business operating in the digital world is exposed to risks of loss or damage to attacks by way of viruses, phishing, hacking or any other form of exposure to malicious attacks by criminals.

Cyber risk insurance provides your business with financial security against loss or damage to computer hardware, software, systems and data. The insurance products also assist with risk management solutions to reduce the risks of attacks and interruption of your business.

About Us

How can we Help you?

Mukfin Offices

About Us

How can we Help you?

Mukfin Offices

Specialized Lines of Insurance

We help you to grow

Engineering Insurance

Erection All Risks Insurance

Machinery Breakdown Insurance

Travel Insurance

Event Insurance

Marine Insurance

Medical Malpractice

Commercial Crime Insurance

Aviation Insurance

Agriculture Insurance Bonds And Guarantees

Bonds And Guarantees

Trade Credit Insurance

Political Risks, Sabotage and Terrorism Insurance (PVT & PTS)

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Professional Indemnity

Cyber Risks Insurance

Directors and Officers Liability

Cyber Risks Insurance