Bancassurance
1. Motor Insurance (Motorplan)
Three types of cover available – Comprehensive, Full third party and Third party fire and theft.
a) Comprehensive Cover
- Covers policy holder's motor vehicle and third party vehicle or property damaged.
- Premiums are calculated on a pro-rata basis matching with renewal/licensing due dates: 31 January, 31 May & 30 September.
- Third Party Limit on comprehensive cover – USD10 000
- Rates: Private vehicle - 4.2%, Commercial vehicles – 5% or 6% depending on type plus RTA, Haulage trucks – 6% plus RTA*. For more charges click here.
- All vehicles are charged RTA cover except for private vehicles.
- Excess on TOTAL LOSS is 5% of the sum insured
- Excess on PARTIAL LOSS is 10% of the loss.
- Excess on theft is 25%
For more charges, click here or contact Bancassurance Office on (04) 757822 for more information.
* Terms and Conditions apply
Excess entails the amount a client has to contribute in the event of an accident/loss eg a theft.
*Third Party Limit –
*RTA – Road Traffic Act fee
This insurance policy is underwritten by RM Insurance Limited (A member of the Old Mutual Group). The insurance coverage that this policy provides shall be at all times subject to the terms and conditions of the policy contract issued by RM Insurance Limited. Standard Chartered Bank shall not be responsible for RMI's actions or decisions under the policy contract nor shall Standard Chartered Bank be liable regarding payment of claims or services under the policy contract issued by RM Insurance. Premium holidays are not permitted.
b) Full Third Party Cover (FTP)
- This is a basic or minimum cover prescribed by law for all vehicles to use country's roads. Cover is for damages on Third Party vehicle or property only.
- A client who insures their vehicle on Third Party means in the event they are involved in an accident, insurance only covers damages on the vehicle/property of the other (third) party the client has been involved in an accident with or whose property has been damaged.
- In the event of theft of the vehicle, policy holder will not receive any benefit from Insurance as cover is for Third Party only.
- Private and commercial vehicles can be covered under Full Third Party cover.
- Limit on on FTP is $2,500 although a customer can opt to increase.
- Excess – does not apply for FTP cover as insurance policy does not cover policy holder.
For more FTP charges, click here or contact Bancassurance Office on (04) 757822 for more information.
* Terms and Conditions apply
This insurance policy is underwritten by Old Mutual Insurance Limited (A member of the Old Mutual Group). The insurance coverage that this policy provides shall be at all times subject to the terms and conditions of the policy contract issued by RM Insurance Limited. Standard Chartered Bank shall not be responsible for RMI's actions or decisions under the policy contract nor shall Standard Chartered Bank be liable regarding payment of claims or services under the policy contract issued by RM Insurance. Premium holidays are not permitted.
c) Third Party Fire & Theft
- Covers policy holder's vehicle against fire and theft as well as damages on Third Party vehicle or property.
- Difference with Full Third Party is that on FTP, excess does not apply but on Third Party Fire & Theft Excess applies at the rate of 10% on total loss only
- Third Party Fire & Theft does not have excess for partial loss, it's only for total loss – vehicle has either to be to be stolen or burnt down totally.
For more charges, click here or contact Bancassurance Office on (04) 757822 for more information.
* Terms and Conditions apply
This insurance policy is underwritten by Old Mutual Insurance Limited (A member of the Old Mutual Group). The insurance coverage that this policy provides shall be at all times subject to the terms and conditions of the policy contract issued by RM Insurance Limited. Standard Chartered Bank shall not be responsible for RMI's actions or decisions under the policy contract nor shall Standard Chartered Bank be liable regarding payment of claims or services under the policy contract issued by RM Insurance. Premium holidays are not permitted