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A general insurance company that is duly licensed by the Pensions and Insurance Authority (PIA) to transact all classes of general Insurance business in Zambia. African Grey Insurance offers innovative and personalised insurance solutions to their customers and other stakeholders that will create value through professionalism and team work. Insurance services offered include agricultural, construction, corporate, engineering, marine and personal insurance.
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Business general Insurance

African Grey Insurance Company offers insurance services that are dependent on the industry or business their clients specialise in and risks encountered in their operations. Types of corporate insurance solutions provided include motor, fire, accident and miscellaneous.

Based on the business an organisation conducts and after an assessment of its risk exposure, African Grey Insurance Company tailors policies that will meet their client's insurance needs. The company continuously endeavours to offer the highest level of service delivery standards and have packaged the following benefits:

  • Dedicated corporate account underwriter
  • Long term agreement premium discount
  • Risk advisory
  • Specified claim settlement period ranging from 7 to 14 days
  • Volume discounts

Types of corporate insurance

Motor classes

  • Comprehensive
  • Road Traffic Act (RTA)
  • Third Party
  • Third Party fire and theft
  • Motor Traders -internal and external

Fire classes

  • Asset all risks
  • Fire and allied perils
  • Fire loss of profits
  • House holders
  • House owners
  • Office comprehensive

Accident and miscellaneous

  • Burglary
  • Money
  • Fidelity guarantee
  • Employer's liability
  • Public liability
  • Group personal accident

African Grey Insurance Company · Business general Insurance

Personal general insurance

African Grey personal insurance provides risk management that includes comprehensive coverage to protect a client's life, family and personal possessions. Whatever a client's needs are, this company will help in finding the right personal insurance solution to protect the things that are most important to them.

Personal insurance packages offered by African Grey Insurance Company

All risks

This covers loss of or damage to the whole or part of the property while anywhere in the world by any accident or misfortune not otherwise excluded.

Burglary

This policy covers loss or damage to the property contained in buildings of standard construction, following forcible and violent entry or exit. It is most useful to owners of shops, groceries, warehouses and other business premises where goods of any description are kept.

Family/personal accident

This covers bodily injury/death resulting solely and directly from accident caused by outward violent and visible means to individuals or family members, which shall directly and independently of any other causes result within 12 calendar months in bodily injury/death.

Professional indemnity This will indemnify the insured against their legal liability for damages and claimants' costs and expenses in respect of claims for breach of professional duty:

  • First made against the insured by reason of any neglect, error or omission
  • Occurring or committing in good faith and in connection with the conduct of the practice.

House holders

This covers loss or damage caused by theft to the household goods and personal effects of very description, the property of the insured or for which he/she is responsible or any member of the insured's family normally residing with the insured and fixtures and fittings the insured's own or for which the insured is legally responsible (not being landlord's fixtures and fittings) in the buildings of the insured's private residence constructed of brick, stone or concrete with slate, tile, concrete, asbestos or metal roofs, except as specially mentioned, and including the domestic offices, garages and out buildings.

Home owners

This covers loss or damage to private dwelling caused by and allied perils including house breaking or attempt thereat, theft and or loss of rent.

Motor comprehensive This covers loss of or damage to a vehicle insured and legal liability to third parties, for bodily injury, death and property damage. This includes protection and removal after accident, authority to repair damage to vehicle up to agreed limit, medical expenses etc.

Third Party liability

This covers any person but not the insured in cases where the insured causes an accident. The policy also covers injury, death or property damage to third parties.

African Grey Insurance Company · Personal general insurance

Business liability insurance

African Grey Insurance Company offers corporate insurance packages that are dependent on the industry or business the client specialises in and possible risks. A dedicated team of professional underwriters will provide advice on which policies an organisation should take up based on the business of an organisation.

Their team member of corporate underwriters are available to discuss policy extensions or exclusions and benefits an organisation can get out of the policy. African Grey Insurance Company continuously endeavours to offer the highest level of service delivery standards and have packaged the following benefits:

  • Dedicated corporate account underwriter
  • Long term agreement premium discount
  • Risk advisory
  • Specified claim settlement period ranging from 7 to 14 days
  • Volume discounts

African Grey Insurance Company · Business liability insurance

Agriculture insurance

African Grey Insurance offers innovative and tailor-made insurance solutions that cover farmers against financial losses faced due to various risks encountered in their farming activities. Customers can select from a wide selection of coverage levels and price options.

Crop insurance Crops covered

Includes but not limited to wheat, maize, soybeans, cotton, standing sugarcane covers the insured in respect of loss or damage to the crop covered at the location specified in the schedule caused by the under noted perils during the period of insurance stated in the policy.

Perils covered

Fire and lightning only. This includes bush, malicious and accidental fires. Extensions available include:

  • In case of wheat insurance, cover is extended to include:- Degradation to the wheat crop due to early unexpected rains.
  • And in the case of standing sugarcane cover extends to include malicious damage, riot and strike (non-political). The policy has standard warranties and exclusions.
  • Excess:10% of each and every claim minimum depends upon the amount

Livestock insurance

African Grey Insurance livestock policy provides all risks cover for specified animals and whole herds as a result of loss, destruction, damage, death, injury, illness and disease. As agricultural specialists African Grey offers a wide range of options for insurance coverage:

  • Large & Small Farms
  • Buildings & Contents
  • Farm
  • Household
  • Livestock
  • Employers liability
  • Public liability
  • Product liability

Agricultural machinery insurance

African Grey design insurance cover you can depend on for your agricultural machinery, from tractors, irrigation equipment to combine harvesters.

African Grey Insurance Company · Agriculture insurance

Construction insurance

Construction insurance helps contractors to manage risk effectively, earning higher profits and having lower operating costs. African Grey offers advance payment, tender, performance, retention and customs bonds. The company has an experienced team that is exclusively dedicated to the construction industry.

Construction available bondsAdvance payment bond

This guarantee protects the beneficiary, who makes an advance payment to the contractor. A refund of the advance payment is guaranteed if the contractor does not fulfil the terms of the contract.

Tender bond

This guarantees the beneficiary that the principal debtor will honour its bid and will sign all contract documents if awarded the Contract. This offers limited protection to the employer for costs incurred. It is the most common form of bond.

Performance bond

The guarantor undertakes to pay a specified sum of money to the beneficiary if the contractor does not fulfil the contractual obligations. Normally 10% to 20% of the contract sum, but can be as low as 1%.

Retention bond

Under the primary contract the beneficiary is permitted to retain a certain percentage of the payment due to the contractor, normally 5% to 10%, as a safeguard against latent defects. In order to secure the release of these retention monies, the contractor will apply for a retention guarantee.

Customs bond

The guarantor undertakes to pay a specified sum of money to the beneficiary, who is Zambia Revenue Authority (ZRA) by reason of improper use of dutiable goods and or the non-payment of duties by importers or exporters of goods. The following are the various customs bonds issued by African Grey Insurance Company:

  • Removal in transit bond
  • Warehouse bond
  • Export guarantee bond

Construction/CustomsBond (Guarantee)

Bonds are not insurance contracts as such. These are purely financial undertakings which have nothing to do with insurance contracts. A bond is a written undertaking issued by an insurance company (African Grey) in favour of the receiver (Employer or Beneficiary), whereby the insurance company pledges to make certain payments on behalf of its client (contractor), if the latter fails to make payment or to carry out specific functions in terms of construction.

Parties to a bond contract

There are three parties to a bond contract, namely:

Surety (Guarantor)

The insurance company (African Grey) that issues the guarantee.

Protected party (Obligee or beneficiary or employer) The party who will suffer financial loss if principals do not execute all their duties properly.

Principal (Obligor or bidder or contractor) The party who is empowered by the protected party to carry out specific functions and duties in an official capacity which if not done properly for any reason will require the surety to pay up to the amount of the bond to the protected party.

African Grey Insurance Company · Construction insurance

Engineering insurance

Insurance services that are dependant on the industry/business and risks encountered during operations. With vast expertise and experience, African Grey Insurance Company offers a wide range of engineering covers to suit the needs of all manufacturing, distribution and construction businesses.

Engineering Insurance packages offered by African Grey Insurance Company

Boilers and pressure vessels

Covers damage directly consequent and solely due to explosion or collapse to any boiler or pressure vessel.

Contractors all risks

Covers any unforeseen or accidental loss or damage to contract works, plant and machinery at the contract site from any cause other than those specifically excluded.

Deterioration of stock

Covers loss due to deterioration, putrefaction or contamination of the insured perishable goods and contained in the cold store chambers at the premises.

Electronic equipment Covers any unforeseen or accidental loss or damage to electronic equipment from any cause other than those specifically excluded.

Erection all risks

This offers comprehensive protection against all risks involved in the erection of machinery, plant and steel structures of any kind from any cause other than those specifically excluded.

Machinery breakdown

Covers sudden and unforeseen physical loss or damage to insured machinery while at work or at rest and during cleaning inspections overhauling or removal to another position in the premises.

Machinery breakdown – Loss of profit

Covers interruption or interference with in consequence of an accident of any machinery, then the company will indemnify the insured against the amount of loss resulting from such interruption or interference.

Plant all risks

Covers any unforeseen or accidental loss or damage to contractors plant and machinery from any cause other than those specifically excluded.

Bonds and guarantees

  • Bid bonds
  • Performance bonds
  • Advance payment bonds
  • Retention bonds

African Grey Insurance Company · Engineering insurance

Marine insurance

With well-established relationships with the world's leading maritime insurers, African Grey Insurance Company offers a wide of insurance solutions for all types of marine hull, cargo and liability risks. The company is committed to providing the highest standards and service quality in insurance policies that meet various needs.

No matter the vessel, purpose of the voyage and its destination, the cargo and contents, African Grey Insurance Company covers the insured against any perils. The company has developed a broad range of marine insurance services that fit various needs.

Cargo insurance

Covers transits carried out in water, air, road, rail. African Grey Insurance Company products help you navigate the risks making sure that your products are being protected on every leg of their trip providing you with all you need to know about marine cargo insurance cover and air freight insurance for freight forwarding, international haulage and worldwide shipping.

African Grey Insurance Company · Marine insurance

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