What is Insurance

A pool of funds to pay for losses covered by your policy. Your policy runs for one year from the date of purchase.

What are the advantages of Insurance?

Financial compensation, Peace of mind, Security, Quick recovery from a loss.

How should you insure?

In the case of property insurance you should insure for the replacement cost of the property.

In the case of comprehensive motor insurance you should insure for the market value of the vehicle.

What prevents fast claims settlement?

The nature of the claim may not be clear cut

Cooperation of other parties may not be conducive to speedy processing/liability may be in dispute

Documentation may be inadequate/outstanding

What is a Deductible and is there a Deductible for claims that I make

A Deductible, sometimes referred to as an Excess is the amount you have agreed to pay out of your pocket before we pay for any covered losses. For example, if the covered claim is K 145,000 and your deductible is K 5,000 you pay K5,000, and we then pay the remaining K 140,000

The Deductible applies on property damage claims unless we have expressly waived it in writing. This deductible varies based on what was negotiated with you at the time of effecting cover and is stated in your policy document.

How do I report an Accident and how will my Claim be handled?

To report a loss or any incident which may give, you can simply call Phoenix Assurance on +260 211 233956 immediately after the accident has occurred or email info@Phoenixkenya.com

Phoenix will send a Response Team to assist you, depending on the location of the accident scene to deliver the highest quality of service.

You are advised to take photographs of the scene and ensure that you and your property are kept safe until the Police arrives or until the scene is processed and you are taken to a destination of your choice. The Phoenix will also arrange for towing that you may need.

Should you wish to submit your claim online, A Claim Form should be completed and submitted with documentation to support the claim. A link to this Claim Form can be found here:

.

A Claims Representative will acknowledge receipt of your claim within two business days of receiving your report and we stand ready to answer any questions that you may have and to guide you through the claims process. Be sure to ask the Claims Representative any questions you may have about deductibles, service, coverage or repairs.

How do I report a Windscreen Claim and what coverage is available

Damage to your windscreen is covered under your comprehensive policy and you can count on Phoenix Assurance for quick and convenient service. If you need to file a windscreen claim, do so as soon as possible.

As a Phoenix Customer, you can choose which facility will fix your windshield but the process may be faster and the quality of work guaranteed if you select from any of those facilities that specialize in this type of work.

How long will my claim take?

Every claim is unique, and many things can affect how long it takes to resolve a claim. However, we want you to know that our Claims team is made up of experienced professionals who will always do their best to get your claim resolved efficiently. You can help your claim process go smoothly by providing us with all the information you can about the incident. Talk with our Claims team to make sure you have given them everything they need.

What happens if my vehicle is stolen or is damaged by a fire?

If your vehicle is stolen or damaged by a fire, you should report it immediately to the Police and contact our office or that of your Broker right away.

We will investigate the matter and this can take between 3 � 6 weeks, on average, depending on the complexity of the case.

As soon as the investigation is completed and your coverage confirmed, your claim is ready to be settled.

How is takaful and conventional insurance similar?

Both takaful and conventional insurance provide protection in the event of unforeseen events and contributions must be made to start the coverage. Insurance is the transfer of risk from an individual or an organization, i.e. your business, to the insurance company. You or your organization will thus be known as the policy holder (Insured). The insurance company receives payment in the form of premium and will compensate you in the event of covered losses or damages sustained by you.

Takaful provides protection based on Joint guarantee. By paying Contribution (Premium) to a common Takaful fund, Participants (clients) agree to mutually help each other, should any of the participants suffer a defined loss.

Both insurance and takaful have similar basic principles. For instance, the insured must have a legitimate financial interest in the risk you are insuring, meaning you must suffer a financial loss when the insured event occurs. Your insurance or Takaful contract is a contract of utmost good faith (trust). Thus, you as the Proposer need to disclose all material information required. If any of the relevant material facts are not disclosed, the certificate may be invalid and you will not be protected against any loss or damage. Takaful and conventional insurance companies share the same objective which is to provide protection to you, your loved ones and your valuable possessions.

Differences between Takaful and conventional

Unlike conventional insurance, where risk is transferred from the insured to the insurer, Takaful Insurance is based on Joint Guarantee (mutual risk is shared amongst the participants). Takaful operations are based upon the principles of mutuality, whereby each participant makes a donation to a Takaful fund. In the event of a loss, the participant receives the amount of its claim.

All investments are managed by the Takaful operator in accordance to the Shariah law. These funds are managed by the Takaful operator on behalf of the participants.

Unlike conventional insurance, the participants retain an ownership interest in the takaful fund. Contributions from the participants are later invested into a ‘halal’ or Shariah compliant funds to derive investment income. In the event the fund generates a surplus, it is then shared among the participants (and, in some cases with the Takaful operator). This creates a ‘win-win’ situation to all participants.

The takaful operator will also have a Shariah�s Advisory Board who will monitor the activities of the operations in order to ensure that it’s Shariah-compliant. This involves consideration of all aspects of the operations.

Is Takaful only for Muslims?

Takaful is not for Muslims only. It is a cooperative concept that is equally beneficial to all members of society without any discrimination. It is a business concept that does not discriminate on the basis of ethnicity, creed or color.

Where can I purchase my Takaful plan?

You may visit any of Phoenix Assurance branch offices located nationwide or you may call at +260 211 233956, email takaful@phoenixzambia.com.

Copyright © 2017 - Phoenix Assurance - All Rights Reserved