Eligibility
For trade transactions, Shimin Insurance is open to receiving enquiries for trade insurance policy coverage across Kenya and East Africa. Still, we give preference to transactions where the buyer and seller are located in one of our African member countries.
Trade Insurance
Trade insurance, also known as trade credit insurance or export credit insurance, is a type of insurance that protects businesses against financial losses resulting from unpaid debts, insolvency, or bankruptcy of their customers.
Trade credit insurance is a risk mitigation tool against payment default risks. The product replaces expensive collateral such as Letters of Credit that are often required by banks to secure a loan or a line of credit. Trade Insurance solution allows companies the freedom to offer better payment terms to their clients, increase their cash flow and be internationally competitive by operating on credit terms.
Types of Trade Insurance:
- Trade credit insurance: Protects against non-payment by customers.
- Cargo insurance: Covers loss or damage during transportation.
- Political risk insurance: Provides coverage for losses due to political events.
- Foreign exchange risk insurance: Protects against losses due to exchange rate fluctuations.
- Product liability insurance: Provides coverage for losses due to product issues.
Importance of Trade Insurance
- Trade insurance provides protection against non-payment or default by buyers, which can be a major risk for businesses.
- Trade insurance helps businesses manage various trade risks, including commercial risks such as market fluctuations, political risks such as changes in government policies or regulations, and transportation risks such as loss or damage to goods during transit.
- Trade credit insurance can increase access to finance by mitigating risks for lenders and investors, making it easier for businesses to obtain financing.
- Trading insurance enhances competitiveness in the global market by providing protection against risks, allowing businesses to take on more business and expand their operations.
- Credit insurance provides peace of mind to business owners who can focus on their operations and growth without worrying about potential trade risks.
What is offered in our Trade Insurance Cover?
We offer the following types of bonds insurance:
- Custom bonds- We offer custom bonds for your various goods in transit through the country or those produced in duty-free zones targeting the export markets.
- Performance bonds- We offer surety to you to ensure that your business does not suffer unnecessary setbacks should you be unable to commit to the completion of contracted work.
- Tender Bonds- We protect your interests so that you do not feel the pinch of losing a bidder for your tender offer.
- Immigration bonds- For non-Kenyans, we offer you our immigration bond to cover any obligatory/ consequential exit costs that you may be committed to during your stay in our country.
Trade Insurance Application Process
Here are four simple steps to applying for Trade insurance:
- Submit an insurance enquiry form
- Once the enquiry is approved, Shimin Insurance Agency issues a Non-Binding Indication (NBI)
- If the terms and conditions quoted on the NBI are acceptable to you, we will ask you to apply for insurance and supporting documents
- Once we receive all the relevant documents, you will receive your policy
How to Apply
Request a Callback
Outside of hours, request a callback for inquiries & applications.
Call our team
Mon-Fri 08.00am-6.00pm;
Sat 9.00am-5.00pm.
Visit us at our Office
Visit us at Eco Bank Towers, 10th Flr, Opp. 680 hotel.
Our Partners
About Us
Shimin Insurance Agency is licensed to carry out insurance business as an intermediary and has its headquarters at Co-op House along Haile Selassie Street, Nairobi. Through establishing partnerships with various reputable insurance companies in the industry, the Agency has developed a full banquet of innovative insurance products and services that address the insurable needs of our customers and offers these services from across our branches in Kenya.
Our Products
- Insurance Premium Financing
- Motor Vehicle Insurance
- Agriculture Insurance
- Student Accident Cover
- Group Personal Accident
- Domestic Package
- Public Liability
- Product Liability
- Directors Liability
- Professional Indemnity
- Machinery Breakdown
- Fire and Special perils
- Travel Insurance
- Marine Insurance
- Medical Insurance
- Trade Insurance