Abay Insurance S.C.

Abay Insurance S.C. was established in July 2010, operating under the licensing and supervision of the Insurance Business Proclamation No. 86/1994. As of June 30, 2023, the company has a paid-up capital of Birr 448,823,000 and an authorized capital of Birr 500,000,000. It provides a range of General and Long-Term (Life Assurance) services through 39 branch offices across Ethiopia

Vision

Being the preferred & iconic insurance solution provider in all markets we serve by 2035.

MISSION

To provide diversified Insurance services tailored to meet the ever changing risk exposure of the public and maximize shareholders value by using competent staffs and technology enablers in an innovative and responsible manner.

Core Value

Core value of Abay Insurance is

• Diversity
• Integrity
• Customer focus
• Team work
• Achieve in quality
• Thrive to be learning organization

Abay Insurance has the following products and service

Property Insurance

• Property Insurance
• Engineering Insurance
• Marine Insurance
• Liability Insurance
• Pecuniary Insurance
• Agriculture Insurance
• Bond Insurance
• Other Insurance Services

2)Life Insurance

• Endowment
• Term Insurance
• Whole Life Insurance

3)Travel Insurance

Property Insurance

• Motor Insurance
• Fire & Lightening Insurance
• Burglary &House Breaking
• Life Stock Insurance

Engineering Insurance

Abay Insurance provides Engineering Insurance, covering risks related to construction, installation, and machinery malfunctions. This comprehensive policy safeguards against various risks faced during construction projects and equipment operations.

• Contractors All Risks: Protects contractors or employers against damage to materials and work during the contract period.
• Machinery Breakdown: Covers sudden breakdown or accidental damage to machinery, boilers, and pressure plants.
• Erection All Risks (EAR): Insures against accidental damage during the erection of machinery, excluding construction-related risks.
• Contractors Plant & Machinery: Covers loss or damage to contract works, plant, machinery, and materials on-site during construction.
• Deterioration of Stock Insurance: Protects against damage to goods in cold storage due to temperature changes from refrigeration breakdown.
• Boiler & Pressure Vessels Cover: Insures against explosions of boilers or pressure plants, including third-party property damage and injuries.
• Machinery Loss of Profit: Covers loss of gross profit due to business interruption from accidents related to machinery.
• Advance Loss of Profit/Delay in Start-Up: Provides coverage for profit loss resulting from business interruptions caused by machinery-related accidents.
• Electronic Equipment Insurance (EEI): Covers computers and electronic equipment during use, dismantling, cleaning, and re-erection, including external data media.

Marine Insurance Services

1. Marine Cargo

• Protects cargo owners or shippers against physical loss or damage to goods during transit.
• Extent of Cover:
• Natural calamities (volcanic eruptions, storms, lightning).
• Cargo damage caused by collisions or port distress.
• Events like fires, explosions, grounding, war risks, kidnapping, and piracy.

1. Types of Marine Cargo Insurance:

• Marine Cargo Open Cover: Valid for one year, offering automatic coverage for all shipments within that period. Shipments can be declared monthly, quarterly, or on a case-by-case basis.
• Marine Cargo Single Shipment: One-time coverage for individual shipments.
• Inland Transit All Risks: Covers damage during inland transportation, including explosions, third-party property damage, and personal injuries.
• Inland Transit Restricted Cover: Provides protection for goods transported by land, from the origin to the final destination, covering marine losses or damages during transit.

1. Marine Hull Insurance

• Offers coverage for ships, vessels, and their equipment.
• Covers damages to the hull (body of the ship) caused by grounding, collisions, piracy, and sea storms.
• Provides financial reimbursement for damages to the ship or its equipment/machinery.

Liability Insurance Services

• Public Liability: Covers third-party bodily injury or property damage due to negligence.
• Products Liability: Covers third-party injury or damage caused by the policyholder's products.
• Professional Indemnity: Protects professionals from claims of negligence or poor advice.
• Directors' and Officers' Liability: Covers legal liability for directors and officers from negligence or failure in duties.
• Workmen Compensation:Compensates employees for injury, illness, or death during employment.

Here's the information with unordered list dots:

Pecuniary Insurance

• Fidelity Guarantee: Covers financial loss from employee dishonesty or breach of trust.
• Legal Expenses Insurance: Helps cover the costs of legal advice and pursuing or defending civil actions.
• Credit Insurance: Protects businesses against the risk of non-payment by debtors.
• Business Interruption Cover: Protects against losses from business interruptions caused by property damage.
• Political Risk Insurance
• Covers business losses due to political events, including interruption or damage to property.
• Guaranteed Asset Cover: Covers the gap between vehicle insurance payouts and outstanding finance after an accident.
• Money Insurance Cover: Covers risks of loss or damage to money in transit or on premises, including during a robbery.