Berhan Insurance S.C.

Berhan Insurance S.C. was established in October 2010 with a paid-up capital of Birr 9.7 million, initiated by Berhan Bank S.C. It began operations in June 2011 and has since expanded to 32 business channels, including 30 branches and 2 contact offices across Ethiopia. The company’s shareholder base has grown to over 1,700, and its paid-up capital has reached Birr 258.3 million as of June 30, 2023, in compliance with the National Bank of Ethiopia’s capital requirements for insurance companies.

Vision

To become an “Insurance Company of Popular Choice”

MISSION

To provide insurance service to the public in a professional way and satisfy all the stakeholders (customers, shareholders, employees and the community)

Core Value

Core value of Berhan Insurance is

• Integrity
• Honesty
• Transparency
• Efficiency
• Good Governance
• Result Oriented Service
• Non-Discrimination

Berhan Insurance has the following products and service

• Property Insurance
• Motor Insurance
• Engineering Insurance
• Liability Insurance
• Pecuniary Insurance
• Marine Insurance
• Political Violence and Terrorism (PVT) Insurance

Property Insurance: Covers financial loss due to damage or theft of property, including homes, renters, and specialized coverage for floods or earthquakes.

Motor Insurance: Provides financial protection against vehicle damage, theft, or accidents, including coverage for private, commercial, and special vehicles (e.g., tractors, cranes).

Engineering Insurance: It provides very broad cover for damage to electrical and mechanical machinery.

• Contractors’ All Risk (CAR): Covers physical damage and accidents during construction.
• Erection All Risk (EAR): Protects against risks during the erection of machinery and structures.
• Contractors’ Plant and Machinery: Covers machinery used in construction projects.
• Machinery Breakdown: Insures against sudden damage to machinery.
• Boiler Explosion: Covers damage from boiler explosions during normal operations.
• Electronic Equipment: Protects against unforeseen losses affecting electronic equipment.

Liability Insurance: It is a type of Insurance coverage that offers protection against claims alleging that a property owner's negligence or inappropriate action resulted in bodily injury or property damage to another party.

• Public Liability Insurance: Covers legal liabilities to third parties for bodily injury or property damage.
• Professional Indemnity Insurance: Protects professionals against claims of negligence or malpractice.
• Product Liability Insurance: Covers liabilities arising from the use of products sold by the insured.
• Employer’s Liability Insurance: Protects against claims from employees for work-related injuries or illnesses.
• Directors and Officers Liability Insurance: Covers legal costs for directors and officers against claims for wrongful acts.

Pecuniary Insurance products offered by Berhan Insurance:

• Fidelity Guarantee: Covers financial loss due to fraud or dishonesty by employees.
• Money in Safe and in Transit: Protects against theft or looting of cash and assets during transport.
• Bid Bond: A contract that serves as collateral against withdrawal of a winning bid.
• Performance Bond: Ensures contractor performance as per the contract after being awarded a project.
• Advance Payment Bond: Protects advanced payments made to contractors against default.
• Maintenance Bond: Covers faults in workmanship or materials for a specified period after project completion.

Marine Insurance products offered by Berhan Insurance:

• Marine Cargo Insurance: Covers loss or damage to cargo during transportation by land, sea, or air.
• Marine Hull Insurance: Provides coverage for water vehicles, including ships, boats, and yachts, against damage to the hull and machinery.
• Air Freight Insurance: Protects against loss or damage to goods transported by air.
• Sea Freight Insurance: Covers goods transported over water, protecting against various risks during maritime transport.
• Goods In Transit Insurance: Insures goods while they are being transported, covering potential losses during transit.

Political Violence And Terrorism (PVT) Insurance: It protects against political, religious and ideological acts and includes cover for sabotage, damage to premises, business interruption, prevention or restriction of access to premises and utilities, as well as loss of income, including rental income.