CAPITOL Insurance Brokers has established a new insurance scheme designed to specifically cater for the insurance needs of Zimbabweans living in the diaspora.
The scheme is designed for Zimbabweans who have investments in the country and who want to insure them.
The insurance scheme, Forex Cover, is exclusively designed for Zimbabweans in the diaspora.
“We have been signed off to offer this scheme which will only be accessible to Zimbabweans working outside the country,” CIB operations director Allen Chipangura said.
Chipangura said both insurance and premiums could be made either in United States dollars, British pounds or South African rands from local Foreign Currency Accounts (FCAs) that have been earned from exports and other such businesses.
The scheme covers all aspects of personal insurance such as motor vehicles, household contents, and goods in transit.
Chipangura said the scheme allows payments to be made directly to CIB.
“The critical component of premium payment is adequate cover for replacement in case of a claim,” he said.
He said it should be borne in mind that when pitching the sum insured, it is adequate to replace the asset in Zimbabwe.
“An asset or item outside the country should be insured at a margin of 40% to cater for its landing value locally as well as the duty and tax payable,” Chipangura said.
The policy wording and full claims services are provided locally by CIB.
Premium payments would be made in the currency of insurance underwriting and the rates normally follow what would normally be paid in Zimbabwe in local currency.
However, if policy payment is made in hard currency in the event of a claim, any policy excess that is quoted in foreign currency would be paid in hard currency.
Zimbabwe is facing serious foreign currency shortages and citizens living in the diaspora have significantly contributed in trying to ease the crisis.