Britam to insure World Vision’s water projects

Listed insurer Britam #ticker:BRIT will finance repairs of water pumps, borehole equipment and generators installed by World Vision under a deal that seeks to ensure continuity of the humanitarian organisation’s projects and improve water access for rural communities.

World Vision’s Director for Water, Sanitation and Hygiene in Kenya Enock Oruko said the insurance cover would cushion local communities from the high cost of repairs for machines like pumps and generators.

Under the deal, premiums will be calculated at 0.75 percent of the total amount of the insured components of the water source, with the minimum charged being Sh15,000.

Rural communities will get the funds to pay for the insurance from revenues collected by water user committees who usually sell water and manage boreholes on behalf of communities they serve.

“This is a major challenge affecting rural water projects. So we conceptualised the idea of water insurance that would cushion communities from the high cost of repairs,” Mr Oruko said.

Britam said four communities in Nakuru using boreholes that serve over 6,000 people have already taken up the cover.