FIRE AND ALLIED PERILS:

This covers your properties (building or contents) against the risk of physical damage or destruction resulting from fire, lightening or limited explosion and other named perils such as; malicious damage, windstorm, impact, flood, riots, strikes& civil commotion, etc

BURGLARY:

Contents of a building for business or a private dwelling house could be insured against theft through violent and forcible means.  Indemnity or compensation is based on valuable insured items that are susceptible to theft and evidence of a burglary incident where entry into the premises was through violent and forcible means.

EMPLOYER’S LIABILITY:

This insurance policy covers any employee in the insured’s services for accidental death, bodily injury or disease sustained in the course of or arising out of his employment and payable under the Workmen’s Compensation Act or at Common Law.

PUBLIC LIABILITY:

Our Public liability policy offers  compensation / indemnity to our insureds against their legal  liabilities to third parties (e.g. customers, visitors) in respect of property damage, accidental death and/or bodily injuries sustained whilst at the insured’s premises.

GROUP PERSONAL ACCIDENT:

This insurance covers your staff for injuries they may sustain at work or after work during the full 24 hours of the day.  The geographical scope of the cover is world-wide.  The benefits payable may be arranged as a multiple of the basic salary of each employee or as a fixed sum.

MACHINERY BREAKDOWN:

The policy covers your machines against any unforeseen and sudden physical loss or damage from causes such as defects in casting material, faulty design, faults at workshop or in erection, physical explosion, tearing apart on account of centrifugal force, short – circuit, storm or from any other cause not specifically excluded by the policy in a manner necessitating repair or replacement.

FIDELITY GUARANTEE:

The policy indemnifies you for financial losses due to the dishonesty of your employees, failure in the loyal performance of duty or in certain cases mistakes of another.  The cover provided on this policy is for named employees or blanket cover, which is based on the amount handled by the employees.

CASH – IN – TRANSIT /SAFE:

The policy provides cover for cash (ie currency notes, cheques, postal money orders, bank notes etc) whilst in direct transit from your premises to the bank or vice versa or from one of your premises to another within the country.  It could also be extended to cover cash whilst on your premises during working hours.

ALL RISK INSURANCE:

This is the widest form of cover available for property as the name implies and covers accidental physical loss, damage or destruction to property insured unless the policy specifically excludes or limits the coverage. It is the most popular form of cover available for valuables such as gold, jewellery, watches etc.  Cover may be limited to a specific address but normally applies while the property is anywhere in The Gambia.

CONTRACTOR’S ALL RISK:

This type of insurance offers comprehensive and adequate protection against loss or damage in respect of contract works, construction plant and equipment and/ or construction machinery, as well as third party claims in respect of property damage or bodily injury arising in connection with the execution of a civil engineering project. Indemnity to the principal and/or employer for bad workmanship, defects etc is usually by replacement, repair or repayment of the full cost of the damage.

TENDER BID BOND:

This type of bond guarantees a contractor and/or supplier when bidding for a particular contract.  The guarantor undertakes to pay the guaranteed amount to the employer if the Tenderer (usually the contractor) decides to withdraw his Tender bids before they are opened or if he fails to provide the employer with a satisfactory performance bond in accordance with the conditions of the contract awarded.  The potential employer will ask for a guarantee (normally for 2% to 10%) of the contract price that if a contractor’s bid is accepted it will undertake the contract.  If the contractor defaults and does not undertake the contract, a call is made on the Bond.

PERFORMANCE BOND:

Here both the Contractor and Guarantor undertake to pay the Employer (i.e. the one giving out the contract) the amount guaranteed upon his demand without contestation. Usually the contractor provides collateral but where this is not available; he/she signs an indemnity agreement.  This guarantee is provided to ensure maximum performance from the contractor under the terms and conditions of the contract.  Where performance is below standard and the contractor is unable to rectify the defects, then the guarantor pays the full amount guaranteed to the employer and then demands a refund from the contractor through the indemnity agreement he signed or the courts.

ADVANCE PAYMENT BOND:

This guarantees an advance given to a contractor to enable him start work on the project.  The employer expects the advance given out to complete works to a certain stage e.g. Foundation or roof stage and the works must conform to the standard stipulated in the contract.  When the contractor fails to complete works to the aspired level or delivers work that does not conform to the standards of the contract conditions and is unable to rectify or complete the works to the required stage, the guarantor pays the employer the full sum of the advance payment or employ somebody else to do the work.

It is important to note that liability under this guarantee is reduced in amount as and when the       contractor submits certificates signed by the consultant or supervisor indicating that works have been completed to that stage as required by the terms and conditions of the contract.