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Insurance Policies in Gambia, P.1

This type of insurance policy includes third party liability which covers aircraft owners for property damage, passenger liability, ground risk hull in Banjul airport & other ports, combined single limit (CSL), in-flight & allied perils.
Bond Guarantees
Financial Guaranty insurance policies are a bank guarantee  or unconditional bond used by Gambian building contractors & property sellers by overseas buyers to guarantee the tender as security against the face value of payment.
Car Insurance
A motor insurance policy includes cars, motorcycles, lorries & other road going vehicles. Its main purpose is to cover the policyholder against damage to the vehicle, theft or personal injury.
Cash-in-Safe / Transit (CIS / CIT)
This is an insurance policy in which the insurance company will indemnify a claimant in the event that money is stolen from their safe or during movement from one place to another, for example from a store to a local bank.
Consequential Loss (CL)
The policy, also known as Loss of Profits or Business Interruption Insurance, is where an organisation or business is indemnified for loss of profit & fixed overheads caused by a disaster such as fire causing a stoppage in its daily operations.
Contractor's All Risk (CAR/CWI)
A policy, sometimes known as 'Contract Works', covering all risks associated with construction projects in Gambia such as a new building. Extra cover could be included for the policy holder's tools, machinery & hired plant.
Deterioration of Stock (DOS)
This type of policy is designed to cover against loss or damage caused by putrefaction of perishable stock in cold storage as a result of refrigerator failure.
Employees' Compensation
It covers the employer for injuries, death or illness sustained by an employee on the employer's premises. Compensation is paid to the worker or their family.
Employer's Liability
It is an insurance policy that protects employers against employee accident claims based on allegations of negligence on the part of the employer. This can also cover sub-contractors in Gambia.
Fidelity Guarantee
Known as the Fidelity Bond in the US this type of insurance contract cover indemnifies policyholders for pecuniary / stock losses caused by the dishonest & fraudulent acts of workers including embezzlement & forgery.
Fire Insurance
This is a contract of indemnity whereby the insured household in Banjul or firm is indemnified for losses caused by or incidental to fire.
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