Insurance Policies in Gambia, P.2

Glass Insurance
This type of insurance policy covers businesses & individuals which would indemnify them against losses caused by broken or damaged store plate glass, auto wind screens etc., often bundled with an existing policy.

Goods In Transit
It offers Gambian policyholders with insurance cover for physical losses incurred while their goods are being moved to & from their business premises. It includes losses while in storage in the course of transportation. Either the owner or the haulier can apply for this type of policy.

Group & Personal Accident
(GPA) This type of organisation / company policy generally pays out financial compensation to the insured party or their beneficiaries in cases of accident leading to physical injury, dismemberment or death.

Group Life Assurance
Insurance provided under a master policy which is offered by employers in Gambia or a fraternity to staff & members which provides for financial benefits to beneficiaries if the insured person dies within the covered term.

Home & Contents (HOI)
Homeowner's insurance is generally property insurance providing for coverage of residential houses. It usually combines both property & liability which means all risks coverage. Home contents excludes fixed items.

Islamic Insurance
Grounded in the term "Takaful", it is an Islamic insurance concept which is based on Islamic muamalat (Islamic banking), observing the rules & regulations of Islamic law. It originates from the Arabic word Kafalah, which means "guaranteeing each other".

IT Equipment All Risk
This is the modern day equivalent of machinery breakdown insurance covering computer hardware such as laptops, monitors, desktops as well as photocopiers, fax machines & other information technology equipment.

Machinery Breakdown
This type of insurance covers Gambian firms for the costs & losses resulting from both mechanical & electrical failure of machinery. Examples are cash machines, bulldozers, refrigerators, catering machines, air-conditioners.

Marine Hull & Cargo
Marine insurance generally covers loss or damage of cargo, ships, port terminals such as Banjul & any movement of cargo by which the goods are transported, held or acquired between the port of origin & end destination.

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