Insurance Policies in Gambia, P.3

Mortgage Insurance
This type of policy is a property based contract that insures the lender (mortgagee) against loss caused by a mortgagor's payment default on a conventional, residential home loan.

Motor Insurance
Vehicle insurance is an insurance policy brought for cars, motorcycles, trucks & other road going vehicles. Its main purpose is to cover the policyholder against physical damage to vehicle, theft & property and/or bodily injury resulting from accidents. It takes the form of comprehensive or third party insurance.

Oil & Energy
Petroleum policies to cover for blowouts, spills, vehicle tanker damage, petrol station risks and other allied perils associated with the petroleum sector in The Gambia.

Product Liability
An insurance policy which gives protection for the insured against financial loss arising out of product defects causing damage, death or injury. It is sometimes applied to building & other contractors after construction is finished.

Professional Indemnity (PII)
Professional Liability Insurance (PLI) is a policy designed to give protection cover for financial claims brought against policyholders due to their professional negligence i.e. through errors & omissions (E&O). Often taken out by consultants, brokers, lawyers & doctors (malpractice).

Public Liability
In short this is a type of insurance policy which covers you against claims for injury or death caused to anyone on or around your property which includes lawsuits against industrial facilities for pollution. Examples are harm caused to visitors, sub-contractors & the general public.

Special Risks
This is insurance not based on the usual pooling principles of insurance but are intended to cover rare or unusual events such as underwriting for ransom demands, kidnapping, athletes, dangerous experiments etc.

Theft Insurance
The policy insures against damage or loss of property caused by burglary, larceny or robbery. For Gambian homeowners it comes as standard and for commercial premises it is usually under their multiple perils policies.

Travel & Medical
An insurance policy bought by those intending to travel overseas such as UK or USA as well as within Gambia. It covers hospital treatment, lost baggage and personal belongings, financial default , personal liabilities, aircraft delays & allied risks.

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