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Gamstar Insurance Company Ltd
Bow down. Bow down because as far as insurance business in Gambia is concerned there may be no player greater than they. A greedy percentage of vehicles drive them and their corporate client roll call is intimidating, plus their brand has become a pseudonym for the sector itself! Gamstar Insurance Company was founded in 1991. It's wholly Gambian owned, with Headquarters in Banjul and a branch in Serrekunda. BLSE will attempt to showcase some of the Policies and Covers and unique Services that brought Gamstar this far.. MOTOR INSURANCE PROSPECTUS The main covers under the Gamstar Motor Insurance Policies are: 1. ACT ONLY COVERThis is the minimum cover required by law before any vehicle could be put out on the road. It covers any liability incurred as a result of death or bodily injury to any person arising from the use of the motor vehicle only. The cover is restricted in scope and does not cover third party property damage.
2. THIRD PARTY COVERThird party cover is wider in scope than “Act only Cover”, the extent that it covers the insured's liabilities regarding third party property damage besides liability for death and personal injury to any person arising from the use of the motor vehicle. The policy therefore covers the following: • Death or bodily injury to third parties • Damage to third party's property
Whilst the liability for death or bodily injury is unlimited, that of property damage is limited to D250,00.00. Loss or damage to the motor vehicle itself is not covered.
THIRD PARTY, FIRE AND THEFT COVERThird party, fire and theft cover is at the middle between comprehensive and third party only covers. In addition to the covers provided by third party insurance, the policy also covers loss or damage to the insured vehicle arising from fire or theft only. Exposure to the risks of accident to the motor vehicle is not covered. The policy therefore covers the following: • Death or bodily injury to third party • Damage to third party's property • Fire damage to the insured's vehicle • Theft of the insured vehicle COMPREHENSIVE COVERThis is the widest form of cover available under motor insurance. Besides liabilities to third parties, loss or damage to the insured vehicle (own damage) is also covered. Basically, the policy covers loss or damage to the insured vehicle and/or its accessories as a result of the following: 1. Accidents, collision, or overturning consequent upon mechanical breakdown or wear and tear 2. Fire, external explosion, self-ignition, or lightning or theft 3. Malicious act 4. Whilst in transit by road, rail, inland waterway, lift or elevator 5. Whilst Liabilities to third parties • Death or bodily injury • Damage to third party property • Cost and expenses incurred with the insurer's consent 6. Medical expenses of the insured, has driver or any other occupant of the insured vehicle at the time of the accident. This provision is applicable to private cars only.
BLUE SHIELD COMPREHENSIVE COVERThis is a brand of Gamstar Insurance Co. Ltd for private vehicles. This is an improved cover from the conventional comprehensive cover. The blue shield comprehensive, and in addition provides the following:
• Losses or damage resulting from Riot, strike, and civil commotion • Accidental death benefit of D100, 000.00 • Permanent disability benefit of D100, 000.00 • Medical expenses up to D10, 000.000 • Third party property damage up to D1, 000.00 • Third party bodies injury unlimited • Loss or damage to personal effects • Up to 5% reimbursement for rented cars during repairs • Claims settlement in 24 hours on admission of liability and agreement on quantum. • Sudden and unforeseen accidental or mechanical breakdown up to D25, 000.00 • Automatic geographical extension to Senegal , Guinea Bissau , and Mauritania
CLASSIFICATION OF MOTOR INSURANCE This is classified as follows:
1. Private Vehicles : These are vehicle not used for hire or reward
• Own Goods vehicles • General Cartage • Hire cars • Fair paying passenger vehicles
• Road risks or external risk : This covers own damage and third party whilst any vehicle which is the property of the insured or in his custody or control is on the road other than in the premises or garage of the insured. • Premises risks or internal risks : This also covers own damage and third party liability within the premises of the insured. • Comprehensive road and garage risks : This is a combination of cover providing both the road risks and garage risks.
MARINE INSURANCEMarine Insurance policy provides cover to people exposed to risks associated with the movement of cargo by sea or Air and also those interested in the ownership and control of vessels.
RISKS COVERED• Perils of the seas : This include stranding, grounding, collision or contact, heavy weather damage • Fire • Pirates • Thieves • Jettison • Barratry
The following classes of Marine Insurance are provided : • Insurance of Cargoes : This is the form of cover provided for importers and exporters in respect of the movement of their goods from one country to the other • Insurance of Hull and Machinery : This is insurance of the ship or vessel • Protection and Indemnity : This is insurance of liabilities for ship builders and/or repairers, port operators, stevedores etc.
Keep coming regularly to the Gamstar Platform on the bazookagm Limited Stock Exchange, there will be regular updates and special notices about Gamstar on these pages.
Contact Details: Gamstar Insurance Co.
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