Prime Insurance Company Ltd

Prime Insurance Company Ltd was founded in 1997. It has its headquarters in Banjul . The share structure of Prime Insurance is: Local 40%, Foreign 60%.

With a solvency-guaranteed paid up capital of D16 Million, the phrase; “ look at us and see the difference ” aptly applies to Prime Insurance company. Coupled with an administrative team that read like a line up from a fortune 5 company, one wonders why the folks at Prime Insurance don't make as much noise as they should. Plus they have a product and service range to match.

The BLSE has refrained from the word “superior” , but found it in Prime Insurance's compact but definitive vision…

OUR VISION 

To be a role model for the Gambian Business through the consistent achievement of superior returns for our numerous stakeholders.

“Uncompromising quality in service delivery” is the catchphrase in Prime Insurance's mission statement…:

THE PRIME MISSION

“To build an efficient insurance practice anchored on professionalism with commitment to integrity, empathy, prudence and an uncompromising quality in service delivery”.

THE COMPANY

Prime Insurance Company Limited was incorporated on the 14 th of February 1997. The company was licensed on the 26 th of May 1997 and commenced business on the 1 st of July 1997 to carry on non-life insurance business.

Formal certificate of re-registration has been granted by Central Bank of the Gambia to continue as an insurer having satisfied all relevant requirements under the 1974 Insurance Laws.

Presently, the authorized share capital of the Company is D21 MILLION .

Prime Insurance recently shored up their paid up capital to D16 MILLION , which has been deposited with the Central Bank of the Gambia . By so doing, the company affirms its position as the most capitalized insurance company in the Gambia as at today.

The Company's strategic focus as a comprehensive one-stop financial institution in General Insurance business has paid dividends, it has been able to achieve a balance and sustained growth, borne largely out of the ability to win and retain market share through innovative, courteous and efficient service delivery.

Prime Insurance's Core Values

The Insurance's Corporate Identity rests on four fundamental values:

1. Integrity

Every member of the Prime's family is taught to uphold in the purest human form, the virtues of moral excellence, honesty, wholeness and sincerity in all interactions with everyone – customers, service providers, fellow staff and all other stakeholders. This value has proved tremendously helpful in building the prime Insurance Company.

2. Resilience

It is part of the culture in prime Insurance Company to proactively conceptualize, design and develop products and services, which surpass the expectations of all, no matter the odds. At the corporate level, there is an innate ability to bounce back from any setback in an even better shape and this has proved time and again to be a major competitive differentiator, Customers have not only recognized this value, they reinforce it by their sophisticated service expectations

Empathy

Knowledge of the customer and intimate understanding of their businesses is an integral part of Prime Insurance marketing strategy, and this is done with a view to developing mutually beneficial and enduring relationships.

Humility

Synonymous with meekness and a belief that the “Customer is king”. Products and services cover every segment of the general businesses. At Prime Insurance, staff is taught not to despise small beginnings. By a deliberate business philosophy, numerous start-ups and new business initiatives have been supported from incubation to maturity.

OUR SERVICES

The company's fully computerized operations and its commitment to excellence has facilitated efficient delivery of its quality products to the satisfaction of our numerous clients. We parade a team of seasoned marketers that bring our services to your doorsteps, and also arrange your claims settlement without you leaving the comfort of your office or home.

Services provided by the company include:

•  General Insurance Business covering all Classes including:

•  Fire and Special Perils

•  Theft/Burglary

•  All Risks

•  Money Insurance

•  Goods-In-Transit

•  Fidelity Guarantee

•  Marine Cargo/Hull

•  Electronic Equipment Insurance

•  Group Personal Accident Insurance

Find outlined hereafter, details of some of these policies

1. ALL RISKS POLICY

This policy has a very wide scope of cover and is specifically tailored for protection of portable and valuable items such as jewelry, cameras, and mobile phones. The attraction of the policy stems from the fact that cover will operate wherever the item is lost or damaged. The policy covers practically all risks with certain exclusions such as electrical or mechanical derangement or defect. To enable Prime Insurance quote for the premium, they need to be advised of the make and type of the item to be covered as well as the year of manufacture and the current replacement cost.

2 . MONEY POLICY (CASH IN TRANSIT)

This is another type of All Risks policy, which is designed to cover any fortuitous event that could result in the loss of cash while in the course of transit either to, or from the bank. The cover will also operate while the money is on the premises of the insured and while in a securely locked safe. The policy can also be extended to cover cash in the personal custody of selected management staff.

For underwriting purposes, Prime Insurance require the following information:

•  Limit of money to be carried in any single transit

•  Estimated Amount to be carried in any one year

•  Limit of cash to be kept in a securely locked safe

•  Limit of cash in personal custody of designated management staff 

•  GOODS IN TRANSIT POLICY

This is also an “All Risks” policy covering goods being carried from one location to another. Any loss not specifically excluded under the policy is covered and the insurance is suitable for any organization that is engaged in the movement either by road or rail and the cover will operate when the goods are being conveyed by owner's vehicle or hired vehicles. Losses arising from Fire and Theft are covered under this policy.

For underwriting purposes, Prime Insurance will require the following information to enable them submit a quotation:

• i. Nature of Goods

• ii. Destination of Goods

• iii. Total Value of Consignment

• iv. Limit Anyone carrying/vehicle

• v. Duration of cover

•  FIDELITY GUARANTEE POLICY: 

This is a form of policy that protects an organization against loss of money or valuable stock as a result of dishonesty or fraudulent activity of employees. It is possible to grant cover on named basis, position basis or on a blanket basis. In any of these cases, the number of persons and the limit of guarantee on any one loss would be advised as well as the aggregate amount of information before Prime Insurance would be in a position to quote for premium payable.

•  MARINE POLICIES

•  Hull: This type of policy is issued on vessels and yachts to provide Indemnity for loss, damage or liability provided it's either an “All Risk” or “total loss only” while the policy usually carries a deductible of about 10% of the value of the vessel or yacht.

To enable us submit quotation for this risk; we require the current inspection report done by a qualified marine engineer on the vessel as well as the type of cover required.

•  Cargo: The policy issued here is to provide indemnity for loss or damage to imported goods being conveyed by sea or air. The All Risk type of cover

known as Clauses “A” provides indemnity to the insured in the event of total or partial loss of the goods while the restricted cover known as Clauses “C” would provide indemnity in the event of total loss only.

To enable us determine the premium payable in this regard; we would require. information on the nature and value of goods being imported as well as the type of cover required.

•  ELECTRONIC EQUIPMENT POLICY:

This type of policy is primed to cover any loss or damage that could result while any computer and or equipment insured is working or at rest.

The cover under this policy also extends to include loss or damage to external data media such as diskettes and tapes containing processed information while such are kept within the premises.

The increase in cost of working, as a result of damage to the main computer equipment, is also covered and indemnity is provided for alternative means of carrying on operation. With payment of an additional premium, this policy can be extended to cover the risk of theft.

To enable Prime Insurance to quote for this risk, they require the following information:

•  Make & Type of Electronic

•  Current Replacement Value of the items (s)

•  Cost of replacing damages Diskettes and restoring lost data

•  Cost of hiring alternative computer equipment for continuation of operation together with personnel and transportation costs.

•  GROUP PERSONAL ACCIDENT POLICY

This type of policy is designed to foster the welfare of employees as well as reduce the financial strain that an organization could undergo in the event of accident, death or bodily injury to a member of staff. The policy provides a world-wide cover on 24 hour basis and benefits payable in respect of Death and Permanent Disability are usually expressed as multiples of salaries. Cover also can be extended to pay for medical expenses as a result of accidental injuries. Death or injury from natural causes is however not covered.

To enable Prime Insurance quote for this policy, they require the following information:

•  Total Number of Employees

•  Estimated Annual Salaries

•  Multiple of Salary required for Death or Permanent Disability

•  Limit per capital for Medical Expenses

•  WORKMEN'S COMPENSATION/EMPLOYER'S LIABILITY POLICY 

The Workmen's Compensation requires all employers of labour to take out this policy for the benefit of workers who may sustain injury resulting into death or disability in the course of their duties.

The benefit for death and permanent disability are calculated according to the labour laws of The Gambia. Reasonable medical expenses incurred on treating sustained injury are also covered subject to an additional premium.

The following information will be required to enable Prime Insurance to submit quotation:

•  Category of Employees/Position etc.

•  Number in each Category

•  Estimated Annual Earnings

•  BOND POLICIES:

These are policies issued as guarantee for the due performance of certain obligations under commercial contracts. Priem Insurance provides very unique policy wordings on various bonds such as Advance Payment Bond, Performance Bond, etc.

To enable Prime Insurance to quote for the premium payable, the following information will be required.

•  The Principal

•  Nature of the Contract

•  Value of Contract

•  Bond

•  Duration of Bond

•  CONTRACTORS ALL RISKS POLICY:

This policy is designed to cover the operations of civil engineering firms. Indemnity is provided for accidental loss or damage to the contract works being executed. Constructional plant and equipment taken to the site of operation is also covered against loss or damage while the legal liability of the contractor to Third Parties for death, bodily injury land property damage is also covered up to a certain limit:

To enable Prime Insurance to quote for this risk, the following information are required: 

•  Description of the contract works

•  Value of the contract

•  Value of constructional plants & equipment

•  Limit of third party liability

•  AVIATION POLICY 

This policy provides comprehensive cover against loss or damage to insured aircraft while operating anywhere in the world. Cover also extends to include the operator's legal liability to Third Parties for death, bodily injury and property damage. Liability to passengers is also covered up to a certain limit selected.

In order to ensure full protection for Prime Insurance's clients, they have reinsured as much as 90% of this type of risk in the London Aviation Market through one of their overseas associates. The essence of this arrangement is to obviate the problem of absorption, and also to afford their clients the opportunity of having a dollar/sterling based insurance policy.

To enable Prime Insurance to arrange for quotation, the following details would be required:

•  Age of aircraft

•  Condition of aircraft

•  Experience of the crew

•  Value of the aircraft

•  PUBLIC LIABILITY POLICY

This policy also covers the insured against legal liability to third party for cost or expenses incurred in respect of accidental death, bodily injury and accidental damage to property occurring within insured's premises or at work-away premises.

The vicarious liability of the insured's employee can also be covered provided it arose in the course of carrying out his official duties. Please indicate the limit of cover required to enable Prime Insurance to advise the premium payable.

•  MOTOR INSURANCE POLICY

This class of insurance is made compulsory by the Government through the legislation known as the Motor vehicle (Third party) road traffic Act of 1966. The Third only cover, which is the minimum type of insurance legislated upon provides indemnity to policyholder against legal liability to third Parties for death, bodily injury and property damage.

The most popular type of cover under this policy is comprehensive insurance which, in addition to the cover provided under the Third Party only, will also indemnify the policyholder for loss or damage to the vehicle resulting from. Cover under this policy is regulated by a statistical table of rate known as “tariff” which is approved by Government.

To enable Prime Insurance to advise the premium payable in this regard, the following information is required:

•  A list of the vehicles to be insured showing make, type, cubic capacity, year of manufacture and the value.

•  The type of Cover required.

•  MACHINERY BREAKDOWN POLICY:

This policy is designed to cover any damage to a plant or equipment while working or at rest, or being dismantled for the purpose of cleaning, repairing or overhauling. In the same vein, boiler and pressure vessels can be covered under a separate but similar policy.

To enable Prime Insurance quote for this risk, they require the following information:

•  Make & Type Equipment

•  Year of Manufacture

•  Current Replacement Value

•  CONSEQUENTIAL LOSS POLICY:

This type of policy often referred to as “ business interruption insurance” is designed to indemnity the insured against loss of productive capacity or future earning power which may occur as a result of loss or damage to the premises and property insured under the Fire/Extraneous Perils in 1 above. This policy is normally taken out in conjunction with the fire Policy so that when the primary loss of the Fire Perils. The items usually covered under this policy are as follows:

•  Gross Profit

•  Salary and Wages

•  Auditor's fees

•  HOUSEHOLDERS COMPREHENSIVE POLICY:

This form of policy is tailored the needs of individuals and can be taken out by corporate bodies for the benefit of specific employees especially the executive management. The policy's scope of cover is very wide and it includes all the range of perils highlighted under the Fire/Extraneous Perils policy above as well as loss or damage resulting from theft. It also provides, as an option, a personal liability cover in respect of each individual whose property is covered under the policy. Items usually covered under the policy are as follows:

•  Buildings

•  Personal Effects

•  Jewellery and Precious Articles

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Contact Details:

Prime Insurance Co.
10C Nelson Mandela Street
Banjul
P.O. Box 277 , Banjul
Tel:4222476/4222302/4201948