The need for Inusrance brookers

Patriot Insurance Brokers: The need for one
Out to provide ‘professional’ insurance service



Patriot Insurance Brokers Company Ltd, the latest broker to enter the insurance market as intermediary between insurers and the insuring public, is poised to provide services and products that will meet policy holders’ satisfaction while serving insurance entities professionally.

While the company’s mission sets on building “an efficient insurance service delivery system based on professionalism and commitment to integrity, sincerity, honesty, prudence and an uncompromising quality service delivery,” its strategic focus is to be a very reliable insurance broker in The Gambia.

“We have been able to achieve sustained, fruitful and cordial relationship between us, our clients and the insurer, borne largely out of our professionalism and technical expertise in the service of efficient service delivery,” says Ebrima Ceesay, Chief Executive Officer (CEO) of the company.

Speaking to MarketPlace in his comfy head office at the Standard Chartered Building on 52 Kairaba Avenue, Mr Ceesay said: “The business of placing one’s insurance like any other organised commercial venture requires professionalism and the subject knowledge to gain the optimum there from.”

As the need for brokers to act as intermediaries between the policy holder and the insurer becomes more crucial, the patriotic brokers have came to roll out their professional service to all stakeholders.

Whilst the principal function of insurance is to give protection by making provision for loss of life and property as well as indemnify the policy holder in the event of a loss, the Patriot Brokers, as its name connotes, is out to ensure that claimants receive fair and appropriate settlement within the terms of the agreed policy.

“It is the duty of a broker to ensure that not only does he obtain the best terms for his clients but that in the event of a claim his client receives an equitable and satisfactory settlement within the terms of the policy has arranged,” Mr Ceesay, a seasoned insurance broker with over twenty-year experience, said.

Speaking on the importance of insurance in a country, Momodu Lamin S. Bah, Administrator and Finance Manager of the Patriot Brokers, said: “Insurance is said to be the handmaiden of commerce and industry and this is why it is described as a ‘business that exists to ensure the existence and survival of other businesses’.

“The insurance industry of any other country is closely tied up to the economy of that country. As it is widely believed and realised, no business can succeed without one form of insurance or another. By now we have all accepted that Insurance and business have co-existed since from time immemorial.”

He adds that as new insurance brokers, the Patriot functions as an “overseer” between the insurance companies and the insuring public, to ensure that both parties benefit on the ground of mutual understanding.

“The present large scale commercial and industrial activity in The Gambia has been made possible, to a large extent by the existence of an organised insurance system, by providing various classes of insurance such as fire insurance, motor insurance, etc.”

Products in the offing
The company has many products in the offing to cater for all categories of potential policy holders.

“We offer ‘Fire and allied perils’, which covers building, stock and content of offices against the risk of physical damage or destruction resulting from fire, lightening, explosion, flood, riot and strike, civil commotion, malicious damage etc,” Mr Bah said, adding: “We need the market value of the content to enable us provide quote and cover.”

The burglary insurance also indemnifies customers against the loss of properties as a result of theft, he says.

As cases of accident have become a common phenomenon, Patriot Brokers has designed ‘Personal Accident’ to provide capital sums for accidental death, injury, or disability including medical expenses.

The Insurance guru with a wealth of experience adds: “Weekly sums are payable for any period of up to 104 weeks in all when the insured is disabled from carrying on his usual business or occupation.”

The company’s All risk insurance covers practically every conceivable type of risk, which include such items as jewellery and gold., silver, watches, personal effects and other similar items or valuables.

He says the company also has products called Public Liability, Professional Indemnity.
Cash in transit/safe, and Fidelity Guaranty Insurance.

“Financial fraud or embezzlement by employee holding position of trust is on the increase,” Mr Bah said. “Fidelity Guaranty Insurance Policy is issued to employees guaranteeing the fidelity of his managers, secretary, collectors and other employees who are entrusted with the company’s money. The policy is to reimburse the employers against theft of their policy or stock by specified employee or employees if the policy is issued to cover them.”

The company also offers such policies as Motor Insurance, Consequential Loss, Driver’s Personal Accident, Bond, Contractor all Risk, Machinery Breakdown, Aviation, and Other Engineering Policies.

“With the experience we have with a range of insurance companies, we know some of their strengths and weaknesses and the best way to communicate with them,” he added.

Mr Bah commended the Insurance Association of The Gambia (IAG), for its just concluded week-long awareness campaign. He, however emphasised the need for an “Association of Insurance Brokers”, saying it will help to foster better understanding and cooperation among brokers in the country.

A well developed brokers’ association that works hand in glove with the IAG would help to foster a level-playing field for all stakeholders in the insurance industry, he says.