You invest a substantial amount in acquiring your house, contents, personal effects and other assets. If you are an entrepreneur, you may have made significant financial investment in buildings, stock and equipment. In the event of loss or damage resulting from fire, flood, earthquake, burglary or other perils can prove costly. Extensive loss or damage may even result in financial ruin. Purchasing adequate property insurance coverage ensures peace of mind and guard against financial disaster.
There are two categories of policyholders, Participating and Non-Participating.
Participating Policyholders
GTM is a mutual company and owned by its participating policyholders. Every three years, the company returns a percentage of premiums to participating policyholders through a ‘Cash Profit’ declaration. To qualify, you purchase one of the following policies:
- Fire Only
- Fire and Limited Perils
- Fire and Full Perils
Non-Participating Policyholders
Non-participating policyholders pay lower premiums but are not entitled to share in cash profit declarations. Additionally, there is a wider range of products available to non-participating policyholders.
Our Homeowners Comprehensive Insurance Package offers the best value and widest range of coverage in Guyana. It is ideal for private dwellings, condominiums, self-contained apartments or contents only. The policy covers (but not limited to):
Perils
Fire, lightning, explosion, flood, burglary, vandalism, malicious damage, earthquake, overflow of the sea, windstorm, storm, hurricane, impact damage, accidental damage, bush fire, riot, strike, civil commotion, subsidence, landslip, ground heave, etc.
Buildings
All buildings and structures on the premises used for private purpose along with solar water heaters and air-conditioning units.
Contents
Household furnishing, appliances, fixtures and fittings, electronic equipment, valuables and personal effects, clothing, contents in freezer and internal decorations. There is also limited coverage for sporting equipment.
Employers Liability
$250,000 free cover for injury, disease or illness with an option to increase. Employees include all personal domestic staff including gardeners
Public Liability
You or members of your household may become legally liable to a third party for injury or loss or damage to their property. The policy provides up to $750,000 free cover with an option to increase.
Personal Accident
If you suffer bodily injury caused by an accident which results in permanent total disablement, the policy provides $250,000 free cover with an option to increase.
Alternative Accommodation or Loss of Rent
If your home becomes uninhabitable due to damage caused by an insured peril, the policy covers the cost of alternative accommodation or loss of rent up to 10% of the sum insured on buildings while repairs are done.
Accidental Damage
Provides cover for accidental damage to valuables and personal effects, electronic equipment and outdoor sporting equipment anywhere in the geographic area.
Accidental Breakage of Glass
Provides cover for accidental breakage of mirrors, fixed glass, plate glass, basins, baths and sanitary fixtures.
Replacement of External Door Locks
Provides up to $50,000 for the replacement and installation of external door locks if keys are stolen.
All Risk (Optional)
Provides optional cover against loss of or accidental damage by any cause to valuables and personal effects and electronic equipment while overseas.
GTM provides three fire insurance policy options for both residential and commercial risks. They are:
Fire Only:
Provide basic insurance protection for loss or damage resulting from fire, lightning and explosion.
Fire and Limited Perils:
Provide insurance protection for loss or damage resulting malicious damage, and riot and strike in addition to fire, lightning and explosion.
Fire and Full Perils:
Provide basic insurance protection for loss or damage resulting flood, malicious damage, earthquake, windstorm, hurricane and other allied perils in addition to fire, lightning and explosion.
Motor insurance is compulsory by law. At minimum, a person wishing to operate a motor vehicle on the roads of Guyana is required to have basic insurance coverage on the vehicle at all times. It covers damage or injury caused by you or someone authorised by you to drive the vehicle.
There are two main types of cover offered by GTM.
Comprehensive
Comprehensive insurance covers your potential legal liability to other parties along with damage caused to your vehicle accidentally, fire and theft. Our Medical Professionals Club, Female Drivers’ Club and Special Private Motor Insurance Package provide much wider coverage than any other offered in Guyana.
Third Party
Third Party insurance covers your potential legal liability for damage to another vehicle, damage to another person’s property and bodily injury to another person. Third Party insurance does not cover loss or damage to your vehicle.
Our Accident Protection Plan is benefit that can be included under your motor insurance policy for a small premium or purchased on its own, even if you are not the owner or driver of a motor vehicle.
Overview of GTM AcciProtect Plan
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- Financial protection in two ways:
- Up to $2.5 Million accidental death benefit payable to your loved ones.
- Up to $5,000 paid daily after the first day you are hospitalisatised due to accident, for up to 365 days.
- Guaranteed Acceptance for ages 18 to 69. No health questions.
- Joint Coverage Discount – you and your spouse enjoy a special rate.
- Coverage cannot be cancelled regardless of claim history, provided you pay your premium.
- Financial protection in two ways:
Benefits
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- Hospital benefits are paid for each day of hospitalisation must occur within 90 days of the accident.
- Death benefits are paid if death results from an accident while the insurance is in force and within 365 days of the accident.
- Benefits are reduced to one-half at age 70 and terminate at age 75.
Our Female Drivers’ Club provides enhanced benefits to all female GTM motor private insurance policyholders who become members of the club. The vehicles should be used for private purpose only.
Eligibility
Motor Private Comprehensive Policyholders
All existing and new female policyholders who own and drive the insured vehicle are eligible to become members at no additional cost provided certain conditions are met.
Motor Private Third Party Policyholders
Female policyholders who have Third Party insurance coverage are eligible to become members of the Club however, they are required to pay a fee of five thousand dollars per year.
Prospective club members are required to submit two passport-sized photographs of themselves so that the Company can prepare identification cards. The identification card is required to access the service.
Our Medical Professionals Motor Club provides a wide range of benefits to medical professionals who own their own private motor vehicle. (Comprehensive cover ONLY)
Benefits of Our Medical Professionals Motor Club:
INTRODUCTORY PREMIUM DISCOUNT. 20% on signing up.
Highest NO CLAIM DISCOUNT in Guyana. A maximum No Claim Discount of 65% per vehicle.
ACCIDENT FORGIVENESS: If your vehicle is involved in an accident after the first year, your No Claim Discount will not be affected even if you are at fault.
AUTHORISATION OF REPAIRS: GTM is the first to offer settlement via Authorisation of Repairs. If your vehicle is involved in an accident and can be economically repaired, GTM will issue a letter authorising repairs to the vehicle.
FREE ALTERNATIVE TRANSPORTATION: In the event of an accident, GTM will provide free alternative transportation while the vehicle is undergoing repairs up to a maximum of 14 days.
OPTION TO INSURE ‘FULL VALUE’ FOLLOWING AN ACCIDENT: If your vehicle is insured duty free, in the event of an accident, you will have the option of paying the additional premium from the inception of the policy year and benefit from a full value settlement.
FREE UNINSURED MOTORIST COVERAGE: GTM will pay the cost of repairs or replacement of your motor vehicle up to a maximum of $300,000 in the event of an accident even if the other party is at fault but has no insurance coverage.
FREE PERSONAL ACCIDENT INSURANCE COVERAGE: GTM offers compensation if you or any authorised driver is injured as a direct result of any motor vehicle accident in Guyana.
ROADSIDE ASSISTANCE: Roadside assistance is provided to all female divers in the event of a mechanical or electrical breakdown or a motor vehicle accident.
SPECIAL DISCOUNT FROM AUTOMOTIVE ART: Members of the Club will receive a 10% on all new tyres and other car care products purchased from Automotive Art.
Our Special Private Motor Comprehensive Insurance Package provides a wide range of benefits to owners of factory new vehicles. The package covers vehicles used for private purpose only.
The benefits are:
NO CLAIM DISCOUNT: Up to a maximum No Claim Discount of 65% per vehicle.
ACCIDENT FORGIVENESS: If your vehicle is involved in an accident after the first year, your No Claim Discount will not be affected even if you are at fault.
AUTHORISATION OF REPAIRS: If your vehicle is involved in an accident and can be economically repaired, GTM will issue a letter authorising repairs to the vehicle.
FREE ALTERNATIVE TRANSPORTATION: In the event of an accident, GTM will provide free alternative transportation while the vehicle is undergoing repairs up to a maximum of 14 days.
OPTION TO INSURE ‘FULL VALUE’ FOLLOWING AN ACCIDENT: If your vehicle is insured duty free, in the event of an accident, you will have the option of paying the additional premium from the inception of the policy year and benefit from a full value settlement.
FREE UNINSURED MOTORIST COVERAGE: GTM will pay the cost of repairs or replacement of your motor vehicle up to a maximum of $300,000 in the event of an accident even if the other party is at fault but has no insurance coverage.
FREE PERSONAL ACCIDENT INSURANCE COVERAGE: GTM offers compensation if you or any authorised driver is injured as a direct result of any motor vehicle accident in Guyana.
ROADSIDE ASSISTANCE: Roadside assistance is provided to all female divers in the event of a mechanical or electrical breakdown or a motor vehicle accident.
SPECIAL DISCOUNT FROM AUTOMOTIVE ART: Members of the Club will receive a 10% on all new tyres and other car care products purchased from Automotive Art.
All Risk
Covers loss or damage to property however caused including fire and perils, burglary and accidental damage subject to the terms and conditions of the policy.
Bonds
The Company offers Bid, Customs, Mobilisation and Performance Bonds.
Provides a guarantee to pay a sum of money in the event of failure to deliver or perform as per the terms of the contract.
Provides a guarantee to pay a sum of money in the event of failure to deliver or perform as per the terms of the contract.
Burglary
Covers loss or damage to the Insured’s property as a result of theft or attempted theft following forcible or violent entry to or exit from the premises including armed robbery/hold-up.
Business Interruption / Consequential Loss
Covers loss of profit due to the interruption of your business as a result of an insured peril under the Fire and Perils Policy.
Cash in Transit
Provides cover for loss of cash during transit (subject to terms and conditions of policy).
Fidelity Guarantee
Covers an employer against loss of money or merchandise arising out of fraud or other acts of dishonesty committed by employees including collusion.
Contractors All Risks
Covers All Risks of physical loss or damage to the property that is under construction which includes contract works, construction, plant and machinery.
Computer All Risk
Covers All Risks of physical loss or damage to equipment.
Professional Indemnity
Provides cover for select professionals and businesses in the event that legal action is taken against them by third parties claiming to have suffered loss or injury as a result of mal-practice or advice given to them.
Goods in Transit
Covers loss of merchandise during transportation due to various perils including robbery/hold-up.
Money
Covers loss or damage to money whilst on premises or in transit including hold-up and damage to safe or strong room due to burglary or attempted burglary.
Employers Liability
Covers an employer’s legal liability to the employees in respect of bodily injury, illness, disease or accidental death arising out of and during the course of their employment.
Public Liability
Covers an Insured’s legal liability for death or bodily injury sustained by a Third Party or damage to a Third Party’s property caused by negligent acts arising from the operations of the Insured’s business.
Travel
Provides cover of expenses associated with medical emergencies, lost baggage, Personal Accident and other benefits while you are travelling overseas.
“In 2013, when my business was completely destroyed by Fire, GTM's efficient handling of my claim provided me with the peace of mind that all was not lost. I was able to rebuild my business and my livelihood due to the Company's commitment and excellent service delivery. GTM has stood with me when I needed it the most."
DENNIS CHARRAN
Managing Director, Comfort Sleep
DR. EMSCO REMY
Optometrist, Director of St. Lucia Eye Centre
"As a busy business man, effective management is vital to my business. Choosing GTM Insurance has taken me one step closer to achieving my business goal. GTM ensures that I have sufficient coverage for all potential risks and gives advance reminders of policies that are due for renewal"