Gulf Insurance shall pay compensation for Loss/Damage to motor vehicles by accidental collision/overturning, fire, burglary or malicious act, third party liability.
General Procedures that must be observed:
All questions on the Proposal Form must be completely answered. Proposal Forms must be signed by the Proposer and dated. You should also insist that the Proposer re-read answers written to ensure that they are correct before signing the Proposal Form.
Reiterate that Gulf Policies are restricted to mature drivers only, i.e. twenty-five (25) years old and over, driving for more than two (2) years accident free.
Contact previous Insurers to ascertain accuracy of the information pertaining to reported claims and / or No Claim Discounts. No Claim Discounts must be confirmed either by letter or renewal notice from previous Insurer or by telephone discussion with previous Insurer. The name of the Company / Branch and the person confirming the No Claim Discount must be noted on the file and initialed by the Underwriter receiving such information.
Quote in accordance with the Underwriting Guidelines. If any variation of the Guidelines, is required, contact Head Office for “Special Acceptance” - the Underwriting Manager or Manager - Local Agencies / Direct Insurance Business or the Underwriting Supervisor. (Show Premium Breakdown on Proposal Form).
Complete Gulf’s standard Vehicle Inspection Form and ensure that the vehicle complies with all licensing inspection / certification requirements
Issue relevant Certificate and Cash Bill or Receipt. (Refer to Credit Terms if necessary).
All approved Credit Terms must be noted on the Debit Note.
All vehicles must be licensed in accordance with the Rules and Regulations outlined in the Road Traffic Act and Amendments to same.
How Your Premium is Calculated
The premium is calculated using the following formula and must be shown on the Proposal Form before submitting to Head Office:-
“Basic Premium” plus Applicable “Loading” plus Applicable “Extensions Premiums” (i.e. Riot / Strike / Acts of God should be added before discounts) ____________________________________ minus Sub Total Applicable “No Claim Discount” ______________________________________ minus Sub Total Applicable “Special Discount” ______________________________________ plus Sub Total Applicable “Windscreen Breakage Extension” ______________________________________ NET PREMIUM PAYABLE ______________________________________
Risks Excluded from Agents and Underwriting Binding Authority
Maxi Taxi
Tank Trucks for transportation of Fuels and Gases
Vehicles used for carrying Explosives.
Mini Buses
Police Vehicles, Fire Appliances and Ambulances
Vehicles used for Racing and Speed Trials
Vehicles on Airport premises except in areas to which the public have free vehicles access
Rental vehicles (whether long term or short term)
Vehicles used for the carriage of goods for hire or reward (General Cartage)
Foreign Used Vehicles (models) not sold as new vehicles in Trinidad & Tobago by Local Dealers or any vehicle where parts are not easily accessible on the local market. If you are not sure, you should refer it to Head Office.
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