Insurance | Page 2 of 2

Bonds

A bond is not an insurance policy, having some fundamental differences from it. An insurance policy is an agreement between two parties only, the Insured and the Insurer whereby, in return for a premium, the Insurer agrees to pay claims should the event insured against occur. A bond, however, involves three parties: The contractor, who […]

Fire and Perils

This is the main material damage cover (see the next section for Loss of Profits) required by businesses, protecting the buildings and contents against a variety of perils. Perils To Be Covered While there is the understandable perception that the main threats to the assets of any business doing business in The Bahamas are fire […]

Loss of Profits

This type of cover is also known as Consequential Loss or Business Interruption. The Fire & Perils policy excludes consequential loss, so a separate Loss of Profits policy is required. Loss of profits following a major loss, like a fire or hurricane, is often responsible for putting a business out of operation if Loss of […]

Insurance in The Bahamas

The insurance industry in The Bahamas is divided into two distinctly separate markets: Domestic Market – insurance of local risks by locally-owned or foreign-owned insurers International [Captive] Market – the insurance of foreign risks by foreign-owned insurers working through The Bahamas The domestic market is surprising large for a country with little more than 300,000 […]