Generally no. An insurer must be admitted and licensed to do insurance business on Guam. However, if there is no insurer on island that is able to insure the property or liability risk, a coverage can be secured from off-island insurer not admitted to do business on Guam after meeting all requirements set forth in the Surplus Lines Law.
Yes. Four percent (4%) Gross Receipts Tax (GRT) on the total premium which is paid on the 20th of each month to the Department of Revenue and Taxation. Two percent (2%) tax on commercial and industrial liability policies which is paid by the insurance company.
Five percent (5%) to ten percent (10%) with the insurance company paying the four percent (4%) GRT on top of fee plus two percent (2%) if the policy is a commercial and industrial liability policy.
Yes, we have a full staff of licensed adjusters:
Equitable Adjusting and Service, Inc.
217 Julale Center 96910
Yes. Mandatory Auto Liability is also compulsory.
No. The insurance company must appoint a Resident Agent who is licensed to be its representative.
All classes of business are covered by the tariff. Covered perils are fire, lightening, earthquake, typhoon, vandalism and malicious mischief, riot and strike, and extended coverage.
Department of Revenue and Taxation
Insurance, Securities, Banking and Real Estate Division
1240 Route 16
Barrigada, Guam 96913
P.O. Box 23607, GMF 96921
Contact Nos.: 1-671-635-1843-1846
Dongbu Insurance Company, Ltd., Seoul, Korea
First Net Insurance Company, Guam
NetCare Life and Health Insurance Company, Guam