The SIC Insurance Company PLC has rolled out an innovative fire insurance package that gives the insured the requisite financial protection against assets acquired so that in the event of any misfortune the insured would be put in the same financial position enjoyed just before the loss.
Mrs. Cynthia Kwarteng Tufuor, SIC Tema Area Manager stated that given recent and past fires, the SIC has developed a fire policy for the individuals and organization to ensure that in case of any misfortune, they are covered.
“The Individuals need Fire Insurance as protection against property including buildings, household goods, and personal effects and organizations including commercial and industrial entities could insure its buildings, plant, machinery and equipment, stock of raw materials, finished goods and profits.”
Mrs. Cynthia Kwarteng Tufuor
Mrs. Tufuor who has oversight duties over parts of Volta and Eastern Regions made this known at a stakeholder engagement seminar. The seminar is a platform rolled out for state and non-state actors to address national issues and other issues bothering the sector. It was in partnership with the Communication for Development and Advocacy Consult (CDA Consult) at Tema.
Speaking on the topic: ‘Fire and Homeplus’ Mrs. Tufuor disclosed that SIC has innovative policies including a domestic fire policy for private premises. She explained that the standard Fire Policy pays for loss of or damage to insured items as a result of Fire, Lightning, and Limited explosion as well as explosions from boilers used for domestic purposes.
What the Package Covers
Mrs. Cynthia Kwarteng Tufuor noted that the Commercial Insurance Fire covers the following: plant, machinery and equipment, stock of raw materials, finished goods, and profits- Business Interruption or loss of profits. She stated that this insurance package focuses on huge Industrial and Commercial concerns which can be extended to cover consequential loss or Loss of Profits upon request.
Mrs. Cynthia Kwarteng Tufuor intimated that the home package policy for house owners is a specially packaged policy that combines both Fire and Allied Perils and Burglary Insurance for House Owners who live in their own houses at a very moderate price.
The SIC Area Manager noted that with recent fire outbreaks, there is the need to intensify public education on fire policies to ensure that people are protected.
“We also use the platform to deepen the working relations with the stakeholders to ensure that both the individual and the corporate world work together towards national development”.
Mrs. Cynthia Kwarteng Tufuor
Ms. Cynthia Twumasi, Deputy Area Manager of SIC Insurance PLC, also emphasized the importance of buying the fire policy. She explained that fire insurance safeguards property against unexpected risks where the value of assets is analyzed according to their market value, considering factors like depreciation and also appreciation in case of inflation. Fire insurance coverage includes mishaps caused due to accidental fire, lightning, implosion or explosion, etc. And also, she added man-made perils such as bursting of water tanks and pipelines or overflowing, leakages from water sprinkles, and so on.
Other speakers include Mr. Irwin Cofie, SIC Insurance Deputy Head of Marketing; Mr. Richster Nii Amarh Amarfio, Secretary of the Ghana Tuna Association; Mrs. Doris Gorman, Tema Municipal Director of Information Service Department and Mr. Gilbert Sam, Administrator of the Ghana Industrial Trawlers Association
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