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Ensure all State Institutions are Insured – SIC to Government of Ghana

October 14, 2021
Stephen M.Cby Stephen M.C
in Insurance
0
Professional Institutions to Take on Indemnity Insurance Policies - SIC

Mr. Stephen Oduro - Managing Director, SIC Insurance

The SIC Insurance Plc. has called on the government of Ghana to prioritize the insurance of key state properties and assets against unforeseen circumstances.

Mr Irwin Cofie, Deputy Head of Marketing, SIC Insurance PLC, stated that government must enforce regulations to ensure that all public institutions are insured to prevent allocation of unbudgeted amount of money to pay compensation to people in times of emergency by the state.

“I am using this platform to advocate for the enforcement of regulations to ensure that, all state institutions are insured so that when there’s an accident, the victims will be compensated by the insurance company and not directly by the government.”

Mr Irwin Cofie

Mr. Cofie made this disclosure while speaking at the sixth monthly stakeholder engagement and workers’ appreciation seminar.

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The seminar brought together both state and non-state actors to address salient national issues affecting the country.

Also, the Deputy Head of Marketing urged all institutions to ensure that their workers are insured against any peril that could lead to death or permanent disability.

This, he disclosed, is a fulfilment of the law stated that “the compensation is not just paying for their medical bills but giving them a compensation package. If you are able to do this, then you have fulfilled the law”.

Mr Cofie explained that the law required that every employer whose employees are more than 15 must have Employee Liability Insurance, so that when there is any misfortune, the employees would be compensated.

Furthermore, he added that for the companies to do this easily, they must transfer the risk to the insurance companies.

The need for an insurance policy

On her part, Ms Cynthia Twumasi, Deputy Tema Area Manager of SIC said, “if a visitor gets injured at the premises of any institution, the law mandates the institution to compensate the person for the cause of injury, pain and suffering, including the payment of medical bills”.

Recently, Ms. Twumasi in a similar engagement called on all public and private entities to take on fire insurance policies, despite the myths and misconceptions surrounding it.

Also, Mr. Cofie, at the engagement with stakeholders on fire insurance, urged the public, especially property owners to take fire insurance covers to protect their investments from unforeseen fires and other disasters.

Mrs. Cynthia Kwarteng Tufour, the Tema Area Manager of SIC, at the same engagement, disclosed that the insurance Act mandates all commercial properties to be issued against fire.

In the meantime, the recent surge in road accidents have received calls from stakeholders, especially National Insurance Commission (NIC) on the need to take on insurance policies to cover up for these unforeseen circumstances.

Dr. Justice Ofori, the Chief Executive Officer (CEO) of the NIC explained that drivers without motor insurance would have to pay out of pocket for the costs incurred for the destruction of public property in the event of an accident.

“This is how the law works. If you are a driver on a public road, you’re responsible or liable for any injuries or damage you cause. The liability falls on the owner or the operator of the vehicle.

“Now, if the owner has insurance, then the insurance will stand in his or her place and then indemnify or pay the losses on his or her behalf.”

Dr. Justice Ofori

READ ALSO:

Tags: Dr. Justice OforiMr Irwin CofieMrs. Cynthia Kwarteng TufourMs Cynthia TwumasiSIC Insurance Plc
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