Mrs Cynthia Kwarteng Tufuor, the Tema Area Manager of SIC Insurance PLC, has disclosed that the Insurance Act has made it obligatory for all commercial properties to be insured against fire, since such fires come with allied risks and public liability challenges.
Mrs Kwarteng Tufuor, speaking in Stakeholders Engagement Forum on October 6, 2021, in Accra, noted that Public Liability Covers are meant to provide third parties, who go to public premises and suffer injury or ultimate death, an insurance cover.
“It is mandatory for all commercial or public properties to have a minimum of fire insurance cover, which comes with inexpensive premiums.”
Mrs Cynthia Kwarteng Tufuor
Mrs Tufuor underscored the importance of fire insurance cover, stating that it is a requirement for every business owner. She further averred that, “it is necessary, for all small business owners to take proactive measures and precautions to minimize the risk of fire and other unforeseen disasters that may occur”.
Mrs Kwarteng Tufuor explained that when business owners insure their businesses, it is easier for them to make claims and be compensated by insurance companies, and not fall on their profits to pay for the loss.
“A property owner with insurance would be able to go back to his or her commercial insurance broker and file for claims for damage and compensation. Conversely, a property owner without commercial insurance would be left having to pay for the damage out of their profits.”
Mrs Cynthia Kwarteng Tufuor
Contributing to the discussion, Mr Irwin Cofie, Deputy Head of Marketing, called on the public, especially property owners to take fire insurance covers to protect their investments from unforeseen fires and other disasters.
“Fire insurance gives the insured the requisite financial protection against assets acquired during lifetime. So, in the event of any misfortune, the insured would be put in the same financial position as enjoyed just before the loss.”
Mr Irwin Cofie
Additionally, Mr Cofie listed some properties that can be insured against fire. He also indicated that fire insurance is the cheapest on the list of all the insurance covers. Therefore, he urged all business owners to take the fire insurance package.
“The Individuals need Fire Insurance as protection against properties including: buildings, household goods and personal effects. Also, Organizations including: Commercial and Industrial entities could insure their buildings, plant, machinery and equipment, stock of raw materials, finished goods and profits.
“Fire insurance cover, which is the cheapest among all the insurance covers, is a must to have for all commercial and private properties”.
Mr Irwin Cofie
Ms Cynthia Twumasi, Deputy SIC Tema Area Manager, also iterated that in spite of the misconceptions about insurance and inadequate awareness on fire insurance, it is highly recommendable for public and private entities.
Twumasi added that, as a growing economy, there is the need for households and businesses to take fire insurance seriously as the consequences in the aftermaths of such disasters are not only incapacitating, but economically draining.
Ms Twumasi cited the newly enhance SIC HomePlus Insurance Policy as one of such domestic policies that provide a solution for all homeowners and renters against unfortunate incidents in the home such as fire, flooding, burglary, death or incapacity as a result of illness.
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