Dr. Justice Yaw Ofori, Commissioner of Insurance, has re-echoed the need for property owners to take up Fire Insurance policies to protect their buildings.
“Fire Insurance gives you much protection against any peril, as well as shields anyone who enters or uses your premises” he said.
He noted that some individuals have a foot-dragging attitude when it comes to insurance policy, and such an attitude does not augur well: “Insurance is to guard you against risk”.
“I would encourage owners of public buildings and their occupants to make compulsory Fire Insurance a part of their budget to safeguard lives and property,” he added
Dr. Ofori was speaking at an annual interaction with about 70 journalists from different media houses across the country at Elmina in the Central Region.
The media interaction, which was fourth in the series, seeks to educate participants on the National Insurance Commission’s (NIC) role and issues relating to the insurance sector among others.
The 2023 edition focused on ‘Fire insurance and its economic benefits’.
Economic benefits of Fire Insurance
Dr. Yaw Ofori explained that Fire Insurance covers the property owner’s liability, people who enter the building or individuals who use the building.
“If you are a tenant, you have the right to buy fire insurance in order to protect your belongings,” he said.
He pointed out that any fire claim has to be an accident; it should be an unexpected and unintentional fire – not something that is staged.
“Every claim you make is investigated, so if you lie to get a claim and are caught, you will be found wanting,” he enlightened the media, adding that the Commission will continue to educate the public on the need for a fire insurance policy.
Dr. Yaw Ofori explained further that claims settlement on fire insurance is usually done on bases of repairs, replacement, rebuilding, cheque, or cash payment.
Economic importance of Fire Insurance
According to him, the insurance helps to spread risk and aids security – and ‘removes uncertainty’.
Also, he said, it aids to ‘protect creditors’ investment’ and also serves as capital and premiums in the economy.
“There is uncertainty in life, but once you have insurance you are protected and secured,” he added.
Advice to the media
He urged media practitioners to take up life insurance policies, as it provides financial security. Again, he encouraged the media to share the good news about insurance, especially about the need for life insurance policies.