I know most policies are made compulsory because of the aspect that is extended to cover liability toward third parties or the general public. We can refer to motor third-party insurance, public liability insurance, commercial fire insurance policy, professional indemnity and others. The big question I would like us to answer is this: when a vehicle carrying gas is parked or in transit and there is no accident to the carrying vehicle but the gas leaks to the public and causes injury, death and property damage, can these losses be claimed from the motor policy? Are these liabilities from the motor vehicle? Under which policy will the third-party victims get their compensation?
There have been incidents at Appiatse and Kwahu Fodoa which have caused injury, death and property-loss to us as a country, as a result of goods being carried in transit.
The motor third-party insurance covers liability toward people as a result of the vehicle being in an accident. The goods in transit policy cover indemnifies the Insured against accidental loss of or damage to the whole or part of the property insured that is in transit, either by the owner or the carrier who is responsible resulting from; fire, an accident to the carrying vehicle and theft following violence or threat of violence against an employee of the Insured or carrier. There is no liability coverage to this policy. How do my initial questions get answered?
There are a lot of societal problems like environmental risks, health risks, economic risks, political risks, unemployment risks, cyber risks, property loss risks and many others. Depending on how we see insurance, it can be used as a risk-mitigating measure. Risk is cost, and the occurrence of these brings huge costs to the country. Should we always have to rely on the benevolence of people when an unfortunate incident happens in our country? These people do well and provide immediate needs, but what happens to the child who might have lost his guardian in the incident? I mean the long-term effect.
At least, it should be compulsory for anyone carrying hazardous goods to extend his/her GIT (Goods In Transit) policy to cover public liability (which will cover death, injuries and property loss). Business owners might complain about the additional cost in terms of premium, but the resulting cost to the nation when the event materialises and there is no insurance in place cannot be quantified. Having insurance in place is just sharing the cost, so that the burden does not rest on one person or a section of the public when such incidents occur.
The writer is a Chartered Insurance Practitioner. His interest lies in insurance, risk, and data analysis.
References
Goods in transit insurance policy document / Hollard insurance Ghana / 2018
https://www.novasinsurance.com/insurance-product/courier-complete-insurance
