The General Manager of Operations and Mr. Salifu Abubakar Godmar, General Manager, Marketing and Business Development at Priority Insurance Company Limited, Mr. Felix Akyea- Bekoe has called on the public especially property owners to protect their investments from unforeseen fires and other disasters with insurance cover.

“Fire insurance gives the insured the requisite financial protection against assets acquired during life so that in the event of any misfortune the insured would be put in the same financial position as enjoyed just before the loss.

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“The Individuals need Fire Insurance as protection against property including buildings, household goods, and personal effects while Organization including Commercial and Industrial entity could insure its buildings, plant, machinery and equipment, stock of raw materials, finished goods and profits,” Mr. Felix Akyea-Bekoe stated.

Mr. Akyea-Bekoe: “Fire insurance covers, which is the cheapest among all the insurance covers, is a must to have for all commercial and private properties”.

Contributing to the discussion in a broadcast on Atinka TV, Mr. Salifu Abubakar Godmar, stressed that it was 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.

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“A property owner with insurance cover would be able to go back to his or her commercial insurance broker and file for claims for damage and compensation, and conversely, a property owner without commercial insurance would be left having to pay for the damages out of their profits,” he said.

Mr. Salifu Abubakar Godmar disclosed that the Insurance Act made it mandatory for all commercial properties to be insured against fire since such fires come with allied perils and public liability challenges.

He said, “It is mandatory for all commercial or public properties to have a minimum of fire insurance cover, which comes with inexpensive premiums”.

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Mr. Salifu Abubakar Godmar also explained that the newly enhanced Priority Insurance Policy was one of such domestic policies that provides 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.

Mr. Ayea-Bekoe also indicated that fire insurance cover was important, explaining that Public Liability Covers were meant to provide cover for third parties who come to public premises and may suffer injury or ultimate death.

He added that despite the misconceptions about insurance and inadequate awareness of fire insurance, it was highly recommendable for public and private entities.

“As a growing economy, there was a need for households and businesses to take fire insurance seriously as the consequences in the aftermath of such disasters were not only debilitating but economically draining,” Mr. Akyea-Bekoe bemoaned.

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Source: Graphic Online