Bob ROCO Romeo

  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...

  The National Insurance Commission (NIC) will soon hit the metropolitan and district business enclaves of the country to intensify its sensitization and enforcement drive on the compulsory property insurance. This was disclosed by the Commissioner of Insurance, Mr Justice Yaw Ofori in a recent statement.   He indicated that though the Insurance Law, Act 724 of 2006 made it compulsory for privately owned business entities to insure their properties, many are yet to comply. The law, per Sections 183 and 184, makes it mandatory for all commercial properties either under construction or completed, to have valid insurance certificates. The compulsory property insurance is to provide financial protection against legal liabilities arising from accidents that cause property damage, bodily injury or death to the public. Occupiers (tenants) of commercial buildings can also benefit from taking fire insurance on their businesses because they may be held liable to the public. Mr O...