NIC to enforce compulsory fire insurance

The National Insurance Commission (NIC) says it would do everything to make sure that the compulsory fire insurance policy for private commercial buildings is enforced.

Mr Yaw Buabeng, Head of Marketing, Research and External Relations of the Commission, said this would provide adequate financial cover to occupants of such buildings and property in times of fire and other disasters.

He said those under construction must also be insured and warned of the prosecution of property owners who refused to comply with the policy.

Addressing a day’s workshop in Kumasi, he said, the NIC would collaborate with the police and the Ghana National Fire Service (GNFS) for effective monitoring and compliance.

The workshop provided the platform for education of various stakeholders including the police, GNFS personnel, hospital and school administrators, and officials of insurance companies on the policy which had already become a law.

Mr Buabeng gave the assurance that the NIC would also continue to regulate insurance companies and make sure they acquired the requisite license and capital to operate.

He advised Ghanaians to show strong inclination toward insuring their property including their personal belongings.

Mrs Esther Yeboah, of the Ghana Insurers Association, said compulsory insurance policy would cover all legal liabilities of the owner and occupier in respect of loss and damage of properties.

Source: GNA