• Login
NORVANREPORTS.COM |  Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World
  • Home
  • News
    • General
    • Political
  • Economy
  • Business
    • Agribusiness
    • Aviation
    • Banking & Finance
    • Energy
    • Insurance
    • Manufacturing
    • Markets
    • Maritime
    • Real Estate
    • Tourism
    • Transport
  • Technology
    • Telecom
    • Cyber-security
    • Cryptocurrency
    • Tech-guide
    • Social Media
  • Features
    • Interviews
    • Opinions
  • Reports
    • Banking/Finance
    • Insurance
    • Budgets
    • GDP
    • Inflation
    • Central Bank
    • Sec/Gse
  • Lifestyle
    • Sports
    • Entertainment
    • Travel
    • Environment
    • Weather
  • NRTV
    • Audio
    • Video
No Result
View All Result
No Result
View All Result
NORVANREPORTS.COM |  Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World
No Result
View All Result
Home Business

NIC talks tough on enforcing property insurance

5 years ago
in Business, highlights, Home, Insurance, latest News
2 min read
0 0
0
39
VIEWS
Share on FacebookShare on TwitterShare on Linkedin

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 of commercial buildings can also benefit from taking fire insurance on their businesses because they may be held liable to the public.

Mr Ofori cited the June 3, 2015 disaster as a typical example of a commercial property that should provide compensation to victims of the accident.

RelatedPosts

Parliament Adjourns Sine Die After Intense Legislative Session Marked by Reform Calls and Tributes

GACL Terminates Evatex Revenue Assurance Contract Amid OSP Probe

Cyber Security Authority Flags Rising Mobile Data Scam, Cautions Public

The impending enforcement exercise, he hinted is to ensure that Sections 183 and 184 of the Insurance Act are complied with in the interest of owners, occupiers and the general public.

He lamented the fact that many people spend fortunes in setting up businesses but have a foot-dragging attitude towards paying a little premium to protect these investments.

“One needs not be an owner before legally insuring a property but an occupier has equal responsibilities too,” he stressed.

“People who come on to your property to transact business are seen as invitees and you are responsible for their well-being,” he cautioned.

He used the opportunity to clear any ambiguity regarding what property insurance covers.

According to him, property insurance is the same as fire insurance as the term is used interchangeably in certain western jurisdictions but conventionally acceptable anywhere in the world.

He indicated that property insurance aside perils by fire, also covered other perils such as earthquake, flood, thunderstorm and burglary.

He stated that as a country, earth tremors occur and the Richter scale records between 2 to 3 tremors monthly without people noticing.

He said although the law was not specific about churches and other religious places of worship it is however important to have them insured.

Mr. Ofori said such organisations could be held liable for property damage, injuries or death to the public arising out of their negligence.

The Compulsory Commercial Property Insurance Taskforce comprises officials of the NIC and other relevant stakeholders such as the Ghana Police Service and the Ghana National Fire Service.

Tags: Commissioner of Insurance Mr Justice Yaw Oforicompulsory property insurancefire insuranceInsurance LawNIC
No Result
View All Result

Highlights

Gov’t Reopens Talks With PayPal to Restore Full Service Access in Ghana

Financial Sector Assets up 34.6% in 2024 to GHS 525.59 Billion

Banking Sector Soundness Remains Robust in 2024 Amid Strong Profitability, Adequate Capital Buffers

Sha’Carri Richardson Withdraws from US Trials Following Arrest

From Singuluma to El Kaabi: Can CHAN 2024 Unleash the Next Hat-trick Hero?

Ghana to Welcome King’s Baton Relay on August 8 Ahead of 2026 Commonwealth Games

Trending

Features

Parliament Adjourns Sine Die After Intense Legislative Session Marked by Reform Calls and Tributes

August 2, 2025

Parliament Adjourns Sine Die After Intense Legislative Session Marked by Reform Calls and Tributes Parliament has adjourned...

GACL Terminates Evatex Revenue Assurance Contract Amid OSP Probe

August 2, 2025

Cyber Security Authority Flags Rising Mobile Data Scam, Cautions Public

August 2, 2025

Gov’t Reopens Talks With PayPal to Restore Full Service Access in Ghana

August 2, 2025
Bank of Ghana

Financial Sector Assets up 34.6% in 2024 to GHS 525.59 Billion

August 2, 2025

Who we are?

NORVANREPORTS.COM |  Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World

NorvanReports is a unique data, business, and financial portal aimed at providing accurate, impartial reporting of business news on Ghana, Africa, and around the world from a truly independent reporting and analysis point of view.

© 2020 Norvanreports – credible news platform.
L: Hse #4 3rd Okle Link, Baatsonaa – Accra-Ghana T:+233-(0)26 451 1013 E: news@norvanreports.com info@norvanreports.com
All rights reserved we display professionalism at all stages of publications

No Result
View All Result
  • Home
  • Business
    • Agribusiness
    • Aviation
    • Energy
    • Insurance
    • Manufacturing
    • Real Estate
    • Maritime
    • Tourism
    • Transport
    • Banking & Finance
    • Trade
    • Markets
  • Economy
  • Reports
  • Technology
    • Cryptocurrency
    • Cyber-security
    • Social Media
    • Tech-guide
    • Telecom
  • Features
    • Interviews
    • Opinions
  • Lifestyle
    • Entertainment
    • Sports
    • Travel
    • Environment
    • Weather
  • NRTV
    • Audio
    • Video

Welcome Back!

Login to your account below

Forgotten Password?

Create New Account!

Fill the forms bellow to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In
NORVANREPORTS.COM | Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World
This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.
We use cookies to ensure that we give you the best experience on our website. If you continue to use this site we will assume that you are happy with it.