Prof. Justice Ofori urges property owners to make Fire Insurance a priority
In a recent annual interaction with journalists, Prof. Dr. Justice Yaw Ofori, Commissioner of Insurance, reiterated the importance of Fire Insurance policies for property owners. Prof. Dr. Ofori highlighted the economic benefits of Fire Insurance, and encouraged owners of public buildings and their occupants to make compulsory Fire Insurance a part of their budget to safeguard lives and property.
As the head of the National Insurance Commission (NIC), Prof. Dr. Ofori emphasized that Fire Insurance policies provide much-needed protection against any peril, as well as shield anyone who enters or uses a premises. Despite this, he noted that some individuals continue to have a foot-dragging attitude when it comes to insurance policy, which does not augur well for their financial security.
Prof. Dr. Ofori’s comments are especially relevant in today’s world, where uncertainties abound and people need to protect their assets from unforeseen risks. With Fire Insurance policies, property owners can be sure that their buildings and their occupants are protected against fire-related accidents that can cause significant damage and loss of life.
One of the economic benefits of Fire Insurance is that it covers the property owner’s liability, as well as the people who enter the building or use it. This means that if an accident were to occur, the insurance policy would provide coverage for any damages or losses incurred.
Moreover, Prof. Dr. Ofori pointed out that Fire Insurance policies help to spread risk and aid security by removing uncertainty. When people have insurance, they can have peace of mind knowing that they are protected against any unforeseen circumstances that may arise.
Furthermore, Fire Insurance policies also help to protect creditors’ investments, as well as serve as capital and premiums in the economy. With the protection provided by Fire Insurance policies, property owners can ensure that their investments are safeguarded against any potential risks that may arise.
As Prof. Dr. Ofori noted, every Fire Insurance claim must be an accident, and not something that is staged. Any claims made will be investigated thoroughly, and anyone found to be lying to obtain a claim will be found wanting. This highlights the importance of being truthful and transparent when making an insurance claim, as well as the need for the public to be educated about the importance of Fire Insurance policies.
Prof. Dr. Ofori’s call to encourage property owners to make Fire Insurance a part of their budget to safeguard lives and property is timely and relevant. With the uncertainties of the world today, having insurance policies such as Fire Insurance can provide much-needed peace of mind and financial security. As Prof. Dr. Ofori urged media practitioners to take up life insurance policies and share the importance of insurance with their audience, it is clear that the need for insurance policies has never been greater.
