Raging Fire At Mile12...There Is Need To Know About Insurance! ~ BimzTheory

Right now, there was a raging fire at the Mile 12 market and as usual no one knows how it started but there will definitely be huge losses recorded by the time the fire eventually gets controlled.

This is just 2 days after the fire outbreak at Fine Coat Paint factory in Alagbado. Meanwhile, there was also a fire incident in Balogun market, Lagos Island, a few weeks ago.

Indeed this is worrisome development because the effects from fire is usually very devastating and the probability of saving items from a building on fire is usually very slim.

There is a need for people to take more steps on how to reduce the risk of a fire outbreak in terms of insurance as often time it is never planned for and is always with dire consequences.

With the recent fire incidents in various part of Lagos, one begins to wonder how much penetration and awareness the everyday illiterate market woman or even educated person knows about insurance.

Fire insurance:

This is needed by everyone running a business, private homes, schools etc. Do you know that for as low as N10,000(Ten Thousand Naira) you can insure your valuables worth N5,000,000(Five Million Naira) ?

What this means is that with as low as 0.25% of the value of items in your home, premises and office, you can get a comprehensive fire policy.

Burglary Insurance

This is a policy to protect valuable items in our homes, offices, shops from robbers or break-in. Burglary Insurance, therefore, is a form of protection to reimburse an insured for losses and damage sustained through burglary and theft.

For as low as 0.75% of the values of items, you can get a comprehensive cover burglary insurance.

Note that the basic Fire Policy is designed to cover material losses as a result of fire, explosion, and lightning only. However in view of the fact there are other perils that may cause material losses to an insured property, cover can be extended to cover special perils such as storm, flood, bush-fire, riot, strike and malicious damages. The enhanced packaged is usually refer to as Fire and Allied Perils Insurance.

The rate charged is usually in direct proportion to the risk in question, and the objective of fire insurance is to reinstate or replace property damaged or destroyed; or to compensate the insured for such a loss. This ensures that the organisation is placed in the same financial position they were before a loss.

For more information on Fire or Burglary Insurance or any type of insurance at all, kindly contact:

Apos Tunkarimu

Financial Sales Executive – Mansard insurance Plc.

tapos@mansardinsurance .com

08023915679