By Okoh Sylvester
FRI, 9 SEPTEMBER 2016-The occurrence of fire outbreak on residential buildings in recent times have become so alarming, that tenants often move back to square one after any fire incident. One of the first generation insurance company, have thrown to the market, an insurance policy that will cover such occurrences.
Law Union & Rock is one of the strong and competent insurance companies in Nigeria which specializes on non-life products. It was established in 1951 and survived recapitalization process of the insurance industry of 2009.The Company have looked at the frequent happenings of fire outbreak and explosions around the nation today, and decided to create a product called HOME GUARD. This product covers household items of tenants occupying residential buildings.
Speaking with one of the senior staff at their office in Yaba, Lagos, he said that the policy is meant to help tenants recover loss in case of any fire disaster in residential buildings. He told G&B Journals that the tenants are the least remembered people whenever there is fire occurrence. That if a Land Lord insures his house against fire and special perils, the contents (Tenants household items) are not insured. So if there is a fire outbreak, the Land Lord gets his house fixed, leaving the tenants in total loss. He added that with four thousand five hundred naira (N4,500.00) only, one can cover his or her household items for one year. He also said that the product is of four categories (Bronze, Silver, Gold, and Diamond).
A client of the Company, Mr. Sunday Okomu, said that he bought the policy after witnessing a fire incident in Orile area of Lagos. He said that the people could not reached the fire service on time, and when they came, the fire had already done a lot of damage. He added that buying this product has given him a kind of confidence as regards to the loss of properties.
We gathered from some marketers of the product that the public is becoming more aware of the product and their patronage has been so great and encouraging. They added that every tenant should have the policy because it is affordable and no matter your income level, you always have a category that you belong to, out of the four categories.
