State Insurance Company (SIC) Ghana Fire & Allied Perils Insurance
Fire insurance gives the insured the requisite financial protection against assets acquired during his/her lifetime so that in the event of any misfortune the insured would be put in the same financial position he/she enjoyed just before the loss.
There are two (2) main potential buyers of fire insurance
- the individual and
- the entity (organization).
Domestic Fire Policy (Private Premises)
This is our standard Fire Policy which pays for loss of or damage to insured items as a result of Fire, Lightning and Limited Explosion. i.e. Explosions from boilers used for domestic purposes.
This policy may be extended to cover the following Extra or Additional Perils at very low rates.
Commercial / Industrial Fire Policy (Business Premises
Commercial Insurance Fire covers the buildings, plant, machinery and equipment, stock of raw materials, finished goods and profits.
The perils covered are mainly as outlined under “Private Premises” except for;
This is usually exclusion under the policy but cover may be considered on the payment of additional premium. This extension covers destruction or damage to property resulting from explosion.
We normally inspect premises/contents to be insured under our Commercial Policies before cover is granted.
Business Interruption Or Loss Of Profits Insurance
Fire covers granted huge Industrial / Commercial concerns can be extended to cover consequential loss or Loss of Profits upon request.
A Fire causes not only material damage to property but a loss through interruption of turnover causing a business to cease earning profits. Our Loss of Profits Insurance makes good this type of loss.
Information required for Commercial Policy to be issued:
- Name & Address of Business Concern
- Type of Business / Occupation
- Construction of Building etc. (Please see details under Private Dwelling House)
- Values of Stock-in-Trade as ffs:
- Finished Goods
- Semi Finished Goods
- Raw Materials
- Fixtures, Fittings and Utensils-in-trade
- Office Equipment
- Other property to be insured
Types of Businesses Covered under our Policy for Business Premises include:
- Shops (Retail / Wholesale) & Contents
- Warehouses & Contents
- Manufacturing Concerns
- Petrol / Gas Filling Stations
- Printing Press & Contents
- Office Buildings & Contents etc.
Home Package Policy (For Houseowners)
This is a specially packaged policy that combines both Fire and Allied Perils and Burglary Insurance for House Owners who live in their own houses at a very moderate price.
In the event that it becomes necessary for the house owner to arrange alternative accommodation because his/her building is damaged, the company offers to pay ¢100,000 per month alternative accommodation for a period of six (6) months.
INSURED’S PERSONAL LIABILITY
The Company offers to indemnify the Insured in respect of all sums, which the insured shall become legally liable to pay as damages consequent upon:
a) Accidental bodily injury to or illness of any person (whether fatal or not).
b) Accidental loss of or damage to property occurring in Ghana during the period of insurance.
The liability of the Company for all damages payable in respect of any one occurrence or number of occurrences arising directly or indirectly from one source or original cause is limited to GH¢100.00.
Members of the insured are family or household and person(s) in the service of the insured are exempted from this cover.
Likewise loss of or damage to property belonging to or held in trust by or in custody or control of the insured or any member of his family in household.
PERSONAL ACCIDENT FOR INSUREDS DOMESTIC EMPLOYEES
Persons (limit of three (3) persons only) engaged in the service of the insured are entitled to limited compensation for any accidental injuries they sustain that may lead to:
Total & Permanent Disablement
PERSONAL ACCIDENT FOR THE INSURED
The Benefits here are as follows: –
b) Total and Permanent disablement preventing the insured from attending to his/her normal business or occupation.
c) Temporary Total Disablement of the insured from attending to or following his/her normal business or occupation
d) Other expenses payable are Medical and Funeral.
Please note that Additional Personal Accident Cover may be purchased at a rate to be agreed.
Assets All Risk Policy (Material Damage Only)
Under this type of Policy the Company provides cover for the insured against loss, damage or destruction of insured’s property resulting from any accidental cause during the period of Insurance (or any subsequent period for which the Company accepts a renewal premium).
These are very flexible tailor-made Insurances with multiple covers issued under one policy for business concerns. The range of combinations written in the Department is inexhaustible and includes the following:
- Fire & Allied Perils + Burglary
- Fire & Allied Perils + Burglary + Public Liability
- Fire & Allied Perils + Public Liability + Cash-in-Transit/Cash-in-Safe + Fidelity Guarantee.
- Fire & Allied Perils + Loss of Profits Insurance etc&
Additional Benefits for Fire Insurance
This extension covers destruction or damage caused to a building by contact with a vehicle, animal or any moving object not under the control of the Insured.
AIRCRAFT AND/OR ARTICLES DROPPED THEREFROM
This is an extension which covers destruction of/or damage to property resulting from impact with an aircraft or any article(s) dropped from it.
It is the shattering of an enclosed vessel under pressure such as boilers caused by the sudden production or release of a large volume of gas and/or vapour. This extension therefore covers destruction or damage to property resulting from explosion.
TORNADO / WINDSTORM
This is an extension which covers destruction of/or damage to property resulting from hurricane, cyclone, tornado and/or windstorm whether or not accompanied by rain but excluding flood, bursting and overflowing of water pipes, apparatus and the like.
BURSTING AND/OR OVERFLOWING OF WATER PIPES APPARATUS AND THE LIKE
This is an extension which covers destruction of/or damage to property resulting from bursting or overflowing of water pipes, apparatus and the like.
The policy extends to cover damage to property resulting from the overflowing of natural or artificial water courses.
This extension covers destruction of/or damage to property resulting from earthquake and volcanic eruption (fire & shock).
RIOT & STRIKE, CIVIL COMMOTION & MALICIOUS DAMAGE
Destruction or damage to property insured may be caused by Riot and Civil Commotion, Strikers, lockout workers or persons taking part in labour disturbances or malicious person acting on behalf of or in connection with any political organization.