Business, Economy

NEMA advises traders on fire insurance policy

National Emergency Management Agency (NEMA) has advised traders to take group fire insurance policy to protect them in case of fire out-break.

Brandon Walson, the South-East Zonal Co-ordinator of NEMA, gave the advice in Enugu, on Wednesday, in an interview with the News Agency of Nigeria (NAN).

He was speaking on ways to reduce losses by traders yearly from infernos.

NAN reports that traders in some parts of the country witnessed losses due to infernos in markets, losing goods worth millions of Naira within minutes.

Fire incidents are particularly enhanced by the dry harmattan weather.

Walson said that group fire insurance policy, as done in advance countries, would make insurance companies to bear all losses from fire incidents.

He said that it was mandatory to always have a group fire insurance policy before the commencement of trade in most modern open markets or shopping malls.

“This advice will avail the traders the desired indemnity of their goods and wares in cases of loss from fire.

“What the agency offers to victims, especially traders, is palliative succour.

“But, with a group fire insurance policy, the insurance company is liable to shoulder all the losses by indemnifying them, which is like a calculated full compensation to the traders.

“This is a standard practice in all advance countries, so that traders will remain in business, no matter what had happened to their market or markets,’’ the coordinator said.

He said that such step would also stand as pro-active measure since business and life were full of risks.

“It is one way of implementing NEMA’s recent mandate, which is being pro-active in stopping disasters and other unwanted developments,’’ Walson said.

He said that NEMA would synergise with insurance companies to see how best to sensitise traders to take-up this all-important group fire insurance policy.

“This will be extended to other people, whose businesses or livelihoods, are prone to disasters both natural and man-made,’’ Walson said.

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