BUILDINGS INSURANCE POLICY
In compliance with the recent compulsory law on insurance of story buildings and above, public places, buildings under construction, assets of governments, individuals, and parastatals, we shall provide cover that will indemnify (compensate) in the following circumstances:
Sudden Collapse Of Buildings:
We shall provide cover that will indemnify an owner of a property following sudden collapse of the insured property. Cover will be in the form of repair, replacement, and each cash payment to the equivalent of the value of the collapsed building or re-instatement.
Legal Liabilities
Where buildings collapse, the survived victims, their next of kin or legal personal representatives many bring a legal action on the property owner. The monumental cost of hiring reputable and experienced lawyers, cost of litigations and damages that may be awarded by the courts, will be borne by insurance.
Third Party Liabilities
Third parties/visitors (where legal/ or otherwise) often lose their property like cars, money, gold, wrist-watches, expensive handsets, lap-top computers etc, following a building collapse. In addition persons may sustain injury, while some unlucky fellows may die. The sum total of all material loses will be compensated for by the insurance policy.
Medical Expenses
Medical bills, cost of drugs, nursing care (curative and therapeutic), from all the injured victims may not be taken care of by the property owner if there is no insurance in place. To cushion that effect, a policy is put in place that will compensate if risk occurs.