Six insurance companies have come up with an insurance package to support companies operating under the One district, One factory (1D1F) initiative.
Safety Insurance Brokers is to manage the insurance package on behalf of SIC Life, Enterprise Life, Glico Insurance, Vanguard Assurance, Enterprise Insurance and SIC Insurance.
The package includes cover for assets, business interruptions, life and disability insurance.
The Managing Director of SIC Insurance Company Limited, Mr Stephen Kwame Oduro, made this known at a stakeholders engagement on insurance in Accra last Thursday.
It was held on the theme: "Promoting One district, One factory – The Role of Insurance Industry."
Massive construction
Speaking on behalf of the six insurance companies, Mr Oduro said the IDIF programme was going to bring about massive construction, manufacturing and processing works across the country.
He said those industries were subject to more risks and uncertainty than many other industries, since the development of the various projects from inception to completion involved many phases with varied associated risks.
Mr Oduro said the companies would also bring workers with different skills and interests together and involved the use of large and diverse set of equipment.
He said all of the complex requirements needed to be handled with proper coordination to provide a smooth flow of activities to achieve the objectives of the 1D1F programme.
"It is necessary to identify, analyse, mitigate and provide the needed assurances, appropriate and adequate insurance cover for each of the projects and factories under the 1D1F programme."Insurance will serve as the means of transferring and managing all associated risks with the projects and share the burden of paying the costs of a particular event, which reduces the likelihood of financial devastation to any project or promoter before or during the construction phase and the entire operational life of the 1D1F projects," he said. Insurance pool Mr Oduro said the six companies that created the insurance pool were resolved to work closely with the 1DIF Secretariat and all promoters through their broker, safety insurance brokers to ensure that every single project had the appropriate and adequate insurance cover."This is to give all IDIF promoters the needed security and safety for their factories, peace of mind to focus on their core businesses, reduce uncertainty of business losses and importantly ensure business continuation of all projects,” he said. Risk cover In her remarks, the National Coordinator of 1D1F, Mrs Gifty Ohene-Konadu, said every business entrepreneur had to contend with risks.She […]