General News of Monday, 12 November 2012

Source: Joy Online

Melcom Ghana to get over $500,000 as insurance claims

Melcom Ghana Limited is to receive a little over 500 thousand dollars as insurance compensation for its goods lost in last week’s disaster.

This would however be after the company has served the insurers with all the requisite documentation.

Vanguard Assurance is the insurer of Melcom Ghana’s stock across the entire country including that in the collapsed building but not any of the company’s buildings.

The insurer is therefore expecting a loss-adjuster from outside the country this Friday to among others things ascertain the extent of the insurance liability.

Speaking to Joy-Business, Chief Executive of VANGUARD, Gideon Amenyedor says how fast they process the claims would depend largely on Melcom itself.

“This claim that we’re going to pay now, its not only Vanguard because insurance goes through processes which involves reinsurers and other players. The processes began the first day we heard it and our team went there initial shots of everything but because a re-insurer is involved, its important that this loss-adjuster comes,” he said.

“The reinsurer and all parties must be satisfied with the documentation provided Melcom. The rest of the process would then depend on how quickly Melcom brings out this information and as soon as it is ready, we would pay because we wouldn’t want to delay the process,” he added.