Business News of Friday, 23 November 2012

Source: myjoyonline

Dannex to receive 11 million Ghana cedis as fire insurance claims

Not more than 11 million cedis is expected to be paid as insurance claims to Pharmaceutical Manufacturing Company, Dannex after fire gutted its warehouse at the North Industrial area in Accra yesterday.

The amount represents the total value of the risk insured by the company under its Fire and Burglary insurance policy.

The company’s Insurer, Quality Insurance Company revealed this to JOY BUSINESS. Managing Director, Kobina Addison says they have initiated the process to pay the claims as soon as possible.

“We have not done any investigations yet. What you saw us do on the location yesterday was more of loss mitigation –which involved trying to salvage what has not been affected by the fire, trying to fire-cordon so the fire does not extended to other places and trying to evacuate adjoining places. we and our client" he noted.

We’ve looked at what our maximum exposure is, we’ve alerted our partners who shared the risk with us, we’ve requested our client to give the certain documentation and we would put our loss adjustors on alert and the claim would be assed and paid” he said.

He further explains, definite estimates and timelines for the payment of the claims would however be established in due course with the support of all parties.

“Sooner than most people expect, this claim would be paid but it would be difficult for me to put any timelines to it because we also depend on other organizations. We would depend on the fire service report, we may request for Police report or even inventory report" he added.

"So it involves ourselves, our clients as well as 3rd party institutions so it could be days, weeks or months. I think we need to bear in mind that as long our client is in business, we’re in business and os it is in our interst to pay this claim as soon as possible” he concluded.