Date: January 24, 2019
Source: The National
Article Views: 63
INSURANCE can help individuals and businesses to protect assets and to recover from insurable events more quickly, says the Pacific Financial Inclusion Programme (PIFP).
Regional insurance specialist Michael Carr said insured businesses had a higher capacity to maintain operations or to restart operations following negative weather, accidents or risk-related events.
“This enables employment to be maintained and more livelihoods to be supported,” he said.
“Insured businesses have higher levels of resiliency.
“Insurers can also cover the business owner and workforce against death, personal accidents and medical.”
PFIP is a Pacific-wide programme that has helped over two million Pacific islanders gain access to financial services and financial education.
It achieves these results by funding innovation with financial services and delivery channels, supports policy and regulatory initiatives, and empowerment of consumers.
“Contact can be made in person or completing a proposal form or an application form.
“This includes information that enables an insurer to decide if it will provide insurance cover, at what price and at what terms.
“The information that is needed can vary by insurer.
“For example, it can include the type, construction and value of a building, the type and value of machinery, plant and stock, the number of workers and the activities that they carry out.
“The insurance company then provides a ‘quotation” or offer to provide the coverage.
“The business owner can then decide to accept this offer or not, and if so, pay the money – the ‘premium’ to the insurer, and get protected.