Law Union & Rock Insurance Plc has said it is improving household insurance with COMPAC insurance policy to give more protection to buildings and occupants.
The Managing Director of the firm, Mrs. Toyin Ogunseye said that the policy was designed to provide compensation for losses that house occupants may suffer.
“The COMPAC insurance policy provides compensation for losses that can occur to the buildings, occupants, and other house contents as a result of damage or theft,” She said.
According to her, the policy covers buildings, household goods, furniture, fixtures and fittings, equipment, utensils, personal effects and properties as contained in the policy documents.
The managing director said it also covers damages to personally owned building as a result of fire, lightning, explosion and allied perils.
The COMPAC policy, she added, covers loss and damage to contents covered in the policy. Other additional benefits in the policy, she noted include providing a Group Personal Accident cover for the nuclear family as well as insurance cover for personal liabilities of the policyholders to neighbours and domestic workers.
The managing director stressed the relevance of insurance to individuals and corporate bodies. According to her, insurance institution had been established to help other organisations to remain in business through claims settlement when they incur losses.
Ogunseye said that Law Union & Rock has been undergoing restructuring and was being strategically repositioned to become a leading underwriter in the country.
She noted that the firm had remained innovative and was developing policies to make insurance more attractive to the insuring public by meeting the various needs.
Ogunseye said that the firm had continued to respond promptly to claims because that is its main purpose of being in business. “Steps are being taken to optimally manage assets held, grow premium, and reduce cost thus building financial power to cover clients’ risks and ensure financial security for all stakeholders,” She said.