By Yinka Kolawole
In the face of incessant building collapse and household fire incidents in Nigeria, it has been revealed that less than 0.5 percent household units in the country are covered by insurance.

Managing Director/Chief Executive, Portland Paints and Products Nigeria Plc, Mr. Bayo Osibo, noted this in Lagos at the signing of a Memorandum of Understanding (MoU) with Mutual Benefits Assurance Plc on a property insurance scheme, called Portland-Mutual Extra.

According to Osibo, available statistics show that less than 20 per cent of household units are painted and well maintained, less than 30 per cent are registered and equitable, and less than 0.5 per cent is insured against perils.

“The co-branded marketing promotion being launched today is expected to engender the increase of the number of insured households from 0.5 percent to 5 percent and those maintained with regular painting from 20 percent to 60 percent within three years, thereby adding hygiene value to our environment and giving us peace of mind,” he stated.

Osibo said the package provides a platform to encourage house-owners to paint their houses, make their dwelling environment neat and hygienic, as well as have them insured at no extra cost, thereby providing the peace of mind incase of any unforeseen incident.

Under the deal, which covers both tenants and landlords, if a tenant buys Sandtex paint products worth a minimum of N30,000, he or she will receive a year maximum compensation of N1 million insurance cover certificate for assets against burglary, housebreaking and fire; and if a landlord procures Sandtex paint worth N300,000 minimum, he or she will get a year maximum compensation of N4 million insurance cover.

In his remark, Managing Director, Mutual Benefits Assurance Plc, Mr. Olusegun Omosehin, said that the product is to help check the alarming rate of incidences of fire and burglary of houses across the country.

“Portland-Mutual Extra is our answer to the alarming increase in the incidents of fire and burglary in our country today. It is also an essential add-on service to adequately protect the wealth of Portland’s esteemed customers. The product is a double-package bonanza that provides beauty for homes, offices and other buildings as well as protection for the property against the risk of fire and burglary,” he said.

Omosehin said that insurance certificates would be issued to each client who qualifies for the insurance by purchasing the appropriate quantity of Sandtex Paints, adding that the insurance cover is for one year from the date of usage and renewable thereafter.

“The product also offers multiple compensation in line with the level of patronage, that is, tenants and landlords whose purchases are worth N60,000.00 and N600,000.00 respectively are entitled to double the basic benefits and in subsequent multiples depending on the total amount of purchase,” he added.