Parts of Lagos and other cities in the country have witnessed some form of burglary attacks by hoodlums and organized criminals since the wake of the coronavirus (COVID-19) pandemic and subsequent lockdown following states and federal government directives.
Some residents of Lagos particularly have seen hoodlums called ‘One million boys’ break into their shops while they are at home observing the lockdown, while some others have been attacked in their homes, and their personal belonging carted away also during this period.
The question now is; what is the role of insurance in the wake of all of these? What responses are expected from the insurance industry to enable residents and business owners who suffer losses as result of the burglary get some level of compensation?
Eddie Efekoha, expert and managing director/CEO, Consolidated Hallmark Insurance Plc said during an interview in Lagos that if the business owners have taken insurance for burglary and this kind of event occur, they can make claims from insurance.
“Yes, some burglars have taken advantage of the coronavirus lockdown by burgling shops of business owners who are observing the lockdown directive of the Federal Government. In such case, if the business owners have insurance, they can be rest assured of compensation.”
Efekoha who is also the President of the Chartered Insurance Institute of Nigeria (CIIN) also noted that the insurance industry may not pay claims for business interruption flowing directly from the outbreak of Coronavirus due to the absence of the cover, but however noted that the sector remains poised to respond appropriately when business interruption occurs due to specified risks in policies like fire outbreak, explosion damage etc.
In Nigeria, most general or non-life insurance companies offer fire and burglary insurance together, and this account for about 9 percent of the industry total premium.
Burglary insurance according to experts is a policy that covers losses resulting from a burglary. Burglary denotes the act of entering a property unlawfully with the intention of committing a crime and it might not always involve theft. Burglary insurance, then, will cover property damage as well as financial losses arising from: the theft of property from within the household premises or within the automobile
Insurance companies there will require policyholders to notify the police of the burglary as one of the first steps to take before filing a claim. People also refer to burglary insurance as crime insurance.
Modestus Anaesoronye
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