Why it’s vital to take fire insurance
What you need to know:
- Given the fire that destroyed the magnificent Ivory Tower at Makerere University, the importance of insurance of taking fire insurance cannot be over emphasised. A friend in need is a friend indeed.
On September 20, fire burnt Makerere University’s Ivory Tower. The fire seems to have started in the upper floors just after midnight and being a Covid-19 curfew period, it ravaged the university’s Main Building.
Several items, including documents and equipment, were destroyed. Rebuilding of the unique and giant structure is extremely urgent. The challenge is how to raise money for kick-starting the reconstruction of the historic structure given that it requires a lot of money. First, there is need to remove the debris and clear the whole site as well as area in preparation for the reconstruction process to begin.
There is also the urgent need to mobilise money to buy materials and equipment necessary for the reconstruction materials and equipment. There is a need to redesign the whole structure to suit the current demand depending on the population of users. Unfortunately, the challenge is that time is not on our side.
Assume that property had a good fire insurance cover, the claim recoveries would have contributed towards mobilising of the requisite funds. Although it wouldn’t have been enough to clear all the necessary funds for reconstruction. This is because the whole burnt building right from the basement, has to be demolished and the foundation reinforced.
If fire insurance was in place and claim secured, this gives courage to those who will be contributing to act urgently. Given the fire that destroyed the magnificent Ivory Tower at Makerere University, the importance of insurance of taking fire insurance cannot be over emphasised. A friend in need is a friend indeed.
Rogers Kasozi,
rkasozi2017@gmail.com