compulsory insurance policies in Ghana
In Ghana, compulsory insurances include Motor Third-Party Liability Insurance, which is required for all vehicles on the road. Additionally, the Insurance Act, 2021 (Act 1061) has introduced Public Liability Insurance and Professional Indemnity Insurance as compulsory, along with existing requirements for fire insurance on commercial buildings.
Motor Third-Party Liability Insurance:
This insurance is legally required for all motor vehicles to protect third parties from damage or injury caused by accidents, according to globaldata.com.
Fire Insurance on Commercial Buildings:
Private commercial properties, both under construction and completed, are required to have fire insurance to cover fire, flood, and other perils, says the National Insurance Commission (NIC).
Public Liability Insurance:
This insurance protects businesses from legal liability for accidents, injuries, or property damage to the public, according to B&P Associates.
Professional Indemnity Insurance:
This insurance protects professionals like doctors, lawyers, and engineers from liability for errors or omissions in their work, notes B&P Associates.
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