Frequently Asked Questions

Fire and Allied Perils Policy

Did you know that sections 183 and 184 of the Insurance Act 724, make it compulsory for all private buildings under construction or completed and used for commercial purposes to obtain Fire insurance?

Our Fire and Allied Perils policy has been designed to cover losses or damages to your property resulting from Fire, Explosion [specifically of gas used for domestic purposes] and Lightning. It also covers loss or damage arising from such perils as Impact, [usually by vehicles or animals], riot & strike, bursting or overflowing of water tanks, apparatus or pipes, flood, earthquake, hurricane, tornado, windstorm, cyclone, aircraft or any other aerial device.

Your legal liabilities as owner of the premises in respect of loss of or damage to property, bodily injury or death suffered by third parties are also covered up to a limit of GHC20,000.

Such properties as office equipment, stocks, raw materials, furniture and fittings, plants and other equipment may also be covered.

With the GLICO General Fire and Allied Perils Policy, you would not only become compliant with the legal requirements but have peace of mind; rest assured that your property is secure.

The following are answers to some of the most common questions or problems users come across.

As a policyholder, should I report all motor accidents to GLICO General?

Yes you should. Even if the accident appears minor, it is important that you let GLICO General know about the incident. If you do not report it to the Company, you risk losing your right to make a claim later due to both statutory and policy limitations. Reporting an accident involving your insured vehicle on time also assists the Company gather relevant evidence.

What do I need to take into account before insuring my house?

Your house and its contents are one of your major investments and hence taking a house insurance is imperative for the protection of these valuable investments of yours.

To insure your house and its contents, you need to know the value of the building and the contents, the location of the building (flood and or earthquake prone area, high crime rate). Once you have decided on the insurance coverage, contact us on or any of our other contacts.

We will be able to help you determine if there are any gaps in coverage you might not have been aware of. We can also explain the details of the policy’s exclusions and limitations as well as recommend additional cover you may have not readily thought of.

Why do I have to insure my vehicle? And why should I have to insure it with GLICO General?

Once you own a vehicle, you assume a number of liabilities or risk exposures which, if they occur, could be devastating to you and therefore need to be covered by the GLICO General Motor Insurance Policy. Some of these risks include losses which could arise due to legal claims made by a third party in case of an accident caused by you or losses which arise as a result of an accident and other incidents such as theft. Some of these losses include loss of your vehicle as a result of an accident, theft etc., injury to you and or your passengers or even loss of lives. Besides, the laws of Ghana make it mandatory for you to insure your vehicle.

GLICO General is the best insurance company to insure your vehicle with. Our customer service is unmatched. In some cases we pay your motor insurance claim on the same day. We are not only interested in having you pay a premium but we ensure you get the best value for money. Contact us now.

What does it mean to have a “vehicle written off”?

The decision to repair, replace or pay cash for any loss of property to you lies with the Company. Your vehicle is said to be “written off” if the cost of repairs of the damaged vehicle is more than 70% of the sum insured. Another term for “written off” is “total loss”. Before your vehicle would be declared “written off”, GLICO General would rely on the expert advice of engineers and/or surveyors to arrive at that decision.

What factors determine the premium amount?

  • Make and Model of the Vehicle
  • Year of Manufacture
  • Place and year of Registration
  • Current Showroom price of the vehicle
  • Whether Client is Individual or Corporate
  • Location / residence
  • Market value of the property being insured
  • Use of the property (commercial/private)
What factors should I consider when I insure my house?

Your house represents your investment, hence taking a house insurance means protecting your valuable investment and its contents. To insure your house therefore, one needs to consider the value of the building, the location of the building (flood prone area, high crime rate) Once you have decided on the coverage you want in your insurance policy, contact us on .

We will be able to help you determine if there are any gaps in coverage you might not have been aware of. We can also explain the details of the policy’s exclusions and limitations as well as recommend additional cover you may have not readily thought of.

What is Motor Insurance and why is it important? What is required for Motor Insurance?

Motor Insurance is a protection against losses which arise due to legal claims made by a third party in case of an accident caused by you or losses which arise as a result of manmade/natural calamity to you, your vehicle and co-passengers.

Motor insurance is an insurance purchased by the owner of a mechanically propelled vehicle to cover losses due to accidental damage, fire or theft as well as death or bodily injuries sustained as a result of an accident arising out of the use of the vehicle on a road. It is a legislative requirement under the Ghana Road Traffic Act 1958 for all vehicle owners to have an insurance policy that covers their legal liability for injury and /or death to third parties.

What is required for Motor Insurance?

You must tell your insurer everything that is relevant to your insurance. If you don’t, then you risk having your policy getting void or being left out without cover. insurers need to know all your details, your driving history, car user, car details and location.

Insurance is provided on an utmost good faith; hence, the insured is liable for any information provided to the insurance company. It is therefore necessary to declare any relevant information in respect of the cover being requested, usually by means of Proposal Forms. This will include ones personal details, vehicle details and driving history. Any incorrect information provided by insurer’s may render the policy defective and may result in inability to make a successful claim.

Why do I have a deductible?

Deductibles serve several functions.

  • Shifting the cost of small claims to the person buying the insurance (insured)
  • Enables the insurance company to reduce premiums.
  • Adjusting claims for small amounts often costs more than the value of the claim.
  • A deductible on a policy gives the owner of the property some degree of responsibility to protect his/her property.
  • The cost of insurance would be much higher if there were no deductibles.
  • The higher the deductible, the lower the premium.
Why do premiums vary between different insurance companies?

Insurance companies work with different statistics and use different methods to calculate premiums. Some companies are specialized in certain areas or types and so are prepared to give discounts in those areas. This adds to the complexity as various companies yield varied prices.

Premiums are quoted based on the risk being insured. The greater the risk, the higher the premium quoted. Hence, depending on the cover being provided, different insurers may assess the same risk differently and thus the differences in premiums between different insurance companies. Insurance premiums are also computed on basic, with Loadings and discounts. Premiums are likely to be the same for classes of business subject to Tariffs.

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