Business
Traders Charge LASG On Insurance Policy
The Association of Market Men and Women in Lagos has appealed to the Lagos State Government to be part of insurance policy they intended to take.
The traders said that they were willing to take a policy, but needed the government to intervene whenever issue of unpaid claims arose.
Chief Bolaji Awoyemi, the leader of the group, said that the aim was to mitigate the huge losses traders suffered whenever there was a fire outbreak.
He said that 70 per cent of traders in Lagos were shying away from insurance policy because of fear of not getting claims whenever the unexpected happened.
He said we want the government to enact a law that will make insurance policy compulsory for all traders in Lagos major markets, stressing that if this is done, the government should be involved in monitoring activities of insurance companies.
“If the government leaves us to do the insurance ourselves, many traders will not subscribe to it,” he said.
Awoyemi said that unforeseen disasters like fire and flood had ruined many traders in the state.
He called on his colleagues to ensure a clean market environment all the time.
It will be recalled that Governor Babatunde Fashola had advised the traders to embrace insurance cover when the Ketu Plank Market was gutted by fire of recovery their losses during unforeseen fire outbreak.
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