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, Professional Indemnity Insurance  and Marine Insurance as compulsory, along with existing requirements for fire insurance on commercial buildings. 

Details are as follows;
1. 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. 

2. 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). This requirement to undertake Insurance of 
Commercial Buildings is stated to be an offence punishable by either a fine or imprisonment or both as provided for in the Insurance Act, 2021 (Act 1061)

3. Public Liability Insurance:
This insurance protects businesses from legal liability for accidents, injuries, or property damage to the public. Class of properties covered by the Public Liability insurance includes: Office space, Banks, shopping malls, factories, hospitals etc 

4. Professional Indemnity Insurance:
This insurance protects professionals like doctors, lawyers,Accountants 
insurance practitioners,engineers etc from liability for errors or omissions in their work. 

5.Marine Insurance
There is a specific provision on marine insurance for persons who import goods into the country. Failure to comply amounts to an offence punishable by 
either a fine or imprisonment term or to both.Also, a person cannot place marine cargo with an unlicensed insurer without prior written approval 
of the Commission