An insurance brokerage is emphasising the importance of businesses keeping proper records of inventory in a secure location in the unfortunate event of a fire or damage loss.
This advice was given in a release from Raj Singh Insurance Brokers, who happened to be the insurance broker for Zaid Mohamed & Sons Trading. It stated that late in the afternoon of November 28, 2022, Zaid Mohammed of Zaid Mohamed & Sons Trading, an importer and distributor of building materials and supplies, suffered a multi-million-dollar loss to his bond situated at Lot 9 Felicity, East Coast Demerara as a result of a fire.
The blaze devastated the entire bond building and the inventory within the bond which had to be eventually declared a total loss.
The release said that Mohammed was reasonably well insured through Raj Singh Insurance Brokers & Risk Management Consultants Inc, with Diamond Fire & General Insurance Co Ltd. It also noted that losses that involve inventory or stock are usually a little more complex and time consuming should records be destroyed in fire and therefore recommended that “stock records should always be backed up and kept away from the risk location so that the quantum of the loss can be easily determined if or whenever there is a fire or other material damage loss.”
In the case of Mohammed, his records were intact and so less than two months after his building and stock were destroyed by fire, the insurance company was able to settle his claim on January 18
Mohammed has already commenced his rebuilding efforts at this location so that his business operations could
continue as seamlessly as possible and with minimal disruption, the release added.
The Guyana Fire Service had said that investigations have revealed that welding done in close proximity to a foam mattress triggered the blaze which gutted the facility.
It was also discovered that there were no fire suppressants (extinguishers) or smoke detectors within the building and that the correct safety measures were not being followed.
