Dar es Salaam. Two insurance companies have partnered for a new comprehensive policy that covers commercial vehicles, goods and employees all under a single protection.
The firms, namely, Phoenix Assurance and Mauritius Union Asurance (MUA), said the service covers risks associated with commercial operations such as road and personal accidents and damages caused by piracy or theft, and even natural weather damages.
Announcing the service yesterday, Phoenix Assurance chief executive officer Ashraf Musbally said the new approach aimed at expanding their services in the country.
“We saw a gap in the market for commercial vehicle owners (transporters) who often face challenges while on the road resulting to huge losses and we believe as a responsible insurer, it is our obligation to offer solutions to our customers,” he said.
BimaPlus offers recovery and towing services, riot and strikes cover, increased repair unit as well as loss of goods coverage which helps to avoid massive losses when faced with accidents, he said.
For his part, Tanzania Insurance Regulatory Authority (TIRA) Eastern Zone manager Frank Fred commended Phoenix Assurance for establishing the new product in the market and saying it would solve challenges for the transporters.
“It’s bridging the gap between the challenges and solutions in the market. We will continue to support innovative insurance products for a better contribution to the economy,” he said.
Assistant head of traffic police Meloe George Buzema said insurance was important for road safety, adding that the new product assured the security of the businesspersons.