Mir Nazim Uddin Ahmed :
Fire is an upset for the insurance industry. Nimtali Fire, Rana Plaza, Tajin Apparels, Standard Group, Dignity Sweater, Banani FR towers, the fire of Hashem Foods of Sajib Group in July 2021 have shaken the insurance industry. Owner of Hashem Foods is a leader in the insurance industry. He is a very gentleman and a well-known person. He has compensated many of the dead and injured despite being in jail. It is a great initiative.
Hashem has established himself through long 40-50 years of pursuit, effort, labor, talent and wisdom and employed lots of people in his organization and contributed to eliminate unemployment. But it cannot be accepted that a single accident will destroy all his achievements. After this tragic accident, he lamented that it was his mistake to make the factory. We know, every sector in the country is helpful in the creation of industrial entrepreneurs as it helps banks, insurance, human employment and government revenue. There are many examples that many factory owners have sacrificed their lives and businesses in the fire. Therefore they should not be harassed unnecessarily. In any case, if they are found guilty on the basis of investigation they can be brought under the law and punished. Everyone should respect the law.
There are many reasons for any fire. The owner is not directly responsible for all the reasons. Many surrounding factors also exist. Many parties are involved in the factory fire. Some of its causes and remedies are discussed here.
The owner has to bear some responsibilities. There is a policy to follow construction code in factory establishment. Owners should build factories in accordance with these rules and have a designated department policy to look after them. Their responsibilities must also be taken into account.To control the fire in the building, fire detection and protection and fire alarm, fire exit, pressure system should be kept active. Wide stairs should be provided.
Banks also have responsibilities. The banking sector plays a special role in the development of the industry. They take care of construction and other technical aspects and distribute loans. They also have experienced manpower. So their responsibility is not less. In any accident, the owner of the damaged party should ensure that he gets full cooperation from the bank. Because of the factory is not operational, they will not have a loan, remembering that the owner who has suffered from a temporary problem has to be given guidance through financial assistance.
The survey company cannot ignore its responsibility. It is also the responsibility of the survey company representative to inspect the factory on the spot and to advise / warn if any faulty design and/or need any improvement to the insurance company and the insured with pre-risk inspection report, on considering the Risk Factors.
Responsibilities of the insurance company and reinsurer are also important. In the event of an accident, a representative of the insurance company should immediately inspect the affected area, stand by the insured and assess the compensation with an experienced and quality surveyor according to the type of damage. The insurance company must pay the reinsurance premiums regularly to the re-insurer. Even if the insurance company has any liability, the re-insurer has to settle the claim as soon as possible and help enhance the image of the industry.
Finally, the government has launched the Fire Service and Civil Defense Department to protect people and property from danger. They play a major role in any fire accident. But for insurance claims they need a report. No matter how powerful a person is, one cannot bring a report without talking to them, which is a major impediment to speedy settlement of insurance claim.
From setting up an industrial factory in an area to start a factory and employ people in that area, security of the factory, safety of the people most often depend on local representatives. In case of an accident, it is the responsibility of local organizations to provide security to the people of the area and to evacuate the affected people to a safe place.
The owner, insurance and other authorities need to maintain some obligations. According to the prevailing rules of Bangladesh, Hashem Foods has insured in 4 insurance companies, the insurance value of which is Tk. 477.00 crore. As members of the Bima family, all insurance companies need to stand by Mr. Hashem. Let it not be forgotten.
We all should contribute to the development of the country from our respective positions on the occasion of the birth centenary of Banga-Bandhu Sheikh Mujibur Rahman. Banks, insurance and re-insurers should extend a helping hand to keep the country’s industry afloat with appropriate advice and reliable services. Industry, labor, electricity, fire service, all government institutions should be partners without being an obstacle to industrial development.
(Mr. Ahmed is Managing Director, Islami Commercial Insurance Co. Ltd).
