A new synergy that is aimed at increasing maintenance culture within the nation’s construction industry as well as protecting homes from burglary and fire incidences has been formed, courtesy of Portland Paints and Products Nigeria Plc and Mutual Benefits Assurance Plc.
At the signing of a Memorandum of Understanding (MOU) last week in Lagos between the two firms, it was said that the strategic partnership would provide a platform to encourage house-owners to paint their houses, make their dwelling environment neat and hygienic, as well as have them insured at no extra cost, thereby providing the peace of mind incase of any unforeseen incident.
Speaking at the ceremony, Managing Director and Chief Executive of Portland Paints and Products Nigeria Plc, Mr. Bayo Osibo, said his company, which deals in sanitary ware of the armitage shanks and ideal standard brands, construction and renovation services, supply of elephant brand of cement, would leave no stone unturned to ensure their customers’ satisfaction.
The deal, with Mutual Assurance, according Osibo, covers both tenants and landlords. For instance, if a tenant buys their paint product, Sandtex, worth of N30,000 minimum, he or she will receive a year maximum compensation of N1 million insurance cover certificate for assets against burglary, housebreaking and fire, and if a landlord procures Sandtex Paints worth N300,000 minimum, he or she will get a year maximum compensation of N4 million insurance cover.
Justifying the partnership, Portland Paints’ chief, said that statistics had revealed that less than 20 per cent of household units are painted and well maintained, less than 30 per cent are registered and equitable, and less than 0.5 per cent is insured against perils, adding that: “the co-branded marketing promotion being launched today will therefore engender the increase of the number of insured households from 0.5 percent to 5 percent and those maintained with regular painting from 20 percent to 60 percent within three years, thereby adding hygiene value to our environment and giving us peace of mind.”
Explaining the technical overview of the relationship, Managing Director, Mutual Benefits Assurance Plc, Mr. Olusegun Omosehin, said the product launch was his company’s answer to the alarming increase in the incidents of fire and burglary in the country.
“Portland-Mutual Extra that we are launching today, is Mutual Benefits Assurance Plc’s answer to the alarming increase in the incidents of fire and burglary in our country today. It is also an essential add-on service to adequately protect the wealth of Portland’s esteemed customers.”
According to him, “Portland-Mutual Extra is the fruit of that strategic partnership between Mutual and Portland Paints and Products Nigeria Plc. The product was conceived out of a burning desire by both companies to consummate the cordial business relationship existing between them. This product is a double-package bonanza that provides beauty for homes, offices and other buildings as well as protection for the property against the risk of fire and burglary.”
Omosehin, said that insurance certificates would be issued to each client who qualifies for the insurance by purchasing the appropriate quantity of Sandtex Paints, adding that the insurance cover is for one year from the date of inception and renewable thereafter.
The insurance company’s chief revealed that there is opportunity for multiple compensations. “The product also offers multiple compensation in line with the level of patronage, that is, tenants and landlords whose purchases are worth N60,000.00 and N600,000.00 respectively are entitled to double the basic benefits and in subsequent multiples depending on the total amount of purchase.”
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Source: The Guardian