Burkina Faso – insurance cover
4 November 2014
With the fall of the Government of Blaise Compaore after 27 years of relative political stability, Burkina Faso finds itself under temporary military rule.
The situation in the capital, Ouagadougou, is said to be tense. There have been outbreaks of civil unrest since Compaore officially resigned last Friday, including looting and evidence of burnt out vehicles around the National Assembly.
Companies with people or assets in Burkina Faso are advised to check whether their insurance cover extends to claims as a result of political unrest or violence caused by war and terrorism.
Peter Bellwood, Managing Director at Bellwood Prestbury explains: “When companies have been carrying out business in a country that has been stable for many years, they often only have standard insurance cover. Should people need to evacuate or claim for injury as a result of civil unrest, or the company loses valuable equipment or sustains damage to property, it’s likely that standard insurance will not be valid.”
Burkina Faso has a growing mining industry, becoming Africa’s fourth largest gold mining country in 2012. Before the coup, the government announced that it was expecting the mining industry to double its contribution to GDP through gold, zinc and manganese projects.
Africa Union warning
The African Union (AU) has given Burkina Faso’s military a two week deadline to hand over power to a civilian ruler or face sanctions. AU official Simeon Oyono Esono, said that the military takeover was against democracy.
Free audit of Burkina Faso insurance
Bellwood Prestbury offers a free corporate audit service, which can help companies to check that they have adequate cover. For information and confidential advice about Burkina Faso insurance please get in touch on +44 (0) 207 305 5650.