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Three quarters of Brazilian firms without fire insurance cover

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The insurance brokers' union in Sao Paulo said that only 25% of companies in Brazil have purchased fire insurance despite a law making it mandatory for all legal entities, Segs.com reported. The union said that the low uptake is due to lack of knowledge of the law and lack of disclosure. "The possible punishment for non-compliance with the decree, in general, comes through the civil responsibility of the originator," said Ezaqueu Antonio Bueno, coordinator of the union's equity risks committee.

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