Operators advocate for insurance of public buildings

MOTOLANI OSENI

Following the recent tragic collapse of a 21-storey building at Gerard Road, Ikoyi, Lagos, insurance operators, under the auspices of the Nigerian Insurers Association (NIA) have warned owners of public buildings to desist from the act of constructing high-rise buildings without the regulatory building insurance coverage.

Building without building insurance coverage, according to insurers, means a violation of the insurance law.

The warning was coming While observing the worrisome reoccurrence of building collapse in the country, the director-general, NIA, Mrs Yetunde Ilor, emphasised the need for the general public to comply with all building rules and adopt insurance in the protection of lives and property to curb further incidence of building collapse.

Ilori called on stakeholders in the built environment to arrest the rising incidents of building collapse by ensuring strict adherence to standards, adding that, the nation has lost so much to the carelessness of a few unpatriotic builders.

The NIA DG assures the insuring public of the industry’s capacity and readiness to respond to the needs of Nigerians through the provision of insurance protection to the citizens.

According to the country’s statutory laws, Section 65 of the Insurance Act 2003 stipulates that all public buildings shall be adequately insured, while Section 64 of the Act provides that all buildings under construction above two floors shall be adequately insured with a registered insurance company.

The law explains further that every public building should be insured against the hazards of collapse, fire, earthquake, storm and flood.

Public buildings include; a tenement house, hostel, a building occupied by a tenant, lodger or licensee and any building to which members of the public have ingress and aggress for obtaining educational or medical service, or for recreation or transaction of business.