The National Insurance Commission (NAICOM) has called on federal and state governments to make adequate provisions for the insurance of public buildings and buildings under construction in their yearly budgets.
The Commissioner for Insurance, Sunday Thomas, made the call at the 12th edition of the National Council of Lands, Housing and Urban Development forum, held in Kaduna State at the weekend, saying such categories of insurance are made compulsory by extant insurance laws, hence they must be complied with.ional Insurance Commission (NAICOM) has called on federal and state governments to make adequate provisions for the insurance of public buildings and buildings under construction in their yearly budgets.
The Commissioner for Insurance, Sunday Thomas, made the call at the 12th edition of the National Council of Lands, Housing and Urban Development forum, held in Kaduna State at the weekend, saying such categories of insurance are made compulsory by extant insurance laws, hence they must be complied with.
According to Thomas, Section 64 of the Insurance Act 2003 makes it obligatory for individuals, governments as well as corporate organisations undertaking the construction of any building above two floors, to procure a builder’s liability insurance policy from licensed insurance companies in the country.
The same section, he said, also makes it compulsory for all public buildings in Nigeria to be insured. This is to protect innocent Nigerians in the event of accidents and other disasters that may occur.
He urged state governments that do not have such categories of policies to emulate the Lagos State and others by domesticating the laws in their respective states.
He also highlighted the benefits of compliance with the compulsory insurance to the federal and state governments, including a reduction in expenditure in the event of a disaster that may affect citizens by shifting the burden to the risk-bearers.
Other participants at the session include the Minister of Housing and Urban Development, Ahmed Musa Dangiwa; Minister of State, Housing and Urban Development, Abdullah Tijjani Gwarzo; Chairman, Senate Committee on Housing and Urban Development, Aminu Tambuwal; Chairman, House Committee on Housing and Habitat, Balele Aminu and Chairman, House Committee on Urban Development and Regional Planning, Abiante Awaji.
