By Owoleye Oluwakayode
The Nigerian Insurers Association has said it is working with the Lagos State Building Control Agency (LASBCA) on the enforcement of the building insurance. The Chairman, NIA, Mr Ganiyu Musa, disclosed this during a press briefing in Lagos.
The association is in discussion with LASBCA with a view to using the Nigerian Insurance Industry Database Verification Platform for enforcement, verification, and validation of genuine compulsory buildings under construction insurances made mandatory by law through Insurance Act 2003 (Section 64), and Lagos State Urban and Regional Planning and Development (Amendment) Law 2019 (Lagos State Urban and Regional Planning and Development Law, CAP U2 Lagos State Building Control Agency Regulations, 2019),” it said.
According to the NIA, 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 association is in discussion with LASBCA with a view to using the Nigerian Insurance Industry Database Verification Platform for enforcement, verification, and validation of genuine compulsory buildings under construction insurances made mandatory by law through Insurance Act 2003 (Section 64), and Lagos State Urban and Regional Planning and Development (Amendment) Law 2019 (Lagos State Urban and Regional Planning and Development Law, CAP U2 Lagos State Building Control Agency Regulations, 2019),” it said.
According to the NIA, 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.
Operators have expressed worry that while building collapse had become a common occurrence; most victims of such disasters were always left to bear the brunt without any form of compensation. are also of the view that insurance by builders would help to boost professionalism in the built environment sector.