The Nigerian Insurers Association has said it is working with the Lagos State Building Control Agency (LASBCA) on the enforcement of 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 law says every public building should be insured against the hazards of collapse, fire, earthquake, storm and flood.
Public building 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 the purpose of obtaining educational or medical service, or for the purpose of recreation or transaction of business.
Recently, a three-storey building still under construction on Akanbi Crescent in the Yaba area of Lagos collapsed, leaving several dead and injured.
In November last year, a 21-storey building on Gerard Road, Ikoyi, Lagos State, collapsed and 46 people, including the owner and developer of the 21-storey building, Mr Femi Osibona; and his personal assistant, Oyinye Enekwe, were confirmed dead.
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.