By Sola Alabadan
The National Insurance Commission (NAICOM) has intensified efforts to ensure that the populace comply with the provisions of the law concerning the compulsory insurance of public buildings and insurance of buildings under construction.
Section 64 of the Insurance Act 2003 makes it mandatory for individuals, governments and corporate organisations that undertake the construction of any building above two floors to procure a builder’s liability insurance policy (building under construction) from any of the NAICOM’ licensed insurance companies.
Section 65 of the Insurance Act also makes it compulsory for all public buildings in the country to be insured. This is to protect innocent victims in the events of accidents and other disasters that may occur while they are within such premises.
As part of the ongoing initiatives spearheaded by the Commissioner for Insurance, Mr. Olusegun Omosehin, the second meeting of the Insurance of Public Buildings and Buildings Under Construction Committee took place on Tuesday in Abuja.
The Deputy Commissioner for Insurance, Mr. Ekerete Gam-Ikon, who serves as the Committee Chairman, welcomed the committee members representing various stakeholder institutions, emphasising the importance of the committee’s national assignment.
The duty of the committee is to develop a methodology to ensure compliance with the insurance of public buildings and buildings under construction, so as to enhance the uptake of insurance in these sectors.
Their deliberations focused on identifying and exploring synergies with stakeholders, liaising with State Governors and Houses of Assembly to domesticate insurance laws for better compliance, researching similar policies in other jurisdictions, and sensitising stakeholders on the importance of adherence to compliance with compulsory insurances.
