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NAICOM commits to enforce insurance of public building

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As part of ongoing efforts to deepen insurance penetration in the country as well as help protect national assets, authorities of the National Insurance Commission (NAICOM) said that they are now set to enforce the insurance of buildings above two floors in the country.

Alhaji Sabiu Abubakar, Deputy Commissioner for Insurance, Technical disclosed this at a recent workshop for fire officers, in Abuja. The workshop was organized by NAICOM.  Alhaji Abubakar said that NAICOM would enforce the provisions of the relevant law in public interest.

His words, “Suffice it to say that it has now more than before become imperative to put in place measures to enforce the insurance of Public Building in Nigeria.

“Furthermore, let me bring to your attention the provision of Section 65of the Insurance Act 2003 which stipulates that all public building shall be adequately insured.  Also, Section 64of the Act provides that all buildings under construction above 2 floors shall be adequately insured.

“It is pertinent to note that the Commission can better achieve this task with the full cooperation of the Federal and State Fire Service. Today’s workshop is a part of the drive to achieve the above mandate as enshrined in extant laws.”

According to him, “It is very worrisome to the Commission that most public buildings and buildings under construction above 2 floors are never adequately and appropriately insured, which further accentuated the need for urgent measures to be put in place by the Commission to ensure that these buildings are adequately insured. It is the desire of NAICOM to change this narrative for good.”

Alh. Abubakar said that the essence of Insurance of public buildings and buildings under construction above 2 floors was to cushion the impact and reduce the burden and liabilities that the owner / government would have to bear in likely occurrences of catastrophic events such as natural disasters, fire, accidents, building collapse, injuries or death to third parties.

He added that as follow-up to the success of previous nationwide awareness campaigns for compulsory insurance, NAICOM was “moving the bar a notch higher.”

In her remarks, Mr. Debbie Windele, who  led the Fire Service team said that her organisation was ready to collaborate with NAICOM in achieving the objective.

 

 

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