BY NKECHI NAECHE- ESEZOBOR— Poised to ensure that the insuring public comply with the provisions of the law regarding insurance of public buildings and insurance of buildings under construction, the National Insurance Commission (NAICOM), has held its 2nd Meeting of the Insurance of Public Buildings and Buildings Under Construction.
The meeting which was chaired by the Deputy Commissioner for Insurance, Mr. Ekerete Ola Gam-Ikon, is part of the ongoing initiatives spearheaded by the Commissioner for Insurance, Mr. Olusegun Ayo Omosehin.
Speaking at the meeting, Ekerete Ola Gam-Ikon, emphasized on the importance of the committee’s national assignment, which includes developing a methodology to ensure compliance with the insurance of public buildings and buildings under construction.
This effort, according to him aims to enhance the uptake of insurance in these sectors.
The committee also deliberated 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 sensitizing stakeholders on the importance of adherence to compliance with compulsory insurances.
It would be recalled that 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.
While 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.
