NAICOM urges FG, states to offer for constructing insurance coverage in budgets

NAICOM urges FG, states to offer for constructing insurance coverage in budgets

Sunday Thomas, commissioner for Insurance coverage/CEO of the Nationwide Insurance coverage Fee (NAICOM) has urged federal and state governments to make provisions for insurance coverage of public buildings and buildings beneath building of their respective annual budgets.

Thomas, who spoke on the twelfth assembly of the Nationwide Council of Lands, Housing and City Improvement held in Kaduna State, mentioned these classes of insurance coverage had been made obligatory by extant insurance coverage legal guidelines in Nigeria and, thus, should be complied with by all.

In accordance with him, Part 64 of the Insurance coverage Act 2003 makes it obligatory for people, governments and company organisations that undertake the development of any constructing above two (2) flooring to acquire a builder’s legal responsibility insurance coverage coverage (constructing beneath building) from any of the NAICOM’ licensed insurers in Nigeria.

Learn additionally: NAICOM should set digitalisation benchmark to drive insurance – Onifade

Talking additional, he mentioned Part 65 of the Insurance coverage Act 2003 additionally makes it obligatory for all public buildings within the nation to be insured. That is to guard harmless victims within the occasions of accidents and different disasters that will happen whereas they’re inside such premises.

Thomas urged the varied state governments to emulate the Lagos State authorities by domesticating the insurance coverage legal guidelines of their respective states.

He listed the advantages of compliance with these obligatory insurances to incorporate a discount within the federal and state expenditure within the occasion of a catastrophe, by shifting the burden to the risk-bearers (insurance coverage corporations), therefore restoration wouldn’t be settled from tax payer’s cash

Others are the creation of employment alternatives for residents and the boosting of internally generated income (IGR) of states, amongst others.

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