National Insurance Commission (NAICOM) has expressed concern over the prevalent situation of poor or non-insurance of public buildings and buildings under construction above two floors.
Insurance of public buildings and buildings under construction above two floors is designed 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.
“It is very worrisome to the commission that most public buildings and buildings under construction above two floors are never adequately and appropriately insured,” said deputy commissioner for insurance, technical, Sabiu Abubakar at the sensitisation workshop for federal and state fire service officers.
Abubakar noted that the situation has 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,” he said.
The sensitisation workshop is aimed at equipping fire service officers with the necessary knowledge to properly enforce the insurance of public buildings and buildings under construction above two floors.
Mr Abubakar said it has now more than before, become imperative to put in place measures to enforce the insurance of public buildings in Nigeria.
Section 65 of the insurance Act 2003 provides for all public buildings in the federation to be insured, while subsection 4 provides that 0.25 per cent of the net premium received by every direct insurer on policies issued from public buildings is paid quarterly by every insurer into the fire services maintenance fund.
Comptroller-general of the Federal Fire Service, Dr. Ibrahim Liman, said the existence of the funds and the prudent utilisation of the same can turn the tide in the Fire Service in achieving its mandate.
“This fund would certainly make issues of lack of equipment a story of the past in the fire sector in Nigeria. However, to make this a reality, all parties must play their part,” Abubakar said.