By FAVOUR NNABUGWU

Nigerian Institute of Builders, NIB, has thrown its full weight behind the enforcement drive of the National Insurance Commission, NAICOM, on compulsory insurance for building under construction and builders Liability Insurance.

NIB national president, Mr Chuks Omeife in an interview with Vanguard in Abuja said that the insurance of building under construction and builder Liability insurance would help to sanitise the builders’ market.

Omeife told Vanguard that the institute was already partnering with the insurance commission on ensuring the success of the implementation of Section 64 and 65 of Insurance act 2003.

He stated: “It is a good thing and we are fully in support of it. We are collaborating with NAICOM because the enforcement would not only bring sanity to builders’ market but  builders would be better for it.

“For instance, occupiers or users of commercial buildings, workers in construction sites, third-party victims of motor accidents as well as hospital patients who suffer damages or death as a result of professional negligence of medical practitioners would no longer go uncompensated.

”Before they can insure a building for you, a builder must be involved because they know that a builder that is an expert in the field and will do a good job”.

He said that the third party insurance was a success story today because there is a law in place.
“If there was no law in place for vehicle insurance, people will not be bothered about it but since it is made compulsory, people scramble for it”.

”National Insurance Commission is doing a good thing and we are in full support.
This is the new direction the industry regulatory body, the National Insurance Commission (NAICOM) and the practitioners are toeing to make insurance more relevant and useful to the society”.

The commission through its developmental project, the Market Development and Restructuring Initiative (MDRI), is promoting the full implementation of six different compulsory insurances as provided by law including section 64 and 65.

In the same vein, Commissioner for Insurance, Mr Fola Daniel had said that the commission was not happy to see Nigerians die in collapsed buildings without any form of compensation, stating that “the situation cannot be allowed to continue like this.”

Daniel stated that a new regulatory regime on insurance that would positively affect the citizens and corporate bodies would hopefully commence soon, adding that the commission would not fail to invoke the sanctions of fines and prison terms against any individual or organisation that fails to comply with the laws of the nation on compulsory insurance products.

The commissioner said that a lot of education and enlightenment would go on to sensitise the general public on the concepts.