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By Dayo Johnson

The Nigerian Institution of Estate Surveyors and Valuers (NIESV) has urged government at all levels to insure public properties in order to encourage individuals and companies to follow suit.

A former Chairman of the institution in Ondo State, Pastor Gboyega Akerele, who said this in Akure, noted, “It is required by insurance legislation for construction companies, building owners and occupants to sustain and protect lives and property as well as to reduce risk when unanticipated hazardous occurrences do occur.

“Insurance is always the best move to cushion the impact of building collapse and that will help rebuild hope and confidence.

“The priority of government is not only to secure life and property but also to secure the continuity of public properties.

“The general concept of insurance is to secure property against peril.

“The notion of developing new edifice without putting parameters of securing the continuity of such edifice is not acceptable in this present situation.

“Section 64(1) of Insurance Act 2003 says no person shall cause to be constructed any building of more than two floors without insuring with a registered insurer his liability in respect of construction risks caused by negligence of his servants, agents or consultants which may result in bodily injury or loss of life to or damage to property of any workman on the site or of any member of the public while Section 64(3) explains the penalties for the person who contravenes Section 64(1) of the Act.”