By Yinka Kolawole

The  National Insurance Commission (NAICOM) has moved to allay the fears of stakeholders over the planned implementation of Sections 64 and 65 of the Insurance Act 2003, which stipulates that all public buildings, including those under construction must be insured.

Commissioner of Insurance and Chief Executive Officer of NAICOM, Mr. Fola Daniel, speaking at a recent forum of the Lagos State branch of the Nigerian Institution of Estate Surveyors and Valuers (NIESV), noted that efforts o effect the compulsory insurance of public buildings has generated fears from stakeholders.

He however said the fears were misplaced as the measure was meant to serve as security against disaster and to provide succour to Nigerians who may lose their lives or get injured in the case of fire or collapse of buildings.

Daniel who was represented at the occasion, assured that NAICOM was doing everything necessary in conjunction with other relevant bodies to adequately address all areas of concern. “As we may all be aware, the compulsory insurance of public buildings and buildings under construction as stipulated in Sections 64 and 65 of the Insurance Act 2003 has generated a great deal of attention from various stakeholders in recent times, due in large part to the courageous and bold move by the National Insurance Commission to enforce the provisions of the law as they relate to the insurance of public buildings and buildings under construction in Nigeria.

“Let me allay the fears of majority of Nigerians that there is no cause for alarm as far as the enforcement of the compulsory insurance products is concerned. We are working with relevant bodies to ensure all loose ends are sorted and all grey areas are adequately addressed to the benefit of all,” he stated.

The Insurance chief regulator said that the move was to forestall a situation whereby lives and property are lost due to building collapse without adequate compensation, and not to add to people’s burdens. He solicited the support of estate surveyors in ensuring the successful implementation of the law.

“The payment of a token as insurance premium to serve as security against disaster can not and should not lead to increase in rent. I want to solicit the support of your institution in this drive especially in the area of ensuring realistic and reliable valuation of public buildings and buildings under construction,” he added.