NAICOM Insists All Public Buildings Must be Insured

government - October 11, 2021

The National Insurance Commissioner (NAICOM) has reinforced the need to embark on measures to enforce government’s policy on insurance of public building in the country.

Deputy Commissioner for Insurance, Technical, Alhaji Sabiu Bello Abubakar, said the provision of Section 65 of the Insurance Act 2003, specifically stipulates that all public building shall be adequately insured.

Speaking at the sensitisation workshop for Federal and State Fire Service on the insurance of public buildings and buildings under construction, he added that Section 64 of the Act also provided that all buildings under construction above two floors be adequately insured.

He explained that the essence of insurance of public buildings and buildings under construction was to cushion the impact and reduce the burden and liabilities that the owner/government would have to bear in likely occurrences of catastrophic events including natural disasters, fire, accidents, building collapse, injuries or death to third parties, among others.

This, he said, would thereby saving the government money which could be channeled towards augmenting the needs of the citizenry, providing infrastructure, and creating employment, among others.

Hence, Abubakar pointed out that the workshop was aimed at sensitising fire service officers on the importance of insurance of public buildings and buildings under construction.

He added that the workshop was being convened as part of ongoing efforts to apprise participants of their roles in enforcing the insurance of public building and building under construction above two floors.

He said the commission could better achieve compliance with with the full cooperation of the federal and state fire service.

He said,”It is the desire of NAICOM to change this narrative for good…As follow-up to the success of previous nationwide awareness campaigns for compulsory insurance, NAICOM is moving the bar a notch higher.

“Therefore, this 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.

“At the end of this Workshop, it is expected that Federal and State Fire Service officers will now have the knowledge of insurance of public buildings.”

He said, “NAICOM is elated at this turnout notwithstanding the prevailing circumstances in the country.

“We are quite sure of a much better participation in the next batches lined up to educate Officers of Fire Services of their responsibilities and the benefits inherent if public buildings are adequately insured.”

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