The National Insurance Commission (NAICOM) has expressed displeasure that most of the public buildings under construction in the country are under-insured when compared to other climes.
According to the Commission, the development has further accentuated the need for urgent measures to be put in place to ensure that all of such buildings are adequately insured in line with best practices.
It, therefore, said that all hands must be on deck to reverse the trend.
NAICOM Deputy Commissioner for Insurance, Technical, Sabiu Bello Abubakar made this known at a sensitisation workshop organised for the Federal Fire Services and States Fire Services Officers on Insurance of public buildings under construction.
He said: ”These ugly practices violate Section 64 of the Act that provides that all buildings under construction above two floors must be adequately insured.”
He stressed that the essence of insurance of public buildings, as well as buildings under construction above two floors, is to cushion the impact and reduce the burden, as well as liabilities that the owner/government would have to bear in the likely occurrence of catastrophic events such as natural disasters, fire, accidents, building collapse, injuries or death to third parties.
According to him, ”As a 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 buildings and buildings under constructions above two floors.”