By Chris Agabi
The Nigerian Council of Registered Insurance Brokers (NCRIB) has described the Ogun State government’s enforcement of relevant insurance policy as a step in the right direction, expected to bring about economic growth and development.
The President of the Council, Prince Babatunde Oguntade in a letter to the State Governor, Prince Dapo Abiodun, stated that the enforcement of building insurance policies would not only guarantee the safety of workers but was expected to bring about positive changes in the state’s economy
Prince Oguntade assured the State government that the NCRIB would partner the State to ensure the fruition of the initiative.
It will be recalled that Ogun State government commenced the enforcement of Section 64 and Section 65 of Insurance Act 2003 on mandatory insurance policy of public buildings above two floors in Ogun State.
The State government made it mandatory for all classes of buildings above two floors to carry Insurance Certificate, stating that all constructions above two floors in Ogun State must obtain an All Risk Insurance Policy Certificate.
Speaking at a stakeholders’ meeting held in Abeokuta recently, the Commissioner for Physical Planning and Urban Development, Mr. Olatunji Odunlami noted that the enforcement of the compulsory insurances was in tandem with the provision of Ogun State Building Production Management Authority Regulation (OGBPMA), 2022.
According to him, the All Risk Insurance Policy should be maintained by the contractor or developer and would cover both human and material assets during the entire construction period, ensuring that persons engaged to work on site or who have lawful access to be on site, as well as building materials and other equipment were protected against any form of injury, loss, or damage.
