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Building Collapse: NCRIB Urge Developers To Embrace Insurance

Oluwasina Phillip

The Nigerian Council of Registered Insurance Brokers (NCRIB) has condoled victims of the 360 Degrees Tower Multi-Storey building collapsed in Ikoyi, Lagos.

The Council regretted the huge human and financial loss in the disaster.

President of the NCRIB, Barr. Rotimi Edu, in a statement noted that the increasing cases of building collapse constitute a huge challenge to government and other stakeholders in the built environment to embark on better synergy to ensure compliance with extant building regulations.

Edu was of the opinion that in spite of the strident efforts of Lagos State government through its various dedicated agencies, the incidences of building collapse has not been fully stopped.

He seized the opportunity to underscore the need for compliance with the compulsory insurance of public buildings as stipulated in Section 64 & 65 of Insurance Act of 2003 which makes it mandatory for all contractors and their agents to, among others, undertake insurance against death or injuries to third parties to a public building in the event of a disaster of this nature.

He specifically highlighted the crucial roles of Insurance Brokers who he noted were professional intermediaries in the insurance value and has the duty to advise clients about what to insure, how to insure and how to pursue their claims in the event of occurrence of a loss.

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