In the bid to ensure that victims of building collapse are compensated, the National Insurance Commission (NAICOM) has moved to ensure strict compliance with the Insurance Act 2003, which makes it compulsory for the insurance of all buildings used by third parties.
This is in reaction to the high prevalence of collapsed buildings in the country, which has resulted in the loss of lives and properties in recent times.
The Commission warned members of the public that non-compliance with this provision of the law attracts a penalty of N100,000.00 or one year imprisonment or both.
In a statement signed by Head, Corporate Affairs, Mr Salami Rasaaq, NAICOM, said “the federal government through the Insurance Act 2003, made it compulsory for all buildings used by third parties to be insured against the risks of collapse, fire, earthquakes, storm or flood such that in the event of any of these risks crystallising, adequate compensation would be paid to both victims and families of those who may lose their lives.â€ÂÂ
The Commission also urged all state governments to commence the process of enacting legislation to ensure that all buildings used by third parties within their states were adequately insured so as to give relief to victims of building collapse.
The Commission expressed sadness and deeply sympathised with victims and family members of those that lost their lives to buildings that collapsed in Lagos and Kaduna states, noting that in Lagos alone, well over 20 lives have been lost to the incident.insurance
“Most painful is the fact that majority of those injured have to bear the treatment costs themselves, while the families of those that lost their bread winners have no form of compensation, except maybe, the little that the state government could provide from the scarce resources of the state.â€ÂÂ
“The Commission is sad with this avoidable burden on government and victims if only these buildings are adequately insured. Let us all give hope to victims and family members of those who lose their bread winners in collapsed building incidences across the country.â€ÂÂ
Source: Leadership (by Nse Anthony-Uko)