Insurance Now Compulsory For All Public Buildings In Lagos

The Lagos State Safety Commission and the Nigerian Insurers Association, have joined forces on compulsory insurance of public buildings in the State.

In line with the provisions of section 64 and 65 of the Natio
nal Insurance Act 2003, all public buildings and those under construction are to be compulsorily insured to ensure safety of third parties and adequate compensation on the event of injuries or death from any mishap.

To achieve this, a mandatory insurance digital solution platform will be introduced.

Addressing journalists in Alausa, during a joint news briefing, the Director-General of the Safety Commission, Mr Lanre Mojola explained that the measure is in line with the current administration’s efforts of ensuring a safer Lagos.

On her part, the Director-General, Nigeria Insurers Association, Mrs Yetunde Ilori, who stressed that the measure was not a revenue generating venture, buy aimed at alleviating the adverse impact of mishaps.

Mrs Ilori pegged premium to be paid between point one percent and point four percent of the property insured.

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