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Lagos to Impose Constructing Insurance coverage on Properties Above 2 Flooring

The Lagos State Authorities has introduced plans to introduce constructing insurance coverage for properties which have greater than two flooring.

The State Authorities, via the Ministry of Bodily Planning and City Growth, is holding discussions with stakeholders on the necessity for a easy and profitable implementation of the constructing insurance coverage requirement stipulated for buildings above two flooring by the Regional Planning and Growth (Modification) Legislation 2019.

As a part of efforts to efficiently implement the regulation which requires constructing house owners to submit their Certificates of Insurance coverage to the Lagos State Constructing Management Company (LASBCA), the Ministry met with the Institute of Property Surveyors and Valuers and Cornerstone Insurance coverage Plc in Alausa on Friday.

Throughout these separate conferences, the Commissioner for Bodily Planning and City Growth, Dr. Idris Salako, defined that having an insurance coverage coverage for buildings above two flooring is fascinating with a purpose to safeguard the bodily atmosphere and in the end assure the wellbeing and security of Lagosians.

He enjoined stakeholders to accord the matter the seriousness it deserved with a purpose to understand the true intention of the regulation and save the state from useless agony in instances of catastrophe.

The Commissioner additional described the newly launched constructing insurance coverage requirement as a sign of the State Authorities’s willpower to safe the constructed atmosphere and obtain an orderly, organized, livable and sustainable state as espoused by the T.H.E.M.E.S Agenda of the current administration.

Observe that the T.H.E.M.E.S agenda is an initiative of the state for growth. It represents Site visitors Administration and Transportation, Well being and Surroundings, Training and Know-how, Making Lagos a 21st Century Financial system, Leisure and Tourism, in addition to Safety and Governance.

Salako, subsequently, urged practitioners to cooperate with the State Authorities to appreciate its noble goals for the constructed atmosphere sector.

In his response, the Chairman, Lagos Department of the Nigerian Institute of Property Surveyors and Valuers, Mr. Adedotun Bamigbola, praised the administration of Governor Sanwo-Olu for offering the regulation which is anticipated to handle the considerations of Lagosians in relation to dealing with disasters within the constructed atmosphere.

He added that the Institute of Property Surveyors and Valuers is well-positioned to render dependable valuation of buildings for insurance coverage functions.

Mr. Charles Nwachukwu, on behalf of Cornerstone Insurance coverage Plc, expressed the corporate’s willingness to accomplice with the State Authorities to pilot the graduation of the Constructing Insurance coverage Scheme. 

Supply: Nairametrics

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