With thoughts for the victims of the 21 storey building that collapsed while the project was being developed by 360 Degrees in the upscale Ikoyi part of Lagos, the Nigerian Council of Registered Insurance Brokers has come out firm for compliance with compulsory insurance of public buildings as stipulated by law,
NCRIB President, Barr Rotimi Edu (pictured), who endorsed the council statement said it was time a halt comes to the huge uncovered human and financial loss by strictly adhering to section 64 7 65 of Insurance Act, 2003 that made it mandatory for all contractors and their agents to cover their insurable interest against death or injuries to third parties in the event of the risks happening.
Edu who acknowledged the efforts of Lagos State government to address mandatory insurance covers said the avoidance of cover is still causing human and financial loss because the insurance component in extant building laws are ignored.
He specifically highlighted the crucial roles of insurance brokers who he noted, are professional intermediaries in the insurance value chain and has the duty to advise clients about what to insure, how to insure and how to pursue their claims should loss occur.
