Lagos to introduce insurance cover on properties

The Lagos State Government has announced plans to introduce building insurance for properties that have more than two floors.

The State Government, through the Ministry of Physical Planning and Urban Development, has commenced discussions with stakeholders on the need for a smooth and successful implementation of the building insurance requirement stipulated for buildings above two floors by the Regional Planning and Development (Amendment) Law 2019.

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The law which requires building owners to submit their Certificate of Insurance to the Lagos State Building Control Agency (LASBCA).

The ministry has met with the Institute of Estate Surveyors and Valuers and Cornerstone Insurance Plc where the Commissioner for Physical Planning and Urban Development, Dr. Idris Salako, explained that having an insurance policy for buildings above two floors is desirable in order to safeguard the physical environment and ultimately guarantee the wellbeing and safety of Lagosians.