NAICOM, Fire Service to implement compulsory building insurance | Dailytrust

NAICOM, Fire Service to implement compulsory building insurance

The National Insurance Commission (NAICOM)

The National Insurance Commission (NAICOM) and the Federal Fire Service have resolved to start the enforcement of compulsory Public Building Liability Insurance in earnest across the country.

This was part of the resolution at the end of a meeting between both agencies at the NAICOM Head office in Abuja on Tuesday.

The meeting was held between the top management of NAICOM, led by Mr Sunday Thomas, the Commissioner of Insurance and Mr Liman Alhaji Ibrahim the Controller General of Fire Service of Nigeria, and his management team.

Section 65 of the Insurance Act of 2003 requires the owner or occupier of every public building to be insured against liability for loss or damage to property or death or bodily injury caused by collapse, fire, earthquake, storm or flood.

The Act defines a public building as one to which members of the public have access for educational, recreational, medical and commercial purposes. The penalty for non-compliance is a maximum fine of N100,000 or one-year imprisonment or both.