By Bisi Bamishe
The enforcement of Occupiers Liability lnsurance will commence in Lagos in May 2022.
The chairman of the Nigeria Insurers Association (NIA) Ganiyu Musa disclosed this today in Lagos.
Occupiers Liability lnsurance or lnsurance of public buildings is one of the six compulsory insurances made mandatory by law in Nigeria.
According to Musa, NIA is collaborating with Lagos State Security Commission (LSC), Nigerian Council of Registered Insurance Brokers (NCRIB) and Courteville on the implementation, enforcement and validation of genuine compulsory Occupiers Liability Insurance.
The Association will implement, enforce and validate genuine insurance through the Nigerian Insurance Industry Database (NIID) Verification Platform.
Musa disclosed that
the exercise will be launched on April 28th, 2022 and enforcement will commence in May 2022.
He added, “We are building capacity of its members to enhance compliance in line with the emerging regulations”.
Insurance Act 2003, makes it compulsory for all public buildings to be insured in case of loss. This includes damages to property, bodily injury, or death that may be caused by earthquake, collapse, storm, fire, or flood. The law tags buildings accessible to the public for medical, commercial, educational, or recreational purposes as public buildings.
A fine of N100,000 or one-year imprisonment. Defaulter can get both in some cases.
