F!re Service to mandate insurance for buildings
The Federal Fire Service has agreed to include fire insurance policy in its checklist for buildings.
This was the outcome of a meeting between the National Insurance Commission and the Federal Fire Service at the NAICOM Headquarters to review and strengthen their partnership.
Fire insurance is a type of property insurance that covers losses and damages caused by fire. Under this cover, the policyholder can file a claim in the event of a fire on an insured property.
NAICOM, in a statement, said, “The Federal Fire Service, as a key member of the committee on insurance of public buildings and buildings under construction, has agreed to integrate Fire Insurance Policy into their checklist. This move aims to boost compliance levels and promote insurance penetration in Nigeria.
“The partnership is expected to have far-reaching benefits, including improved settlement for beneficiaries of building collapse victims, mitigation of potential risks, protection of investments, and promotion of economic growth.”
Highlighting the key aspects of the agreement, NAICOM said, “Enhanced compliance, as the integration of the fire insurance policy into the Federal Fire Service’s checklist will ensure adherence to insurance regulations.
“Improved insurance penetration: Increased awareness and uptake of insurance products among building owners and developers. Risk mitigation: Proactive measures to minimise potential risks associated with building collapse and other related hazards, and Economic growth: Contribution to Nigeria’s economic growth through increased investment, job creation, and financial stability.”
The meeting was presided over by the Deputy Commissioner for Finance and Administration, Mr. Ekerete Ola Gam-Ikon, who emphasised the importance of collaboration between NAICOM and the Federal Fire Service in promoting a safer and more insured environment in Nigeria.
