LASG MEETS STAKEHOLDERS ON IMPLEMENTATION OF BUILDING INSURANCE POLICY

The Lagos 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.

As part of efforts to ensure the successful implementation of the Law which compels owners of buildings above two floors to submit Certificate of Insurance to the Lagos State Building Control Agency (LASBCA), the Ministry met with the Institution of Estate Surveyors and Valuers and Cornerstone Insurance Plc in Alausa on Friday.

Speaking at separate meetings with the two organisations, the Commissioner for Physical Planning and Urban Development, Dr. Idris Salako said that having an insurance policy for buildings above two floors is desirable to safeguard the Physical Environment and guarantee the wellbeing and safety of Lagosians.

He enjoined stakeholders to accord the matter the seriousness it deserved in order to realise the intendment of the law and save the State from needless agony in times of disaster.

The Commissioner stated that the building insurance requirement of the law was an indication of the State Government’s determination to secure the built environment and achieve an orderly, organised, livable and sustainable State as espoused by the T.H.E.M.E.S Agenda of the present administration.

Salako, therefore, urged practitioners to cooperate with the State Government to realise its noble objectives for the built environment sector.

The Chairman, Lagos Branch of the Nigerian Institution of Estate Surveyors and Valuers, Mr. Adedotun Bamigbola praised the administration of Governor Sanwo-Olu for providing the law that boldly sought to address the concerns of Lagosians in relation to coping with disasters in the built environment.

He added that the Institution of Estate Surveyors and Valuers is well positioned to render reliable valuation of buildings for insurance purposes.

Speaking on behalf of Cornerstone Insurance PLC. Mr. Charles Nwachukwu expressed the Company’s willingness to partner with the State Government to pilot the commencement of the Building Insurance Scheme.