Two Floors And Above Buildings Must Obtain Insurance In Ogun

Ogun State Ministry of Physical Planning and Urban Development, has given a directive that any building of two floors and above must have an All Risk Insurance Policy Certificate.

Commissioner in the Ministry, TPL. Olatunji Odunlami, stated this during a stakeholders' meeting at the Olusegun Osoba Press Centre, Oke-Mosan, Abeokuta, that the directive was in line with the provisions of the Ogun State Building Production Management Authority Regulation (OGBPMA) 2022.

Odunlami explained that All Risk Insurance Policy Certificate covers the contractor or developer including human and material assets during the entire construction period; to ensure that persons engaged to work on site or who have lawful access to be on site, as well as building materials and other equipment, are protected against any form of injury, loss, or damage.

“The coverage extends to innocent passers-by and their property, as well as adjacent properties, humans, and animals domiciled in them,” he said.

Odunlami called on insurance companies to serve as watchdogs in the drive to enforce the provisions of the law.

The Commissioner added that property owners and subsequent occupiers were required to obtain a Building Insurance Policy, to cover the building itself against fire outbreaks, damage, collapse, and other unforeseen circumstances, reiterating the present administration’s commitment to enhancing public safety and reducing construction site accidents.

He disclosed that the ministry was concerned about the protection of investors and developers from financial losses, promotion of a culture of risk management and responsibility, as well as supporting the growth of a resilient and sustainable building and construction industry in the state.

Earlier in his address, Permanent Secretary in the ministry, Engr. Sakirudeen Salaam, stated that the consultative meeting was to publicise the provisions of the principal law and the five regulations that guide the activities of the ministry and its agencies, to enable relevant stakeholders collaborate with the government to achieve orderliness in the physical planning of the state.

Speaking on behalf of the insurance companies, one of the underwriters, Mr. Yomi Babalola appreciated the state government for showing the willingness to work with their sector, to mitigate risk and protect the public from unforeseen circumstances, promising members’ cooperation in achieving the provisions of the law.