Lagos To Introduce Compulsory Building Insurance Policy
Indications have emerged that Lagos State governor, Akinwunmi Ambode, will soon introduce compulsory insurance scheme for all buildings in the state.
The state government is already in talks with a consortium of insurance companies and National Insurance Commission (NAICOM) on working out ways of enforcing the policy.
The Director-General of the Lagos State Safety Commission, Hakeem Dickson, gave the hint on the new policy on Tuesday.
According to him, the measure is in line with the Lagos State Government Safety Law 2003, saying the law would be applicable to both owners of completed and uncompleted buildings.
Penalties for defaulters, according to him, attracts 100,000 Naira fine or one year imprisonment, or both on conviction.
Dickson stated that the aim of the insurance policy is to safeguard lives and property and not to increase internally generated revenue.