NCRIB tasks FG on insurance for building under construction

L-R Mr Tope Adaramola, Assistant Executive Secretary of the Nigerian Council of Registered Insurance Brokers (NCRIB); Mr Fatai Adegbenro, Executive Secretary; Mr Shola Tinubu, President, Hon. Treasurer, Mrs. Ekeoma Ezeibe and Hon Auditor, Mr Tunde Oguntade at the NCRIB Press Conference held in Lagos on Monday August 10, 2018.

The umbrella body of insurance brokers, the Nigeria Council of Registered Insurance Brokers (NCRIB) has urged the Federal Government to ensure that buildings under construction are adequately insured.

The President of the council, Shola Tinubu gave the charge during the councils third quarter, 2018 press conference held in Lagos.

Tinubu lauded the Federal Government as it recently announced that N197 billion has been spent to construct 26,002 houses across the country, while 13,953 homes across the country were also renovated.

“As a professional body, the NCRIB wishes to laud the Federal Government’s Rent-to-Own product designed to enhance affordability by eliminating the need for down payments and other costs associated with normal mortgage loan arrangements. Definitely, this will go a long way to address the housing deficit, a serious challenge that any government should tackle headlong.

“However, the Council wishes to enjoin the Federal Government, to ensure that in embarking on this laudable feat, insurance should be given its rightful place. Section 64 & 65 of Insurance Act 2003 stipulates a Compulsory Insurance for ongoing construction projects. It therefore behoves the Federal Government to insist that appropriate insurance policies be in place for these houses at the construction stage, and for the win-win benefits the project holds for government, the allottees and their families”, Tinubu stated.

The council has commended the National Insurance Commission (NAICOM) on the Zaro Draft Guidelines sent to them for review and for their inputs.

“The leadership and membership of the NCRIB appreciate the NAICOM for the opportunity to make input to the Zero draft Guideline. The guidelines are currently being reviewed by the Technical and Legal Committees of the NCRIB for our final input. We believe that if our suggestions and input are favorably considered, the Commission will definitely come out with a more robust and acceptable document for all stakeholders.

“Currently we are concerned that the guideline may be seeking to Tier Brokers which is not seen as required since Brokers are professional firms and not risk carriers. However we have confidence in the approach of the commission to ensure all aspects are fully discussed before decisions are made.” he assured.