Federal Fire Service Backs Demand for Mandatory Fire Insurance for Buildings

 

The Federal Fire Service has agreed to incorporate fire insurance as a mandatory item in its building checklist. This decision follows a collaborative meeting between the National Insurance Commission (NAICOM) and the Federal Fire Service at the NAICOM headquarters, aimed at reinforcing their partnership.

Fire insurance, a critical coverage that safeguards property owners against damage or loss due to fire, will now be a key requirement for building compliance. This policy will allow property owners to file claims in the event of a fire-related disaster.

According to a statement from NAICOM, “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.”

NAICOM highlighted several significant outcomes expected from this partnership:

Stronger Compliance: By mandating fire insurance, the Federal Fire Service will ensure that building owners and developers adhere to essential safety standards.

Boosted Insurance Penetration: This move will foster greater awareness and uptake of insurance policies, particularly in the construction and property sectors.

Risk Mitigation: The integration is seen as a proactive step to minimize risks associated with building collapses and other potential hazards.

Economic Growth: Through promoting insurance participation, the policy is expected to contribute to Nigeria’s broader economic development, creating job opportunities and supporting financial stability.

The meeting was led by the Deputy Commissioner for Finance and Administration at NAICOM, Mr. Ekerete Ola Gam-Ikon, who emphasized the critical role of collaboration between the commission and the Federal Fire Service in fostering a safer, more secure, and economically stable environment in Nigeria.

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