- Ogun State government has mandated an All Risk Insurance Policy for all buildings above two stories
- The policy protects workers, materials, and adjacent properties during construction
- Contractors and developers must ensure that insurance is in place before construction begins
The Ogun State government has declared that all buildings exceeding two stories are required to obtain an All Risk Insurance Policy Certificate.
This was disclosed by the state’s Commissioner for Physical Planning and Urban Development, Olatunji Odunlami, during a stakeholders’ meeting at the Olusegun Osoba Press Centre in Oke-Mosan, Abeokuta on Thursday, September 26.
All Risk insurance policy covers humans, others
“The coverage extends to innocent passers-by and their property, as well as adjacent properties, humans, and animals domiciled in them,” he said.
The Commissioner emphasised that this measure adheres to the guidelines established by the Ogun State Building Production Management Authority Regulation 2022.
He urged insurance companies to play a proactive role in ensuring compliance with the law's regulations.
Contractors, developers must secure insurance for construction projects
Odunlami pointed out that the contractor or developer must ensure the All Risk Insurance Policy is in place, providing coverage for human and material assets during the complete construction period.
He emphasised that this measure will ensure the protection of workers on-site, those who have legal access, and the building materials and equipment from any injuries, losses, or damages.
“Additionally, property owners and subsequent occupiers are also required to obtain a Building Insurance Policy to cover the building itself against fire outbreaks, damage, collapse, and other unforeseen circumstances.”
The Commissioner reiterated the administration's pledge to enhance public safety and reduce the frequency of construction site accidents.
Insurance sector pledges support for state’s public safety goals
He also revealed that they aim to protect investors and developers from financial setbacks, encourage a culture of risk management and responsibility, and promote the growth of a robust and sustainable construction industry within the state.
Engr. Sakirudeen Salaam, the Permanent Secretary in the Ministry, stated earlier in his speech that the consultative meeting was organised to highlight the principal law and five regulations that direct the ministry's operations, aiming to engage relevant stakeholders in collaboration with the government to enhance orderliness in the state’s physical planning.
Yomi Babalola, speaking on behalf of the insurance sector, thanked the state government for its willingness to engage with them in efforts to reduce risk and shield the public from unforeseen situations.
He promised that the underwriters would work together seamlessly to achieve the law's objectives.
Governor Abiodun announces plans to situate Africa's first lithium battery recycling plant in Ogun
Meanwhile, TheRadar earlier reported that Ogun State revealed plans for a $5 million battery recycling facility to be established in partnership with a British company.
This facility will be the first of its kind in Africa, focusing on sustainable waste management and boosting local job opportunities.