Landlords, Occupiers of Public buildings, risk jail terms, #1m fine for failure to insure property over harzards
Landlords, Occupiers of Public buildings, risk jail terms, #1m fine for failure to insure property over harzards
Landlords and occupiers of public buildings across the country will be fined N1m, jailed for 12 months, or both if they fail to insure their properties against hazards, according to the newly signed Nigerian Insurance Industry Reform Act.
As published by The Punch, according to a copy of the new law cited by The PUNCH, all public buildings must be insured against risks such as collapse, fire, earthquake, storm, flood and such other hazards as the National Insurance Commission may determine.
Section 76 (6) defines public buildings as including a tenement house of more than one floor, a hostel, a building occupied by a tenant, lodger or licensee and any building to which members of the public have access for obtaining educational or medical service or for recreation or transaction of business.
In addition to protecting lives and property, insurance policies are required to cover the legal liabilities of landlords and occupiers for bodily injury, death, or damage suffered by users of the premises and third parties.
