The Ogun State Government has mandated that all construction projects exceeding two floors must have an All-Risk Insurance Policy Certificate.
This directive was made by the Commissioner for Physical Planning and Urban Development, Olatunji Odunlami, during a stakeholders’ meeting held at the Olusegun Osoba Press Centre in Abeokuta on Thursday.
Odunlami explained that the requirement is in line with the Ogun State Building Production Management Authority Regulation 2022. He emphasized the role of insurance companies in ensuring compliance with the regulation.
He stated, “This policy must be maintained by the contractor or developer, and it will cover both human and material assets during the entire construction period. It ensures that those working on-site or with lawful access to the site, as well as building materials and equipment, are protected from injury, loss, or damage.”
Odunlami added, “The coverage extends to innocent passers-by and their property, as well as adjacent properties, humans, and animals domiciled in them.”
In addition to construction projects, Odunlami noted that property owners and future occupants are also required to secure a Building Insurance Policy to cover the building against fire outbreaks, structural damage, collapse, and other unforeseen circumstances.
“The present administration is committed to enhancing public safety and reducing construction site accidents. We are also focused on protecting investors and developers from financial losses and promoting a culture of risk management and responsibility,” he said.
The Commissioner emphasized that the goal is to support the development of a resilient and sustainable building and construction industry in Ogun State.
The Permanent Secretary of the ministry, Engr. Sakirudeen Salaam, further elaborated on the purpose of the consultative meeting, stating, “This meeting is aimed at publicizing the provisions of the principal law and the five regulations that guide the activities of the ministry and its agencies. We want stakeholders to collaborate with the government to achieve orderliness in the state’s physical planning.”
Representing the insurance companies, Yomi Babalola, an underwriter, praised the state government’s approach, saying, “We appreciate the willingness of the state government to work with our sector to mitigate risks and protect the public from unforeseen circumstances.”
He promised that the underwriters would offer their full cooperation in ensuring compliance with the law, adding, “We are fully committed to supporting the government in implementing this policy and protecting all stakeholders involved.”
