An expert in Insurance Management and Finance, Prof Sunday Nwite, has stressed the need for the Federal Government to encourage property insurance to save lives.
“We have urban and regional planners who approve these buildings as work progresses. They need to go to the site and check the progress of work, but sometimes the government does not provide them with the vehicles to move about. Due to corruption, people find people to help them sign some of the documents and they carry on. The bottom line is that the government itself is not doing what it is supposed to do.
“We have fire insurance in case of any fire incident. Buildings should be insured in the course of construction, and individuals have to insure the apartment they live in because fire can start from their building and affect other people’s property and they are liable.” He said the cost of insurance could not be a major problem because the premium is based on the value of the property and that insurers sometimes charge 0.005 per cent.
He added, “They will give you terms and conditions like, do not keep fuel inside the building, switch off all appliances while going out because there may be a surge and so on. Those do’s and don’ts are some of the conditions but very few people go for it unless they want to borrow money in the bank. That is when they start looking for how to insure their properties because it won’t be accepted as collateral by banks if not insured.
Nigeria Latest News, Nigeria Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Rangers, Bendel Insurance seal Federation Cup final spotsRangers and Bendel Insurance will clash in the final of the 2023 Nigeria Federation Cup after both teams win their semi-final games on Thursday. Rangers
Read more »
Fed Cup: Insurance overcome stubborn Wolves in semisNigeria Professional Football League sides, Bendel Insurance and Enugu Rangers will rekindle their age-long rivalry in the FA Cup again after making their way into the final of this year’s edition on Thursday, The PUNCH reports.
Read more »
Federation Cup: Bendel Insurance extend unbeaten run, face Rangers in finalShadrach Okere missed the first penalty for Warri Wolves, while Bendel Insurance’s trio of Ebenezer Odeyemi, Divine Nwachukwu...
Read more »
Implement national population policy, don tells TinubuThe lecture was themed, 'The paradox of population growth in national development.'
Read more »
Don’t cry for me, ArgentinaAfter several defeats against Argentina at senior and youth levels, the Flying Eagles finally paid the South Americans back in their own
Read more »