Openbusiness3:
Oga you can do personal insurance as a tenant and insure your properties or belongings or personal effects within the confines of your apartment, subject to the appraisal and evaluation of the insurance company before terms and provisions are given. But this is different, we are talking about the building itself. Can a tenant or tenants insure building on behalf of the building owner or landlord? Can an insurance company insure a property for you that you DO NOT own? No way! As part of their appraisal, they will demand proof of ownership documents and titles etc. So this building insurance is strictly a landlord or building owner affair. So my question still remains, who bears the costs of the insurance? For a landlord in Ikoyi or Lekki that charges 9m per annum, yet will still collect service charge and split it among the tenants, some service charge even reach as much as 2.5m ~ 3m. So you now magically believe that this same Landlord will pay the costs of the insurance and bear it alone? Then we are deceiving ourselves. They will increase house rents. That is the final bus stop. So the insurance costs will be hanged on the necks of tenants.

was saying thesame thing


no Insurance company will insure a rented house on behalf of the tenants ...... only the Landlords can insure their houses . the tenants can only insure their goods and properties in the rented house

Chai, they go extort lagosians tire...

Mutaultope:




was saying thesame thing


no Insurance company will insure a rented house on behalf of the tenants ...... only the Landlords can insure their houses . the tenants can only insure their goods and properties in the rented house

God bless you for saying the real truth! This means that no tenant can file a claim in the event of a damaging incident the building. Only the landlord or building owner can file a claim over his property with the insurance company. But the landlord can and will push the insurance cost overhead to the tenants. Is there a law that forbids this? No! Can there be a law? No. It is a permanent loophole. The landlord will simply claim he is increasing house rent. He won't state why in actual specifics or what we exactly he wants to use the higher cost to defray. Govt can't stop him because the same govt are collecting one levy or another on the building. God forbid, God forbid, but it finally happens there was a huge fire, property destroyed. Landlord files his claim with insurance. After maybe 3 months or so back and forth process, insurance pays 100m payout to the Landlord. By the loopholes, the Landlord is not mandated or responsible by law to pay the tenants money. No be him put fire na. But the insurance money is also not mandated for him to build a new house and retain the tenants. So he can simply cashout and go to America to start a new life, while the tenants are left out in the cold. I hope you can understand my grievance with how govt makes useless halfbake policy they never sit down properly to think through to know the encapsulating effect on the common man. They just sit down on mount Olympus and dish out laws like Zeus. These [human] gods must be crazy indeed

Do you want to start phone accessories business in Nigeria but don’t know how to go about it? We sell phone accessories at wholesale and retail price. We will also guide you on how to do the business and make profit.

potent5:
They have come again. People must challenge this suspicious policy/law. It is capable of infringing the right to own property.

Have you challenged the one making it compulsory for you to have insurance for your car?

Supermugu:
... Plus pipu wey dey sitdown on top dem

Fukafuka aka Singlewahala is back

Where you go before?

Openbusiness3:
God bless you for saying the real truth! This means that no tenant can file a claim in the event of a damaging incident the building. Only the landlord or building owner can file a claim over his property with the insurance company. But the landlord can and will push the insurance cost overhead to the tenants. Is there a law that forbids this? No! Can there be a law? No. It is a permanent loophole. The landlord will simply claim he is increasing house rent. He won't state why in actual specifics or what we exactly he wants to use the higher cost to defray. Govt can't stop him because the same govt are collecting one levy or another on the building. God forbid, God forbid, but it finally happens there was a huge fire, property destroyed. Landlord files his claim with insurance. After maybe 3 months or so back and forth process, insurance pays 100m payout to the Landlord. By the loopholes, the Landlord is not mandated or responsible by law to pay the tenants money. No be him put fire na. But the insurance money is also not mandated for him to build a new house and retain the tenants. So he can simply cashout and go to America to start a new life, while the tenants are left out in the cold. I hope you can understand my grievance with how govt makes useless halfbake policy they never sit down properly to think through to know the encapsulating effect on the common man. They just sit down on mount Olympus and dish out laws like Zeus. These [human] gods must be crazy indeed

The house insurance and the property in it are separate things sir..

This is a welcome development. For those who don't know about insurance, saying landlords will increase their house rent, this is for the safety of the landlords, the premium is paid once in a year, the amount paid as premium is not up to a quarter of the cost of the building. If my landlord tries that with me. We go fight, in fact na court go follow us settle am, cuz if his house collapsed and he collects compensation, he will not give me anything. So why should I be the one to bear the brunt of his future enjoyment.

good move by the state

The compulsory insurance for car is third-party and intended to come to your aid when you damage another person's vehicle, comprehensive insurance is not. But the intention behind this obnoxious policy is to further generate revenue for Lagos state, I assure you.

chloride6:


Have you challenged the one making it compulsory for you to have insurance for your car?

Openbusiness3:
God bless you for saying the real truth! This means that no tenant can file a claim in the event of a damaging incident the building. Only the landlord or building owner can file a claim over his property with the insurance company. But the landlord can and will push the insurance cost overhead to the tenants. Is there a law that forbids this? No! Can there be a law? No. It is a permanent loophole. The landlord will simply claim he is increasing house rent. He won't state why in actual specifics or what we exactly he wants to use the higher cost to defray. Govt can't stop him because the same govt are collecting one levy or another on the building. God forbid, God forbid, but it finally happens there was a huge fire, property destroyed. Landlord files his claim with insurance. After maybe 3 months or so back and forth process, insurance pays 100m payout to the Landlord. By the loopholes, the Landlord is not mandated or responsible by law to pay the tenants money. No be him put fire na. But the insurance money is also not mandated for him to build a new house and retain the tenants. So he can simply cashout and go to America to start a new life, while the tenants are left out in the cold. I hope you can understand my grievance with how govt makes useless halfbake policy they never sit down properly to think through to know the encapsulating effect on the common man. They just sit down on mount Olympus and dish out laws like Zeus. These [human] gods must be crazy indeed

You are so right , but the Government is only wants to implement laws that should have been implemented a long time ago

If as a tenant , you are able to rent an apartment for 9 million per annum that means you will not be having 200k worth of personal properties ...... it is wise to consider having an insurance cover on the properties I case of eventuality .

techmo:




Lagos State centre of excellence


God bless His Excellency Bola Ahmed Tinubu


.God bless His Excellency Babatunde Fashola SAN


God bless His Excellency Akinwunmi Ambode

Truly Lagos no be Edo, and can never be Edo

PS: to the dunce who don't get this, multi storey building are prone to collapse , fire etc these days with ungrateful tenant dunce getting to lose life and properties without compensation begging government everyone , or mere payment of hospital bills after landlord stop picking their calls, with this new policy every house is insured, insurance company would check the building for defects before undersigning any insurance cover

Lagos is not collecting any Kobo from you to insure your house, insure it anywhere you like just have it insured against disasters , this should be extended to Markets and shops

.

Wetin come concern Edo for this matter now?

It's a good one indeed

call us today at AIICO insurance plc for your house insurance.......07032573919

oh

Goke7:
boom is here for the insurance sector!

my brother , I smile in Japanese..

chloride6:


The house insurance and the property in it are separate things sir..

they mostly go together .. household policy sometimes even cover public liabilities ..(eg .. someone injured as a cause of the house fire )

Openbusiness3:
Since COVID enter Nigeria, there has been a steady inflation across the board. Food prices have increased. Garri I used to buy 1 paint for N500, now they are selling 1000. Transport has increased. General commodities, even services have been going up in private sector. Every now and then alert for stamp duty, VAT is there. Government too, are inflating and going to inflate MORE after the EDO and ONDO elections. They are just waiting so that the people won't get too frustrated and come out enmasse to vote them out and APC loose those states. Now, the critical question is HOW MANY COMPANIES HAVE INCREASE THE SALARIES OF THEIR WORKERS? HOW MANY LOW CLASS EARNERS GOT PALLIATIVE FROM GOVT. Yet you want to introduce policies that will only further squeeze the masses and impoverish them, then act surprised why many youths are turning into crimes and yahoo yahoo. I have never seen where govt is actively and persistently always creating policies that are heartless

....I couldn't agree less.You said it all. So sorry my reply came late,was at the site throughout.

Openbusiness3:

They can only insure based on the value of the house. Let's even say 5% for example. So a house worth N30m, insurance will be 1.5m. For this same Lagos oh, imagine, which Landlord will pay that money on his own pocket without pushing the costs to the tenants indirectly by raising house rents? This same Lagos that ordinary dust bin Lawma money, or general things like cleaning the building, Landlords share the costs with tenants. Even the wealthy buildings on rent, they collect huge money for service charge

Insurance isn't that expensive, Bro.

No Insurance company will even charge 1% of the value of the house.

Building insurance rates are anywhere between 0.2-0.6% of the value of the house.


Modified: i just saw that the Insurance in question is mainly a Liability Insurance. That said, applicable rates should be around 1% of the value Insured.

DoctorOfPoverty:
Well done, Lagos.



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Very laudable

Kwanza:
Lagos enacts Urban Development Law compelling multi-level building owners to submit insurance certificates

•New regulations desirable to promote safety - Salako

In the bid to reposition the built environment sector of Lagos State for the speedy attainment of the Making Lagos a 21st Century Economy pillar of the THEMES Agenda, the State Govt has enacted the Lagos State Urban and Regional Planning and Development( Amendment) Law 2019.

The law amends in parts the Urban and Regional Planning and Development Law Ch.U2 Vol. 10 of Lagos State 2015.

It repealed the Lagos State Model City Development Law Ch. L.48 2015 and amended the Principal Law by replacing Section 48 Subsection(3) of the Law.

With the amendment, an owner of a building above two floors, which is existing and in use prior to the passing of the Law is obligated to submit certificate of Insurance covering the building to the Lagos State Building Control Agency (@LasbcaA) for verification.

According to the Commissioner for Physical Planning and Urban Development, Dr. Idris Salako, the new law is desirable to safeguard the physical environment and guarantee the wellbeing and safety of Lagosians.

He assured that his Ministry would guard jealously the religious implementation of the law.

The law may be cited as the Lagos State Urban and Regional Planning and Development( Amendment) Law 2019 and it repealed the Urban and Regional Planning and Development Law Ch.U2 Vol. 10 of Lagos State 2015.

The law was assented to by the Governor of Lagos State, Mr. Babajide Olusola Sanwo-Olu on 23rd June, 2020.

https://twitter.com/gboyegaakosile/status/1280411856390275072?s=19

A good development from the Lagos State Government.

Insurance is necessary in high risk aspect of life.
You should always think Insurance.

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MondayOsunbor:
please one question


what are they insuring ?

what is this insurance or levy ?

The policy is known as Builders Liability Insurance. It is one of the compulsory insurance policies in Nigeria but unfortunately, it is not being strictly enforced.

Specifically, the Insurance Act of 2003, Section 64, requires every owner or contractor of any building under construction with more than two floors to take out an insurance policy to cover his liability arising from construction risks such as his negligence or that of his servants, agents or consultants, which may result in death, bodily injury or property damage of workers on site or members of the public. This insurance policy also covers liability for collapse of buildings under construction.

We have many challenges in this part of the world. The priority of those in charge of building plans approval and supervision of buildings under construction is not safety of lives and property. That is probably one of the reasons why the authors of Builders Liability Insurance came up, not only with the policy, but made it compulsory. The other reason is that third parties are involved. Ordinarily, Builders Liability Insurance should be the last bus stop in efforts to protect the interest of third parties. The building approval process and oversight functions of the regulatory authorities should the first lines of defence of third party interest. But in Nigeria, pecuniary interest, both official and personal, take precedence.

In almost all the cases of collapsed buildings under construction in Nigeria, it is just possible that none had a Builders Liability Insurance. Where does that leave the victims who suffered bodily injuries? What happens to victims who lost their property? Finally what becomes of the fate of families who lost their bread winners? These are what Builders Liability Insurance is meant to take care of: to ensure that third parties who suffer losses in building collapse do not suffer double tragedy by going uncompensated.

cregan:
This good but why now.

Am confused
Since 2010 you got only 7 post
How come