The Ogun State Government has introduced a new requirement mandating that all building constructions exceeding two floors must now obtain an All Risk Insurance Policy Certificate.
This directive was announced by the Commissioner for Physical Planning and Urban Development, Olatunji Odunlami, during a stakeholders’ meeting held in Abeokuta, the state capital, on Thursday.
The policy aligns with the Ogun State Building Production Management Authority Regulation (OGBPMA) 2022 provisions. According to Odunlami, the All Risk Insurance Policy is now compulsory for contractors and developers, providing coverage for human and material assets throughout the construction period.
This includes protection for workers on-site, individuals with lawful access, construction materials, and equipment, and safeguarding against injuries, losses, or damages.
“The coverage also extends to innocent passers-by, their properties, adjacent buildings, and animals within the vicinity of construction projects,” Odunlami added.
In addition to the All Risk Insurance Policy, the Commissioner stated that property owners and future occupiers must secure a Building Insurance Policy to protect the building from potential risks such as fire outbreaks, structural damage, collapse, and other unforeseen events.
Odunlami reaffirmed the commitment of Governor Dapo Abiodun’s administration to enhancing public safety and reducing accidents at construction sites. He emphasized that this new insurance policy would not only safeguard workers and the public but also shield investors and developers from financial losses, foster a culture of risk management, and support the growth of a resilient and sustainable construction industry in Ogun State.
The Permanent Secretary of the Ministry, Engr. Sakirudeen Salaam, also highlighted the importance of the consultative meeting, which aimed to create awareness about the primary law and regulations governing physical planning and urban development in the state. He called for collaboration between stakeholders and the government to ensure orderly and safe development across Ogun State.
Yomi Babalola, representing the insurance companies, praised the state government for its proactive measures in working with the insurance sector to manage risks and protect the public from unforeseen circumstances.