The Federal Fire Service has agreed to incorporate fire insurance into its building checklist.
This decision follows a meeting between the National Insurance Commission and the Federal Fire Service at the NAICOM Headquarters, where they reviewed and strengthened their partnership.
Fire insurance is a form of property insurance that protects against losses and damages caused by fire. With this coverage, the policyholder can file a claim if a fire occurs and causes damage to the insured property.
NAICOM, in a statement, said, “The Federal Fire Service, as a key member of the committee on insurance of public buildings and buildings under construction, has agreed to integrate Fire Insurance Policy into their checklist. This move aims to boost compliance levels and promote insurance penetration in Nigeria.
“The partnership is expected to have far-reaching benefits, including improved settlement for beneficiaries of building collapse victims, mitigation of potential risks, protection of investments, and promotion of economic growth.”
NAICOM further said, “Enhanced compliance, as the integration of the fire insurance policy into the Federal Fire Service’s checklist will ensure adherence to insurance regulations.
“Improved insurance penetration: Increased awareness and uptake of insurance products among building owners and developers. Risk mitigation: Proactive measures to minimise potential risks associated with building collapse and other related hazards, and Economic growth: Contribution to Nigeria’s economic growth through increased investment, job creation, and financial stability.”
