NIESV, NIA To Partner On Building Insurance Implementation
The Nigerian Institution of Estate Surveyors and Valuers (NIESV) and the Nigerian Insurers Association, a private sector body of all insurers and reinsurers in Nigeria are taking steps to collaborate on implementing building insurance in the country to protect the public interest.
Moves for the collaboration began on July 24, 2020 when the Chairman of the Lagos State Branch of NIESV, ESV Adedotun Bamigbola led a delegation of the Executive Committee on a courtesy visit to the Commissioner for Physical Planning and Urban Development, Lagos State, Dr Idris Salako at his office at Government Secretariat, Alausa on the need to involve estate surveyors and valuers in the implementation of the state’s Urban and Regional Planning and Development (Amendment) Law, 2019.
The September 22 meeting with the NIA was led by the President of NIESV, ESV Sir (Chief) Emmanuel Okas Wike who was ably represented by the 2nd Vice President, ESV Victor Alonge, for the national body. NIESV Lagos State Branch team led by the Chairman ESV. Adedotun Bamigbola also had ESV Otunba Bola Onabadejo (15th Chairman of The Very Branch and Member, Board of Trustees), ESV Sola Fatoki (22nd Chairman of The Very Branch), ESV Adeniji Adele (President, FIABCI-NIGERIA) and other Exco members.
The NIA was also ably represented by Mrs. Yetunde Ilori, the Director General and Mr. Soji Oni.
At the meeting, the NIESV President stressed that in view of the critical role of the estate surveyor and valuer in valuation of properties for insurance purposes, it was inevitable that the two bodies work together to avoid issues around valuation for the benefit of the insuring companies and the insured.
He emphasised the need for synergy between the NIESV and NIA not only for the implementation of the building insurance in Lagos, but also in Nigeria generally and for promoting efficiency and productivity in the sector for building insurance.
The two bodies also agreed that advocacy was needed to inform citizens of their legal obligation in the implementation of the Building Insurance Act 2003.
ESV Wike said, “The law will save lives and improve the economy. Therefore, there is need for joint advocacy to create awareness on the existence of the Building Insurance Law, 2003 at the National level and the building insurance provisions in the re-enacted Physical Planning and Urban Development Law, 2019 of Lagos State on the importance of the laws for the protection of properties owners liabilities.”
Also speaking, the Chairman of the Lagos Branch, ESV Bamigbola said, “The two organisations will work to ensure that proper valuation is carried out on any building for purposes of insurance. Estate Surveyors and Valuers should be engaged by the insurers for proper valuation of properties for insurance purposes.”
In her response, the NIA DG, Ilori said NIESV and NIA would need to work beyond the building Insurance laws to make home owners understand that they need to insure their homes, adding that so much was needed for advocacy to make a lot more property owners subscribe to insurance and the valuation for insurance purpose.
She requested that NIESV furnish NIA with list of member firms for purposes of working with them on building valuation. These firms, according to her, must have professional indemnity
“The issue of ethics and standards are key requirements for action in the valuation processes for insurance purposes. There is a need for the involvement of the regulatory bodies of both professions and continuous development of our internal mechanisms to ensure compliance and satisfaction of both bodies,”she said.
A major resolution reached at the meeting was that the NIESV and NIA will form a team to work out modalities for the collaboration in the next one week.
The two private sector bodies agreed that the meeting was a good effort that must be sustained to bring to fruition a permanent relationship between them as it could lead to creation of jobs, better and safer economy as well as further mutual collaboration between the two organisations.