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NIESV advocates compulsory insurance for high-rise buildings

By Nkechi Onyedika-Ugoeze, Abuja
26 September 2022   |   3:27 am
The Nigerian Institution of Estate Surveyors and Valuers (NIESV) has advocated compulsory insurance for all public buildings above two floors across the country.

Amayaevbo

The Nigerian Institution of Estate Surveyors and Valuers (NIESV) has advocated compulsory insurance for all public buildings above two floors across the country.

NIESV President, Mr. Johnbull Amayaevbo, who spoke at the institution’s lecture in Abuja, themed, “Enforcing Ethical Principles In the Built Industry,” observed that insuring high-rise buildings has huge economic benefits, as it will grow the economy and cushion losses in case of any eventuality.

He lamented that most of the collapsed buildings in the country do not have any insurance cover, stressing that in civilised societies, insurance is taken very seriously.

Amayaevbo also harped on the need for proper valuation of insurance products for that purpose, adding that the only institution empowered by law to carry out such valuations is NIESV.

He said: “For all public buildings, more than two floors must be insured and for you not to under-insure or over insure those buildings, you need expert to carry out valuation of those buildings and NIESV is the only expert in Nigeria that places value for insurance purposes.

“During our courtesy visit to National Insurance Commission (NAICOM), the Chairman agreed with us on the need for proper valuation for insurance purposes, they are trying to get government to make it compulsory for all public buildings that is more than two floors to key into this.”

Amayaevbo said estate surveyors need to be involved in the valuation of property judges used for conditions for bails, when the court ask people to bring property worth millions of naira.

He further urged government to provide drainages during road constructions as decayed infrastructure coupled with the attitude of some Nigerians, who build on floodplain contribute to the flooding being experienced in most parts of the country.

In a paper, titled: “Leadership and Teamwork for a successful NIESV, Prof. Sola Adeyanju, observed that there is need for focused leadership in every organisation, adding that no leader can succeed without the cooperation of others.

Adeyanju identified cooperation, collaboration and partnership as ingredients organisations need to actualise growth.

He said: “Conflicts are part of human endeavours. Positive peace is desired for progress of any organisation. It is believed that if the council and national committee members of NIESV can imbibe the skills discussed, the progress of the council will be enhanced. Expectations from the committees, include partnership, readiness to engage other stakeholders from other committees and members to get things done.”