The Ogun State government has reinforced its requirement that all construction projects above two floors must obtain an ‘All Risk Insurance Policy Certificate.’ This was highlighted by the Commissioner for Physical Planning and Urban Development, Olatunji Odunlami, during a stakeholders’ meeting in Abeokuta.
The policy, aligned with the Ogun State Building Production Management Authority Regulation (OGBPMA) 2022, ensures that contractors and developers cover both human and material assets throughout the construction period. Odunlami emphasized that the insurance would protect workers, materials, equipment, nearby properties, and even passers-by from potential injury or damage during construction.
He also noted that property owners and future occupants would be required to have a Building Insurance Policy to protect against risks like fire, structural collapse, or other unforeseen events.
Speaking on behalf of insurance firms, underwriter Yomi Babalola praised the state’s initiative, pledging the insurance sector’s cooperation in ensuring public safety and risk management.
