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Chuks Udo Okonta
The Nigerian Council of Registered Insurance Brokers (NCRIB) has commiserated with the Ogun State Government over the collapse of one of the market buildings under construction in Abeokuta, reportedly killing one person.
The Council in a release signed by the President/Chairman of Council Kayode Okunoren, said the incident was disheartening, considering the on-going structural transformation of Ogun State under the present regime of Governor Ibikunla Amosun.
Okunoren disclosed that rather than demotivate the government, the ugly incident should be a tonic for it to continually advance its mandate of making the State a masterpiece in structural or infrastructural development.
The NCRIB President, however, stressed that the incident has further underscored the need for effective project monitoring and the embrace of the law on insurance of compulsory buildings and buildings under construction, as enshrined in section 64 of the insurance Act.
“Being a risk mitigating device, insurance takes off the burden of the loss from the shoulders of the client, be they individual or corporate, and allows monies that could be used for recovery to be utilised elsewhere,” he said.