BREAKING NEWS: Insurance Brokers Blame Contractors’ Negligence for Banana Island Building Collapse

The NCRIB has expressed its opinion on the collapse of a seven-storey building in Banana Island, Lagos. According to Rotimi Edu, the President of the NCRIB, the incident was caused by negligence on the part of the contractors. He also noted that the sensitivity of public buildings necessitates the need for builders and owners to have insurance policies such as public liability, contractors all risk (CAR), and other prescriptions of sections 64 and section 65 of the insurance act. Edu further stated that if these policies had been in place, the risk of total loss incurred by the owners of the collapsed buildings would have been greatly reduced. He has called on the state government to investigate the cause of the building collapse and apprise the public with the results and actions to be taken to prevent similar incidents from occurring in the future.