IN the wake of the recent moves to begin enforcement of the compulsory insurance scheme, the umbrella body for estate surveyors and valuers has set the stage for a partnership between insurance firms and members of the profession.The Nigerian Institution of Estate Surveyors and Valuers (NIESV) is promoting the deal, which mandate is to fashion out modalities for a unified relationship with companies under the Nigerian Insurance Association, especially on complemetary and collaborative roles of estate surveyors in the compulsory insurance of public buldings.Already a joint committee, compring members of both bodies has been formed to examine the currentlaw on and areas of benefit and challenges for the two seectors, professional responsibility and business opportunities existing under the compulsory insurance scheme. The committee has one month to submit its report, which will bother on a template for information needed to assist in proper assessment of premiums.The development is the highpoint of a one day seminar organised by NIESV on Compulsory Insurance of Public Buildings held at the MICCOM Golf Hotel and Resort, Ada, Ogun state, last week,NIESV President, Mr. Bode Adediji said: 'With the real estate and insurance sectors remaining in prostate condition, little wonder therefore the country continues to encounter the challenges of mass housing problems, youth unemployment, infrstructure decay and insecurity.'The first challenge that must be tackled is to generate a level of mutual understanding of the estate and insurance industry's broad spectrum of professional and business landscape in a way that will shed more light into the arreas of interdependency, partnership, and synergy possibilities.'The compulsory insurance of Public buildings under construction as stipulated by Section 64 and 65 of the Insurance Act 2003 has generated a great deal of attention from various stakeholders in recent times, which in large parts was due to the increase incidence of collapse buildings in Nigeria and National Insurance Commission (NAICOM)'s resolve to forestall forthwith a situation that loss of either property or life due to collapse building or injury in case of fire goes without compensation.'Although it has been a slow beginning the Commission is not going back on enforcement, the lack of awareness is the greatest problem the industry has suffered in this regard. It is a challenge which the Commission is facing headlong. The Commission has set up enforcement teams comprising the Nigerian Police, FRSC, and FireService, Planning authorities, CORBON, NIA and NCRIB in all the 36 states of the Federation. Presently the Commission is working with relevant bodies to ensure that all loose ends are addressed and ensure that all relevant stakeholders are involved, according to NAICOM boss, Mr. Fola Daniel.He said: 'The enforcement of Compulsory insurance is a collective responsibility of all stakeholders; the Commission will therefore solicit the co-operation of estate surveyors and valuers in ensuring that this new drive can be sustained. This will involve ensuring realistic and reliable valuation of public buildings and building under construction.'For the Director General, NIESV Learning Centre, Elder William Odudu, 'there are vast opportunities for operators, and the professional valuers. The operators will have huge new revenue source base with the volume of new policies that will be taken up by house owners and occupiers. The professional valuers, working in collaboration with the insurance operators and regulators will assist in generating more business for the insurance operators while also creating job opportunities for themselves -NIESV members and other professionals.'There is urgent need for the operators, that is the underwriters and insurance brokers to work closely with professional valuers to ensure speedy implementation of the law. The majority of buildings in the urban areas are managed by estate surveyors and valuers. With the close collaboration and co-operation of the valuers and the operators and regulators of the insurance industry, it will become a great deal easier to enforce the law. The insurance operators and regulators must forge an alliance with the property owners through the professional valuers, the NIESV and the Registration Board (ESVARBON).
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