Estate Valuer Harps On Building Insurance

An estate surveyor and valuer, and the senior partner of Nelson Thorpe Alonge, Mr. Thorpe Alonge, has urged owners or occupiers of public buildings to insure such buildings against loss to third parties, in accordance with section 65 of Insurace Act, 2003.

Mr. Alonge said the call had become necessary, considering the fact that public buildings could be affected by perils whose impact could cause financial losses to either the owners or occupiers of such buildings.

The estate professional made the remark while interacting with journalists recently, shortly after a seminar on real estate practice and the Nigerian property market in Lagos.

He said that the owners and occupiers of public buildings while insuring the risks of fire and special perils, should insist that their insurers include the risk of collapse.

According to him “The owner of any building under construction should ensure that the building is insured adequately through the purchase of contractors’ All Risk Insurance, with an extension of cover in line with the risk anticipated by section 64 of Insurance Act 2003.”

He further said “The owners of buildings that are let, rent or sub-let should personally insure such buildings so as to avoid the lack of cover through negligence of the tenant.”

“For big estate managers, it is advisable that they handle their insurance protections through the appointment of an insurance broker which will cost them almost nothing.”

Thorpe underscored the need to understand the intricacies of property valuation, adding that investors always want to know the monetary worth of a property to assist in their decision making process.