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The Nigerian Insurance Industry Reform Act 2025 (NIIRA 2025) makes the insurance of public buildings mandatory in Nigeria. Public buildings according to the Act are those buildings where members of the public have access for educational, medical, recreational, or commercial purposes, tenement houses, hostels, schools, hospitals, and any building where the public gathers for business or recreation. The policy provides cover against hazards like collapse, fire, and flood. The insurance is also intended to cover the legal liabilities of owners and occupiers for bodily injury, death, or property damage to third parties on the premises. Landlords and occupiers of these properties face a minimum penalty of N1 million fine, up to 12 months in prison, or both for non-compliance.
Covers legal claims arising from decisions made by business officials, safeguarding their personal assets.
Offers peace of mind, making it easier to attract and keep qualified leadership.
It motivates property owners to maintain safe conditions—repairing damages, providing warnings, and preventing accidents.
If a visitor gets injured due to unsafe premises, they have a legal right to seek compensation.
Encourages high standards of safety in public and private spaces like malls, schools, and offices, benefiting everyone who enters.
Occupiers are more likely to inspect and fix hazards before they cause harm.
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Motor, Public/Product Liability, Workmen’s Compensation, General Third-Party Liability, Contingent Employers’ Liability, Occupiers/Builders’ Liability, Professional Indemnity, Directors’ and Officers’ Liability.
Arrangement between the Pool and members is akin to the Quota Share arrangement on the basis of 60/40.
Cession is the same for all policies except for Motor Comprehensive where 4.5% and Contractors’ All Risks where 15% of premium is ceded to the Pool to cater for the Liability aspects of the risks.
Cession to the Pool depends on how you rank the Pool; for instance, would you feed your treaty before thinking of the Pool or vice versa?
Some of the notable exclusions are participation in: (1) The own damage section of members’ motor policies (2) Exploration, drilling, processing of petroleum gasoline or related products and petrochemical products
The Pool’s arrangement with the members is on a Quota Share basis and does not support layered liability policies.
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