Public Building Insurance Under NIIRA 2025 For IPMAN Members, Hotels, Gas Plants & Petrol Stations

Public Building Insurance Under NIIRA 2025 For IPMAN Members, Hotels, Gas Plants & Petrol Stations Who is IPMAN and Why Does It Matter? The Independent Petroleum Marketers Association of Nigeria (IPMAN) is the national body for indigenous petrol station owners. Established in 1978 and formally registered in 1983, IPMAN represents over 10,000 members who operate more than 85% of Nigeria’s retail fuel outlets. Because IPMAN stations serve millions of Nigerians daily and handle highly flammable products, they are classified as high-risk public buildings under Nigerian law. The same applies to hotels, guest houses, and LPG plants. NIIRA 2025: The New Insurance Rules You Can’t Ignore The Nigerian Insurance Industry Reform Act (NIIRA 2025) signed August 5, 2025, makes Public Building Insurance compulsory for all facilities open to the public. If you own or manage a hotel, gas plant, or petrol station, this law directly affects you. What Your Policy Must Cover To comply with NIIRA 2025, your insurance must protect against: 1. Fire & Explosion- The #1 risk for petrol stations and gas plants 2. Building Collapse 3. Flood & Storm Damage 4. Legal Liability for death or bodily injury to customers, staff, or third parties on your premises For Petrol & Gas Stations Only: You must also carry Third-Party Property Damage Insurance to cover explosions, leaks, or accidents affecting people and property around you. Your insurance certificate must be displayed prominently at your facility. Penalties for Non-Compliance NIIRA 2025 has real teeth: 1. Fines of ₦1,000,000 to ₦2,000,000 2. Up to 3 years imprisonment 3. Regulatory sealing of your building by DPR, NMDPRA, or Fire Service Renewal is annual. Operating without cover is no longer a risk worth taking. How We Help You Stay Compliant & Protected As a NAICOM-licensed InsurTech company, we specialise in high-risk public building cover. Our NIIRA 2025 Compliant Policy includes: 1. Full Legal Compliance- Meets all requirements under Sections 75 & 76 of the Act 2. Sector-Specific Extensions- Explosion cover, environmental liability, and business interruption for hotels and fuel stations 3. Fast Claims Response- Dedicated adjusters mobilize within 6 hours for fire/explosion incidents Insurance Isn’t Just Compliance, It’s Survival A single pump fire can exceed ₦200M in losses. A hotel guest injury can trigger lawsuits that close your doors. NIIRA 2025 ensures that when the unexpected happens, you don’t lose everything you’ve built. Don’t wait for a regulator to knock. Get your petrol stations, gas stations and hotels insured today. At Triax Technologies we currently have the IPMAN app available to help you register and start the onboarding process of insuring your buildings. Our team will review your facility, explain your exact requirements under the law, and provide a quote within 24 hours. Triax Technologies Limited you serve the public, we protect you while you do it.