Covers the physical structure of your building against damage from fire, lightning, explosion, and natural events.
What it does
Your building is covered for the cost of repair or rebuilding if it is damaged or destroyed by fire, explosion, lightning, flood, storm, or impact from vehicles and aircraft.
Who it is for
Any building owner in Lagos State is legally required to hold Fire and Special Perils cover. This includes individual landlords, corporate property owners, and businesses in commercial premises.
Why it matters
A fire or flood can destroy a building that took years to build. FSP cover means the cost of rebuilding falls on your insurer, not your savings. Claims are paid against the replacement value declared at policy inception.
Legal requirement
Under LAGBIS, all building owners in Lagos State must hold a valid Fire and Special Perils policy. The scheme applies to residential, commercial, industrial and institutional buildings statewide.
Everything your policy includes, in plain language.
Standard exclusions for this policy.
Answers to common questions about your coverage.
Fire and Special Perils covers fire, explosion, lightning, flood, storm, vehicle and aircraft impact, riot, civil commotion, malicious damage, and earthquake. The exact list is set out in your policy schedule.
Your building is insured for its declared replacement value, which is the cost of rebuilding it to the same specification at today's prices. You set this figure when applying; we recommend a professional valuation for accuracy.
Standard FSP does not include business interruption. If you need cover for lost income while your premises are being rebuilt, this can be added as an endorsement at the quote stage.
Most straightforward claims are settled within 48 hours of the assessment report. Complex or high-value claims may take longer. You can track your claim status in the LAGBIS app.
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