Building Administrative Committee Insurance
According to the Immovable property law of 1993 and its amendments “The Management Committee must insure and always keep insured the jointly- owned building against fire, lightning and earthquakes with a licensed underwriter for the sum which the Management Committee considers as corresponding to its replacement value. For any other risks insurance is Compulsory, only if this decided by a percentage of the owners above fifty percent (50%)”.
This insurance can be extended to cover the apartments of the building to fully protect all the owners from potential financial insolvency in case of total or partial destruction to the building and its apartments.
According to the law “In case of partial destruction of a jointly-owned property by any cause, the Management Committee shall use the insurance money, as soon as it receives it, for the reconstruction, repair or restoration of the jointly-owned property”.
What is usually covered
Fire, earthquake, lightning, explosion, aircraft, riot, civil commotion, strikes, storm or flood, escape of water, impact, malicious damage
Cover for loss or damage by an accidental physical cause occurring during the period of insurance to Jointly Owned Building.
Public Liability - Protects against legal liability of the Administration Committee as a Legal Entity for bodily injury to third parties and damage to their property
Additional Expense of Alternative Accommodation and Loss of Rent, Debris Removal, Professional Fees, Underground Services, Trace and Access
Coverage for accidental breakage of glass