​Building Management Committee Insurance – Co-Owned Building

According to the Real Estate Act of 1983 and its appendices, “The management committee must insure the communal building against fire, lightning and earthquake”.

This insurance can be extended to cover the apartments of the communal building in the event of total or partial destruction of the building and its apartments.

What does it cover?

• Fire, earthquake, lightning, explosion, aircraft crash, strike and riot, storm, flood, water leakage and malicious damage

• Coverage for accidental loss or damage to the shared building

• Third Party Liability – Protection of the Management Committee against legal liability for injury to third parties and damage to their property

• Additional coverages for alternative accommodation and loss of rent, debris removal, professional fees, underground services and damage detection.

• Coverage for accidental glass breakage