AB Insurance - Simply A Better Ex-Pat Service in Cyprus.
Motor, Home, Travel, Health, Boat Insurance, New And Used Car Warranty with Autoprotect, and Complex Insurance with Lloyds of London
Do you live in a Complex
Danger of under Insuring
The obvious reasons for having adequate cover for your complex, is that if you have a serious claim and need to rebuild your complex, you would need enough money in the pot for
Clearing away the debris
Surveyors and legal fees
Rebuilding the whole complex, i.e. Swimming pool, the stairways, lifts, corridors, walkways, common structural elements, the main supporting walls, gardens, the roof, solar systems, TV aerials and dishes, and all the communal area's.
With all this in mind it is important that the whole of the jointly owned property is insured.
We Would always recommend to people who own complex properties to make sure that you have adequate cover in case of the worst case scenario. As you are aware Cyprus is perched on active fault lines.
Cyprus fault lines
Using a single insurer
Many of the complexes have several insurers, so in the event of a claim you could be opening a "can of worms", because insurers contesting claims could take forever.
A B Insurance Cyprus Agency Ltd have recently negotiated a special complex insurance package with Lloyds of London that gives the UK standard of cover with a premium that would be difficult to match in Cyprus
Complex Law
Cyprus law say's that the management committee must insure ans keep insured the jointly owned building's against the basic cover of Fire, lightningand earthquake
Jointly owned property
The meaning of jointly owned properties is each apartment is individually owned, but the rest of the complex is jointly owned, for example if the lift or the stairway has been damaged, How would you enter the apartment?