Apartment Association Insurance

APARTMENT ASSOCIATION PROPERTY INSURANCE

​

Property insurance of the apartment association covers the parts and facilities of the building managed by the apartment association, and with liability insurance you can compensate the property damage caused by the apartment association to the management of the building and the territory belonging to the building to third parties and, if desired, to the apartment association members. As a rule, only the real part of the apartment is insured with ordinary home insurance (interior decoration of the apartment, floors, ceilings and non-load-bearing partitions, and internal communications to the connection point). In contrast, the foundation of the building; load-bearing walls and ceilings; roof; elevators; balconies; common areas and communications and technical systems (heating, cooling, ventilation, water supply, sewerage and gas supply system) are insured by apartment association insurance.

​

APARTMENT ASSOCIATION PROPERTY INSURANCE COVERAGE

 

• Fire insurance - fire, soot, smoke, lightning strike, explosion

• Pipeline leakage insurance - steam, gas, water or other liquid escaping from the piping, tank or equipment serving the building

• Storm insurance - storm, hail, trees or other objects that have fallen on the building due to a storm;

• Flood insurance - natural flood

• Vandalism insurance - wrongful actions of a third party and collision of a land vehicle

• Theft insurance - damage caused by the theft of the external parts of a building

• Glass insurance - breakage of glass surfaces as a result of an unexpected and unforeseen event

• Electrical failure insurance - indemnified damage to the insured electrical equipment, the direct cause of which is over-voltage, over-voltage or under-voltage caused by electric current, short circuit, electrical failure

• Total risk insurance - damage to the insured property caused by any unexpected and unforeseen event, which is not excluded by the insurance terms and conditions. The total risk insurance also covers losses arising from internal failures of the building's technical systems.

APARTMENT ASSOCIATION LIABILITY INSURANCE

Apartment association liability insurance indemnifies for damage that has occurred in the apartment association's area of ​​responsibility, such as an accident in an elevator, corridor or around a house. Liability insurance covers both property damage and the necessary medical expenses arising from personal injury or damage to health. If desired, it is also possible to choose compensation for damage caused to the members of the apartment association by the apartment association, for example, water damage caused by the rupture of the pipeline under the responsibility of the apartment association or fire from technical systems.

​