Why should I take out a Housing Estate/Building Management Common Area Package Insurance policy?
Common areas of housing estates or buildings, and assets such as “fixtures, electronic devices, machinery- fittings, cash and negotiable instruments and glass, billboards, and totem poles” contained in these areas are covered by a single policy, against several risks including fire and earthquakes, flood and hail, electronic device malfunctions and machine breakage, and glass breakage and theft.
Who can take out Housing Estate/Building Package Insurance?
The following people can take out this insurance;
- Building managers,
- Housing estate managers,
- Professional building management companies,
- Construction companies.
What are the advantages offered with Housing Estate/Building Package Insurance?
- Housing estate managers are covered for legal responsibilities following damage to third parties such as doormen, guards that the manager has employed, and subcontractors that undertake the repair and maintenance works of the building.
- For third parties who are under the responsibility of the housing estate management, damages that occur as a result of accidents in a parking lot or garage are also covered by the insurance.
- Poisonings that may be caused by the water stored in a water tank and/or water booster, which is under the responsibility of the building management is covered.
- It covers for damages that a third party suffers as a result of accidents involving elevators which have a Permanent Maintenance Agreement, and of which its brand, type, intended purpose, bearing capacity and address, are shown in the policy.