Complex Insurance

Questions about living in properties with shared/common facilities
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digit
Posts: 9
Joined: 20 Jun 2016 15:04

Complex Insurance

Post by digit »

Hello Nigel,
We take out insurance via our developers to cover our complex. Last year we got a better quote from a UK company but we were told that we could not use them as the insurance had to be from a company under Cyprus jurisdiction. We duly paid the premium to the developers but can not get any paperwork from them to show that the insurance is in force and believe that it is highly likely that they have never paid the insurance company. We have tried e-mailing the insurance company directly for confirmation but can get no response. Our easiest option now is to use the UK company directly ourselves. Can we legally use them or are the developers correct?
David
Nigel Howarth
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Re: Complex Insurance

Post by Nigel Howarth »

Hello David

Apologies for the delay in replying - I've just returned from two weeks touring Uzbekistan.

Don't use a UK insurance company. For advice on insuring your complex and quotation get in touch with Andrew Stott at 3D Global - see http://www.3dglobal.com/about/team/andrew-stott

If your complex includes shared facilities such as a pool, entrance foyer, staircases, lifts, communal gardens etc - and it comprises more than four units you should set up a Management Committee to insure, repair, maintain, etc. the common areas. (But check your contract of sale as it may oblige you to use the services provided by the developer).

Regards,
Nigel Howarth
Independent information & advice for Cyprus property buyers
Contact Nigel Howarth
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digit
Posts: 9
Joined: 20 Jun 2016 15:04

Re: Complex Insurance

Post by digit »

Thank you Nigel,
Hope you enjoyed your trip. I will check my contract first then perhaps make contact.
Your link doesn't actually work but I have found my way there via the website address.
Many thanks again.
David
andrew
Posts: 7
Joined: 27 Feb 2008 13:12
Location: Limassol
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Re: Complex Insurance

Post by andrew »

Hi
Have sent you a pm
andrew
Nigel Howarth
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Re: Complex Insurance

Post by Nigel Howarth »

Andrew, I haven't received your PM.

You can find a paper on insurance for complexes on my website at EVERYTHING YOU WOULD LIKE TO KNOW ABOUT THE INSURANCE OF JOINTLY-OWNED BUILDINGS.

Regards,
Nigel Howarth
Independent information & advice for Cyprus property buyers
Contact Nigel Howarth
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RoyalT
Posts: 7
Joined: 10 Oct 2012 13:55

Re: Complex Insurance

Post by RoyalT »

We have a similar problem with building insurance. Although we have a piece of paper confirming cover, the developer will not let us have sight of the full policy document. Can we insist on seeing it?
Nigel Howarth
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Joined: 24 Oct 2007 14:38
Location: Erimi, Limassol, Cyprus
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Re: Complex Insurance

Post by Nigel Howarth »

Hi RoyalT

When you say you have 'a piece of paper' is that from the insurance agent/company or a note from the developer? If it's the former that is sufficient (and there's a good chance the policy will be in Greek.)

I believe you have the deeds to the property (from your message in April 2015). I don't know why you're still relying on the developer to insure the building - are you paying communal fees to him as well?

You should form a Management Committee - the sooner the better and take these matters into your own hands. You can download the guides from my Free Publications page.

Regards,
Nigel Howarth
Independent information & advice for Cyprus property buyers
Contact Nigel Howarth
Read the latest Cyprus property news
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