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Jointly-Owned Buildings Insurance

The PREMIER Jointly – Owned Buildings Insurance Policy is a pioneering insurance product that covers a building complex by offering a comprehensive package of insured perils. It exceeds the legal requirements of the Immovable Property (Tenure, Registration, and Valuation) (Amendment) Law of 1993. In addition, it provides the flexibility of extending insurance coverage so as to safeguard the interests of our clients against risks that statistically are likely to arise in building premises.

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What we cover

  • A.Premier SilverThis policy meets the minimum legal requirements and also covers additional perils along with the Public Liability of the Management Committee .

    1.  Fire and Smoke
    2.  Lightning
    3.  Earthquake
    4.  Storm/Tempest
    5.  Flood
    6.  Leakage or escape of water or oil
    7.  Public Liability of the Management Committee
  • B.Premier Gold It includes the PREMIER SILVER insurance cover and additionally the following:

    1.   Theft
    2.   Explosion
    3.   Strikes, Riots, Civil Commotions or Labour Disturbances
    4.   Malicious Acts
    5.   Falling trees
    6.   Impact
    7.   Falling of or impact by aircraft or other aerial devices
    8.   Public Authorities - 10% of the insured value of the building up to an amount of €50.000
    9.   Professional Fees and Debris Removal - 10% of the total sum insured up to an amount of €50.000
    10. Metered water – up to €1.000
    11. Underground services – up to €5.000
    12. Temporary safekeeping and storage services – up to €2.000
    13. Replacement of fire extinguishers – up to €5.000
    14. Breakage of glass - up to the limit specified
    15. Personal Public Liability of the Management Committee members – up to the limit specified


Important Note: The above constitutes a summary of the product features. Full details as to policy covers, conditions and exclusions are contained in Atlantic’s relevant Insurance Policy document.

Competitive Benefits

  • Prompt and fair claims settlement
  • Competitive prices
  • Discounts given for long-term agreements (3 or 5 years)
  • Unlimited unoccupancy period (optional)
  • Unique package of benefits

Atlantic is reinsured with Swiss Re and other A rated reinsurers!

Frequently Asked Questions

  • Q1. Is insuring the commonly used areas the Management Committee's only obligation by law?A1. The Management Committee has an obligation under the law to always keep the jointly-owned building  insured against fire, lightning and earthquake with a licensed insurance company.

    The obligation under the law is to insure the entire jointly-owned building and it is not limited to common areas or the jointly-owned property. This provision is aimed at avoiding disputes between insurance companies, owners and the Management Committee.
  • Q2. What problems could arise if, contrary to the law, only the commonly used areas are insured? A2. Disputes difficult to resolve may arise where the jointly-owned building is not insured in its entirety  with the same insurance company and damage is caused to the structure, the main walls or the common walls between the jointly-owned property and the units. It is not always clear whether the cause of a certain damage emanated from a specific unit or the common areas. In such a case, there will be a dispute between the various parties involved (insurance companies, owners, Management Committee). Examples of such disputes are the following:

    1. The insurer of a unit argues that the damage concerns the main wall and not a common wall between the jointly-owned property and the insured unit and thus refuses to pay any amount.
    2. An owner who has not insured his unit is not willing to contribute to the repair of the common wall between the jointly-owned property and his unit.

     As long as the jointly-owned building is insured in its entirety with one insurance company, any disputes relating to the above are avoided.
  • Q3. How is the jointly-owned building defined? A3. Under the law, a “building under joint ownership” is a building consisting of at least five units, even if the building with all its units belongs to a single owner. Every jointly-owned building is registered as such with the Land Registry. A jointly-owned building consists of the units and the jointly-owned property.
  • Q4. How is a unit defined? A4. “Unit” means a storey or part of a storey, a room, an office, an apartment, a shop or any other part or space of a jointly-owned building which may be appropriately and conveniently possessed and enjoyed as a complete, separate and self-contained unit for any purpose. Every unit of a jointly-owned building is registered separately as private property with the Land Registry.

    The area of a unit consists of the covered area surrounded by the outer walls of the unit and the covered and uncovered verandas and balconies of the unit. Where common walls exist between units or between a unit and the jointly-owned property, the area of these walls is distributed equally among the units which have common boundaries or between the unit and the jointly-owned property, as the case may be.

  • Q5. How is the jointly-owned property defined? A5. “Jointly-owned property” means every part of a jointly-owned building which has not been registered as a unit. The law does not define the individual parts of the building that constitute a jointly-owned property, but such a property generally includes:

    a)  common-use areas / corridors / yard
    b)  staircases
    c)  roof
    d) foundations
    e)  common structural elements
    f)  main walls supporting the whole jointly-owned property
    g) common walls between units and the jointly-owned property
    h) electrical installation
    i)  plumbing system and engine room
    j)  lifts
    k) swimming pools

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