Condominium Insurance
Fast claim settlement!
Based on Cypriot Legislation, the Management Committee of a jointly owned building is required to insure and keep the jointly owned building insured against fire, lightning, and earthquakes by a licensed insurance company, for the replacement value of the building.
The Insurance Policies offered by AIC Insurances not only meet all the above provisions of the relevant legislation but also provide the possibility for additional coverages to provide integrated solutions in jointly owned buildings. They are offered either to cover the common areas only or the entire building at very affordable prices.
Why choose us?
- ⦁ Competitive prices
- ⦁ Free architectural measurements
- ⦁ Payment flexibility
- ⦁ Fast settlement of claims
- ⦁ Wide variety of contracts
Covers offered
Key Risks
⦁ Fire
⦁ Thunderbolt
⦁ Earthquake or volcanic eruption
Optional Risks
⦁ Boiler or gas cylinder explosion
⦁ Storm, tempest, siphon, typhoon, tornado,
⦁ Flood
⦁ Leaking water from water tanks, appliances, or pipes or leaking water or oil from permanent central heating or air conditioning installations
⦁ Malicious damage or vandalism
⦁ Falling of airplanes or other devices, or from objects falling from them
⦁ Collision with any vehicle or animal
⦁ Explosion
⦁ Strike, strike, counter-strike
Coverage Extensions
⦁ Replacement Value
⦁ Moving Ruins
⦁ Professional Fees
⦁ Short circuit
⦁ Damage from theft or attempted theft
⦁ Accidental Glass Breakage
⦁ Covering external facilities – spaces against natural hazards
⦁ Locating & Accessing
⦁ Covering outdoor items against natural hazards
⦁ Liability coverage
⦁ Public Liability Insurance (common areas)
⦁ Extension for Fire
⦁ Legal Liability of Management Committee Members
⦁ Liability of Unit Owners
Frequently Asked Questions (FAQ)
The Management Committee has an obligation under the law to always keep the jointly owned building insured against fire, lightning, and earthquakes with a licensed insurance company.
The statutory obligation is to insure the entire shared building and is not limited to common or shared areas. This provision is intended to avoid conflicts between insurance companies, owners, and the Management Committee.
Hard-to-resolve disputes could arise when the condominium is not fully insured by the same insurance company and damage occurs to the structure, the main walls, or the walls between the condominium and the individual units. It is not always clear whether the cause of a particular damage came from a particular unit or the common areas. In such a case, there will be a dispute between the parties involved (insurance companies, owners, Management Committee). Since the jointly owned building is insured in its entirety with an insurance company, any differences about the above are avoided.
By law, a “building under common ownership” is a building consisting of at least five units, even if the building with all its units is owned by a single owner. Every co-owned building is registered as such in the Land Registry. A condominium consists of the units and the condominium.
‘Unit’ means a floor or part of a floor, room, office, apartment, shop, or any other part or area of a jointly owned building that may conveniently and conveniently be occupied and occupied as a complete, separate, and self-contained unit for any purpose. Each unit of a jointly owned building is registered separately as private property in the Land Registry.
The space of a unit consists of the covered area surrounded by the external walls of the unit and the covered and uncovered terraces and balconies of the unit. Where there are common walls between units or between a unit and the common property, the area of such walls shall be divided equally between the units sharing a common boundary or between the unit and the common property, as the case may be.
Shared property means any part of a shared building that is not registered as a unit. The law does not define the individual parts of the building that constitute common property, but such property generally includes:
⦁ common areas/corridors/yards
⦁ stairwells
⦁ roof
⦁ foundation
⦁ common building blocks
⦁ main walls supporting the entire common property
⦁ shared walls between units and shared property
⦁ electrical installation
⦁ hydraulic system and engine room
⦁ elevators
⦁ swimming pools
