Jointly Owned Buildings
in Cyprus

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Common Building Insurance aims to meet the obligatory need of administrative committees in insuring joint ownership buildings, as required by the Immovable Property Law in Cyprus (Occupation, Registration and Evaluation) Law (KEF.224)

Read the Joint ownership legislation

Target Audience

This insurance is suitable for administrative committee of joint ownership buildings (apartment buildings).

What does the Insurance cover?

The Administrative Committees Insurance covers the entire joint ownership building, except the land on which it is built, as well as the property belonging to the units. The insurance amount is for   the replacement value of the building. Also covered are the machinery and the equipment and the facilities of the joint ownership building such as elevators, central heating and air conditioning, tanks, satellite dishes, etc.

When building is considered a Joint Ownership Building?

A building is considered joint ownership when it consists of at least five units, even if it, with all its units, is owned by one owner. In addition, a building can be classified as a co-owner when the owners of at least 50% of the co-ownership or any other owner of two units of a building consisting of two to four units request it from the Director of the Department of Land Registry and Spatial Planning.

Which parts of the building make up the joint ownership Building?

The Joint Ownership Building consists of the foundations, the skeleton, the staircase, the corridors, the railings, the skylights, the main and auxiliary entrance doors, the terrace, the roof, the covered parking lot located on the ground floor, the basement, the permanent annexes and their facilities public areas, main and external walls that support the entire common building, any construction on an external wall, surface or part of the common building, pipelines, cables, wires and related equipment and the control components of the central telephone installation, the central hydraulic and electrical installation, located in the Building and connected to the public main pipelines, the boiler room or the engine room, the warehouse, the retaining walls, the walls, the fences, car parks, outdoor constructions, and, in general, areas intended to serve all or some of the main units.

Who is responsible to Insure the Joint Ownership Building?

According to the Law, “The Administrative Committee must insure and always keep the joint ownership  building insured against fire, lightning and earthquake, to a licensed insurer for the amount that the management committee will consider to correspond to its replacement value. For any other risks, insurance is mandatory only if it is decided by a property percentage of more than 50 percent (50%).

Against which risks must the Joint Ownership Building be insured:

According to the Law, the insurance of the common areas is mandatory, only for the following risks:

1. Fire
2. Lightning
3. Earthquake.

What can be insured optionally:

Optionally, if the administrative committee deems that more comprehensive coverage is needed, the insurance policy can be extended to cover, in addition to the obligatory risks, additional risks such as:

  • Aircraft crash
  • Riot and political uprising
  • Malicious damage
  • Thunderstorm and gale
  • Flood
  • Pipe breakage, explosion, and water leakage
  • Collision
  • Remuneration of architects and engineers
  • Removal of ruins
  • Glass and windows

What other insurances must the Administrative Committee conclude?

Additionally, to the Insurance of the Basic Risks in the Joint Owned Property, “The administrative committee must conclude any other insurance required by any other law.” Such examples are Public Liability Insurance for any liability that may arise from bodily injury or property damage to third parties, as well as Employer Liability Insurance, if any employee is employed for more than eight hours per week.

How are administrators protected from errors and omissions in the management of a Jointly owned building?

Considering all the obligations that burden the management of the common building, there is a risk that errors and omissions are made. The best way for the Administrative committee to protect themselves is to add personal liability of the members of the committee for any errors and omissions.

If you are interested in informing us about the proper insurance of a management committee, fill in your details in the interest form and we will get back to you as soon as possible.

The information above may vary from Insurance Company to Insurance Company. Depending on the Insurance plan we will propose, we will give you all the relevant information required by the legislation so you can make your decision. Ask us today for an offer and, we will choose the most suitable package for your needs and budget.