Under the law, the Management Committee of a jointly-owned building is obliged to ensure that the building has sufficient insurance coverage, by a licensed insurance company, for the total value that the committee believes it corresponds to the replacement value of the building.
The minimum insurance coverage required by law is to cover against the risk of fire, lightning and earthquake. Any other risk can be considered compulsory to insure if such decision is made by more than 50% of the building owners.
Our Company’s insurance policy offers comprehensive coverage to every jointly-owned building of any size and value.
Additionally, coverage can be extended to offer third party liability coverage to injuries of third parties such as visitors.
