You could be forgiven for thinking that residents and committee members have enough to concern themselves with in respect of the day to day running of communal complexes, without the added headache of liability. You may be somewhat surprised to learn that there is still something of a “head in the sand” attitude towards planning for the unexpected in many residential complex committees. Unfortunately, however, the real-life issues which follow on in the unfortunate event of a claim can and do cause long term damage to both lives and finances.
Staying within the law
Sadly, shutting the stable door once this particular horse has bolted isn’t likely to provide a satisfactory solution either. Rather, the adage of “planning for the worst while hoping for the best” is certain to serve all involved much better. While there may be a justifiable argument that Cyprus Law is somewhat less liability centric than many other Western European states, the hard truth is that money still talks. While the courts do run at their own pace, they do get there in the end and more people are finding themselves lumbered with unwelcomed liability claims.
Is communal insurance money well spent?
The somewhat sobering reality is that insurance companies are very adept at taking our money and holding onto it for as long as they can. After all, they are in the “risk business” and each client’s premium has always been assessed according to both the market’s and the individual’s potential liability in terms of frequency and/or size of a claim. As a general rule of thumb, insurance is often viewed as a necessary evil and as such, providers are all too often chosen on the merits of cost alone. While such policies may appear to be an attractive item when preparing a committee budget, things do, however, tend to look a lot less rosy in the unfortunate event of a claim.
Protecting your complex committee and its members
As already mentioned, liability is a new reality and the buck will always land somewhere. In the case of complex management, it is highly likely to be with the committee and more importantly, its elected officers. If you were labouring under the illusion that you’re communal insurance was in place simply to protect against physical damage or unforeseen events, you might be lining yourself up for some major problems. In the event of any claims for damages concerning the communal areas and fixtures of your complex, a possible claimant’s first stop will be your insurance company. Rest assured that if they don’t gain satisfaction there, the next stop is likely to be the individuals who have set their names in ink on the committee documents.
And the good news is??
Lee Property Services are the experts in all aspects of communal complex management from forming committees and accounting to successful fee collection and day-to-day operations. We have worked closely with the leading insurance companies who are best suited to serve our client’s needs so call us now for a comprehensive and competitive quote.
