Besides the insurance of its own apartment, eth apartment owner has to consider the insuring of the property of apartment association. In this way it can be ensured that the former environment can be restored without problems in case of potential loss. Insurance of apartment association compensates the losses caused to the property commonly owned by apartment owners.
Insured object shall include the parts of a co-owned building that are necessary for the continuance and safety of the building or are jointly used.
Insurance of apartment association covers the following:
· External constructions (including external walls, windows and the roof);
· Supporting constructions (including the basement, supporting walls and interior ceilings);
· Inner decoration of public rooms (e.g. staircase, cellar);
· Doors and windows of public rooms;
· Publicly used energy, heating, gas, ventilation, water supply, sewerage, communication, fire safety and alarm systems as well as elevators that are permanently fixed to the building (including technical systems located outside the building but inside the registered immovable);
· Structured servicing the building: fences, barriers, gates, waste disposal facilities (including waste disposal houses), external lighting, flagpoles.
The insurance of apartment house does not require the existence of apartment association. A house may be insured by one of the apartment owners and the consent of other apartment owners is added to the contract as a special condition. Insurance premiums are paid jointly and the compensation is paid to the association or to the authorised person who represents all apartment owners.
Risks insured under the insurance of apartment association:
· Pipe leak;
· Burglary, robbing and vandalism;
· Extended insurance;
· Equipment Breakdown.
Extended insurance can be purchased in order to insure against various risks that are not excluded by insurance terms and conditions but that are not covered by selected risks. E.g. the extended insurance covers the repair costs of damaged pipeline (including digging costs if the damaged pipeline is located outside the registered immovable) as well as losses caused by excess voltage. Excess voltage may damage e.g. electronic parts of door phone systems, elevators, boilers, ventilation equipment or heating equipment.
Equipment breakdown insurance helps to compensate the losses caused by the damage of internal malfunction of equipment. It is especially desirable for new building where technical systems include various equipments.