As the owner of an apartment block in Ireland, you know how important value for money is.
Good value insurance products that are suited to your needs can be hard to find.
In order to compare the market for insurance in Ireland you need to decide on the cover you need.
What are the important risks to protect against?
The most obvious one is Damage to property. Your policy should also include damage to the grounds and landscaped gardens surrounding the block of apartments.
Loss of metered utility supplies, gas, electricity, fire brigade charges, replacement of locks and keys, might seem minor compared to property damage, however they all add up, and you should make sure to include them. Tracing the source of a leak and gaining access to deal with it can be an expensive and important task. We recommend policies which cover this.
Make sure that alternative accommodation in the event of damage to the property which necessitates the removal of the occupants from the building is included.
The common areas of the building can pose the greatest risk in terms of liability. With large numbers of residents, their visitors and invitees passing through them it is essential to include this cover.
Employers liability and public liability insurance is vital in order to protect you and your investment.
Loss of rent and book debts cover can be included in your tailor made policy.
Legal expenses can be very expensive. You do not want to be exposed to the risk of having to go to court to defend your rights and run the risk of costs being awarded against you.
Legal protection cover is essential for any business in Ireland.
It covers;
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Legal fees in case of employment disputes
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Compensation awards cover
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Legal defence fees for you and your employees
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Property protection
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Personal injury
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Cover for fees arising from Revenue Commissioners’ investigations
If you have set up a limited liability company to purchase the apartment block or to run the common areas then you should consider Directors and Officers Liability Insurance. This type of insurance offers indemnity against wrongful acts committed by the directors in their capacity as directors. If a director acts wrongfully as a director, you can sue them . If they do not have sufficient funds or assets, then it is a hollow victory. It is better to minimise the risk by taking out Directors and Officers Insurance. For more see>>>
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Apartment Insurance
