Useful,information,about,insur DIY Useful information about insurances of condo buildings in It
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Maybe not everybody knows that the insurance for condobuilding is not compulsory in Italy, and its subscription can be decided by theproperty manager or during a tenants meeting. The first case occurs when the condo rules say thatinsurance is compulsory. In this case the property manager is supposed to signthe insurance contract also if he has not had the previous approval of theother cotenants. The situation changes when the condo rules do not include anyreference about the obligation of signing an insurance: in this case, sincethere are no specific explanations about, the manager is not supposed to takeany decision in an independent and autonomous way, and he must be authorized bya previous deliberation by the tenants assembly before he can sign theinsurance contract. If the property manager has been authorized to signthe contract, but the assembly has not given an unanimous approval, theinsurance will regard only the common areas of the building, i.e. the areasthat are used by everybody and that are considered as properties of all thosewho live in that building (stairs, lifts and roof for example), while it willnot cover the properties of single tenants, i.e. the single flats and garages.In order to sign an insurance that also includes private properties, theunanimous approval of the assembly is necessary. However, the members of theassembly that have approved the insurance, and that would like their propertiesto be covered by the insurance, have the chance to sign an insurance contractthat does not only cover their private possessions, but also the correspondentshares of common properties. In this way, if an accident or damage occurs inthe building, the cotenants that have decided to sign the insurance contractwill be compensated by the insurance company, while those who have chosen notto sign the contract will have to personally put up with the damage. As far as the division of costs deriving from thesigning of the insurance contract is concerned, each cotenant that has approvedthe insurance has to pay a part of the expenses. The division is made in aproportional way, according to the shares that each cotenant has in thebuilding. However, it might happen that some cotenants are asked to pay more:this is the case, for example, of those who do a job or activity that mightincrease the risks of accidents in the condo. One of the commonest types of insurance for condobuilding is the global insurance for buildings, which has the peculiarity ofproviding the owner of a building with both direct guarantees (to cover thedamages caused to the building) and guarantees of civil liability (which coverdamages caused to third parties, personal injuries and damages causedto animals or things). The insurance of condo building is certainly veryuseful, and it might be necessary to avoid disputes and quarrels between cotenantscaused, for example, by damages to common areas, and to protect each cotenantin case of accidents. Both if the condo rules include the obligation to sign aninsurance contract and if there are no references about this, choosing aninsurance for condo buildings is certainly an important step, and although theItalian law does not provide the obligation to sign it, each condo buildingshould consider the possibility to have one.
Useful,information,about,insur