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What is Apartment Block Insurance?

Apartment Block insurance policies generally include a combination of covers including property damage, loss of rent, alternative accommodation and public & employers liability insurance.

Property Damage Insurance provides protection for management companies and block owners in the event that their property is accidentally or maliciously damaged. The cover can extend to a range of risks (also called perils) such as fire, storm, flood, lightning, explosion, malicious damage, escape of water from burst pipes or tanks, impact by vehicles, theft or attempted theft, subsidence, oil leak or any accidental damage. The policy can cover buildings, fixtures & fittings, contents of common areas and fire brigade charges. Policy extensions can include Loss of Rent and alternative accommodation.

All property owners have a legal liability to ensure that members of the public to not sustain injury or damage arising out of defects in the property. If there is an allegation that a member of the public sustained injury or damage to their property as a result of a defect in the building, then Property Owners Liability insurance will pay the compensation costs, subject to the policy terms and conditions. In the event that you believe you have been wrongly accused, then Property Owners Liability insurance will pay the costs of a legal defence as well as any compensation which may be awarded against you in a court. Always subject to the policy terms and conditions.

Every property owner has a legal obligation (duty of care) to ensure that maintenance staff or other employees working on the building or the grounds of the building do not sustain injury during the course of their employment. A temporary worker or subcontractor working on an apartment building could be deemed to be an employee and such a claim would not be covered under Property Owners Liability insurance. For that reason apartment block management companies may require a property owners insurance policy with an Employers Liability extension for minor property repairs and maintenance (especially where you are not using bone fide subcontractors for all maintenance works).

An Employers Liability policy extension will pay the compensation costs arising from such an incident subject to the policy terms and conditions. In the event that you believe you have been wrongly accused, then Employers Liability insurance will pay the costs of a legal defence as well as any compensation which may be awarded against you in a court. Always subject to the policy terms and conditions.

Examples of Apartment Block Insurance Claims

✓ A fire at an apartment block caused €75k worth of damage. Insurers paid the cost of repairs and the loss of rent.

✓ A tile came loose and fell from the roof of an apartment block causing serious injury to a pedestrian on the footpath below. The property owners liability insurance paid the compensation and legal costs arising from this unfortunate incident.

✓ A maintenance man sustained an injury whilst carrying out some minor property repairs. The apartment block insurance paid the cost of compensation and legal costs arising out of this incident as an employers liability extension for minor property repairs had been included on the policy.

Why purchase Apartment Block Insurance?

Apartment block insurance is an essential cover for every apartment block and surrounding property. Not only does it cover the costs of repairs to the property following a fire or other property damage incident but it also can cover the loss of rent and alternative accommodation.

Many apartment block management committees consider the liability cover extensions to be even more important as liability claims can run to very significant sums to defend and settle. In the absence of insurance, the apartment block owners personal wealth can often be at risk. Cover is always subject to the policy terms and conditions so please read your policy.

Does Apartment Block Insurance cover everything?

Apartment block insurance is an essential cover for every apartment block and surrounding property. Not only does it cover the costs of repairs to the property following a fire or other property damage incident but it also can cover the loss of rent and alternative accommodation.

No. The directors and officers of an apartment block should also consider Directors & Officers Insurance. If there are lifts within the building they may require additional Engineering Cover. Maintenance equipment may require engineering or motor insurance. Jetties will require marine insurance. It is important to speak to your account handler and discuss your particular circumstances.