Multi-insurance policy for Jointly Owned Building

According to the Legislation:

1. According to Article 38B of the above law a Jointly Owned Building is defined as: “A building which consists of more than at least five units, even if this with all its units belongs to a single owner”
2. A building that consists from 2 and up to 4 units can be considered as a jointly owned building and be registered as such if the owners of at least the 50% of the Jointly Owned property or if any 2 owners of units submit an application to the Director of Lands and Surveys department asking that the building is considered to be jointly owned.
3. Point 3- Separate buildings located on the same property even if they are not horizontally separated can also be considered as Joinlty-Owned buildings.

According to the Law, the insurance is compulsory, and the Management Committee is responsible for it. The Committee must ensure that the Jointly Owned Building is insured against fire, thunder lightning and earthquake, to a licensed insurer for the amount which the Management Committee considers to be its replacement value. For other risks, insurance is compulsory only if it is decided by the 50% ownership rate.