Multi Insurance "Jointly Owned Shield"
Together... we all feel safe
Community Buildings are exposed to various risks and threats, which is why their insurance is essential. Jointly Owned Shield provides All Risk Insurance option. The most comprehensive form of insurance.
Why TRUST "Jointly Owned Shield"
Building and Third party liability - All in One
This coverage combines the insurance of your building (Shared Property and Community Buildings Units) and at the same time protects you, against personal injury or property damage that may be caused to third parties.
All Risk
Allows you to choose the All Risk Insurance which is the most comprehensive form of Insurance
Compatible with legislation
It is 100% compatible with legislation of Common Building act
Who Is This Insurance For?
Aimed at Building Management Committees that wish to insure the Common Property, as well as all the Units of the Common Building.
Community Buildings Coverage
All Risk
It covers loss or damage from an incident during the insured period
Extensions
- Architect and Mechanical Fees
- Debris Disposal
- Wire damage
- Locks Replacement
- Water meter loss
- Fire extinguisher
- Public Authorities
- Accidental breakage of glass panes
- Public Liability Insurance
Community Buildings Coverage
Specified Risks
Covers loss or damage from an incident including the following:
- Fire and Smoke
- Thunderbolt
- Earthquake
- Explosion
- Bump
- Aircraft crash or any other flying object
- Storm
- Thunderstorm
- Flood
- Strikes
- Political or Workplace Riots
- Malicious Actions
- Water leakage
Extensions
- Accidental breakage of glass panes
- Debris Disposal
- Architect and Mechanical Fees
- Consultants & Surveyors
- Public Liability Insurance
Would you like more information? Do not wait! Contact us
FAQ
What does it mean Community Building?
According to the Legislation:
- All buildings consisting of at least 5 units are common buildings (unit means part of the Community building, which may be suitable and comfortable for occupation (as complete, separate and independent) for any purpose.
- Buildings consisting of two (2) to four (4) units may, at the discretion of the Director, be deemed to be communities at the request of the concerned parties.
- Community buildings can also be considered as separate buildings located on the same property even if they are not horizontally separated.
Who is responsible for the insurance of the Community Building?
According to the Law, the insurance is compulsory, and the Management Committee is responsible for it. The Committee must ensure that the Community 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.
What should I know during my Insurance period?
To ensure that your insurance is active, you should notify us of any changes to the data, such as changing ownership of the insured premises, changing the address of the insured office/ shop, any increase/decrease in content, change in the use of your home, extensions or repairs to the building that are likely to increase the risk.
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