Home RSS
Real Estate

Is apartment insured after winding-up?

Irish Times
Is apartment insured after winding-up? - property insurance - Ireland - apartment

PROPERTY CLINIC: Q I am looking for some advice about a purchase of a property I made two years ago. It is an apartment in a block of three apartments; the other two are unoccupied at the moment and are only partly finished. This is in a mixed estate of apartments and houses where some are occupied and others are unfinished.

A recent event has left me with some concerns regarding the contracts that I signed. 

The management company, X Ltd, which holds the block insurance for the apartment building in which I purchased, has wound up. At present there is no management company, and after speaking to the developer (also X Ltd) it looks as though he is not going to put a new one in place. 

He has informed me that my block insurance is not affected by this as he has renewed the insurance through Y Insurance for the whole complex, and my bank is named on that insurance. 

My worry here is that he is named on this insurance and not me – therefore, if a fire, for example, were to destroy my building, I would be relying on him and his insurance company to restore the building. 


Disclaimer: The information presented and opinions expressed herein are those of the authors and do not necessarily represent the views of Estates Report and/or its partners.