Maintance on Complex - Part 2

johnboy


Joined: 19/05/2008
Posts: 170

Message Posted:
30/12/2008 20:22

Hi Everyone,



Was reading "Maintance on Complex" post and was wondering what appartment owners are doing for buildings insurance, if other residents won't pay the management charges ?





John

midas


Joined: 27/12/2008
Posts: 23

Message Posted:
30/12/2008 20:38

Hello John,

in my op the non payers are putting the whole complex at risk if someone insures their part of the block it dosent work unless the person takes the money and runs and lets the others suffer the consequences, we should barricade the non payers out of the places till they pay and the payers should back the developers managers full on this, if they dont pay then they have no legal right to get on the place in my op. how can you have a block of 5 or 6 or 8 apartments and only three paying insurance and if it goes up in flames or an earthquake hits 'god forbid' then will these people get a pay out for their portions and everyone else suffers i dout it

johnboy


Joined: 19/05/2008
Posts: 170

Message Posted:
30/12/2008 20:45

Midas,



You cannot insure "part of a block".....



I am aware of many agents doing this, partly because they don't understand what's involved and partly because all they are interested in is the commission.



I was an insurance broker in the UK for 30 years before moving here and frankly am apauled at the lack of experience in the insurance industry in Northern Cyprus.



By insuring part of the block, the client is told that if the whole place burns down, they'll receive the sum insured "in cash" to do with what they want...



What is likely to happen in the event of a total loss, is unlikely to please the client.





John

midas


Joined: 27/12/2008
Posts: 23

Message Posted:
30/12/2008 21:10

Thats the point i was trying to make john, but prob not too well, it is impossible, but there is some so called agents here doing just that and telling folks they are insured, not so, and people must beleive this, the management company should make a good deal with a reputable company (and there is a few here now) to insure each block and recharge it to the customers, if some dont pay they can have recourse to law to get the money out of them

johnboy


Joined: 19/05/2008
Posts: 170

Message Posted:
30/12/2008 21:29

Midas,



The problem as far as i see it is that Joe Bloggs on the street know little or nothing about insurance walks into an agent, who probably knows a tad more and convinces the client he is "fully covered"



The only time that they will know otherwise is when a problem occurs and it could be too late by then.



Today summed it up beautifully for me - the DVD shop in Karakum now does insurance ! - the bloke in there asked me if i wanted a quote for my car/home insurance.



In the UK i had to pass exams and go though annual training sessions to prove to the Govt govering body that i was worthy of selling insurance product - in the TRNC is seems anyone can sell it.



Give me strength !



John

Checkmate


Joined: 31/08/2008
Posts: 140

Message Posted:
30/12/2008 23:41

Oh Dear, very worrying, looks like I have boobed ...........again!!! Going to cry in my beer..............again!!!!