News
Apartment block insurance explained
By John Healy of Healy Insurances
Management companies and private owners of apartment blocks should review their cover on an annual basis.
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Many insurers have become very selective in the blocks that they insure mainly due to poor construction over the Celtic Tiger years and recently cladding issues following the Grenfell Tower fire in London.
What should typically be covered under an apartment block policy?
Material damage
The rebuild costs of the block including damage to grounds and landscaped gardens. Contents for any common areas should be included along with covers such as trace and access for water damage, fire brigade charges, and theft damage to buildings.
Loss of rent
Consequential loss of rent following an insured event such as a fire should be included and updated annually to fully cover the rent. Alternative accommodation cover could be relevant for owner occupied apartments and should be adequately insured.
Liability
Employers Liability Cover should be included for minor property maintenance and repairs at the block. It is advisable that any third party contactors should have their insurance cover in place. Public Liability will cover your legal liability in the event that you are negligent and required to pay compensation for bodily injuries or damage to third party property.
Legal Protection and Directors and Officers Insurance
This kind of cover can be included in the block policy or as a stand-alone product. Typically it covers legal fees in case of employee disputes, compensation awards cover and legal defence fees for you and your employees. Cover can also be included for fees arising from Revenue Commissioners investigations. Directors and Officers Insurance protects the board of the management company for claims made against the directors for alleged wrongful acts such as breach of duty among other extensions.
It is crucial to get the right advice from an experienced insurance broker who takes the time to understand your risk profile and can research the market to get you the best quotes.
No firm timeframe for St Finan’s masterplan
There is still no guaranteed timeline for the redevelopment of the St Finan’s site in Killarney, despite ongoing work between Kerry County Council, the HSE, and the Land Development Agency (LDA).
The issue was raised at a recent Killarney Municipal District meeting by Councillor Maura Healy-Rae, who asked the council for an update on its engagement with the Department of Housing, the LDA, and the HSE regarding the future of the prominent landbank.
Responding to the query, a senior council official confirmed that while Kerry County Council, the HSE, and the LDA are jointly developing a masterplan and infrastructure delivery strategy for the site, progress remains contingent on support.
The official stated that a funding application has been submitted to progress the masterplan and that background work is currently ongoing.
Litter bins were previously removed from Lower New Street in Killarney due to ongoing issues with people using public bins to dispose of household waste.
The matter was raised at the Killarney Municipal District meeting by Councillor Martin Grady, who called for additional litter bins to be installed along Lower New Street, specifically along the stretch from Christy Healy’s shop to Presentation Secondary School, citing a lack of disposal facilities in the area.
In response, Kerry County Council confirmed that while bins had been taken away due to inappropriate domestic waste dumping, a litter bin will now be reinstated on a six-month trial basis.
Council officials stated they will closely monitor usage over the trial period to evaluate its effectiveness and ensure it is used properly.
Litter bins to return to New Street
Litter bins were previously removed from Lower New Street in Killarney due to ongoing issues with people using public bins to dispose of household waste.
The matter was raised at the Killarney Municipal District meeting by Councillor Martin Grady, who called for additional litter bins to be installed along Lower New Street, specifically along the stretch from Christy Healy’s shop to Presentation Secondary School, citing a lack of disposal facilities in the area.
In response, Kerry County Council confirmed that while bins had been taken away due to inappropriate domestic waste dumping, a litter bin will now be reinstated on a six-month trial basis.
Council officials stated they will closely monitor usage over the trial period to evaluate its effectiveness and ensure it is used properly.
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