A jointly-owned building consists of two parts firstly, there are the individual units (apartments, houses, etc.); secondly there is the rest of the property which generally includes common-areas (corridors, garden, yard, pool), staircases, roof, foundations, electrical installation, plumbing system, engine room and some common and main walls.
For your information, every jointly-owned building must have a Management Committee. The committee has legal standing and may sue (and may be sued) in relation to any matter concerning the property. For this reason, it is important that the Management Committee is covered for both Public and Personal Liability. For, if a claim is made against it in a ‘civil wrong’ suit, the owners may face the bill for damages; if a claim is made against an individual member due to lack of care, for instance, the individual member may personally face a claim for damages.
The committee has an obligation under the law to insure and always keep insured the entire jointly-owned building (not just the common areas) against fire, lightning and earthquake with a licensed insurance company and to pay the premium.
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