As a result of a tender process in which 15 of the main insurance companies in Spain were invited to take part by contacting their headquarters, the insurance committee, which was responsible for this process, recommended the company Allianz. This decision was ratified by the Level 1 Management Board in the Level 1 Extraordinary General Meeting. The community insurance has therefore been renewed this year with Allianz, with similar cover to last year. As agreed in the Annual General Meeting, the excess for water damage is 350€. Allianz will offer owners insurance at favourable prices. The new policy has buildings cover for 326,665,485€, and a maximum compensation limit of 60,000,000€ per claim.
We would like to remind you that the purpose of the community policy is to cover buildings or the structure of the building and common elements only, and not to cover private elements or damage caused between properties. Owners are responsible for maintaining their property and providing appropriate cover for private elements and their contents. Specifically, the community insurance does not cover contents, private elements or any defects resulting from a "lack of maintenance", such as the lack of external grouting on terraces or private steps, broken tiles, or blocked drains on a terrace or private solarium of which the owner has sole use and to which only he has access.
We therefore highly recommend that ALL owners have private insurance for their property that covers these elements and any damage caused by their property.
The Management Board would like to inform you that nor the current policy, nor the previous ones from Condado, cover a possible disaster in which Condado is destroyed. If you consider it necessary, owners should ensure that their own insurance covers this eventuality.
Any queries or questions regarding insurance can be sent by email to: