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Development still in recievership ownership.

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  • 12-03-2019 9:52pm
    #1
    nolj
    Registered Users Posts: 23 ✭


    Development common areas and infrastructure are still owned by reciever , the plan is to hand over infrastructure to County council and the common areas to the Management company who currently dont own anything yet still pay 3rd party insurance on the land, lanscaping etc via fees. Nothing looks like its been handing over any time soon. Development is nearly 10 yrs old. Does anyone what is the legal position around insuring land not in ownership or requesting fees to cover same.


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    #2
    L1011
    Registered Users Posts: 68,785 ✭✭✭✭L1011


    You can insure what you have an insurable interest in; regardless of ownership.

    The third party insurance may be for maintenance work being done there rather than full public liability. My residents association has PL and directors insurance even though their assets are a current account (and a few prize bonds someone willed to them in the 1980s!) and all the work is done on council owned land. Local council now requires PL as of last year to get their grants which were increased by the average cost of PL at the time.


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