Proposal: Reasoning and Justification
For the past few months your appointed Pines Committee have been looking into the best way to ensure that the site is protected financially for any disasters that may beset the site – e.g. fire, storms, earthquake, flooding…
We have identified that we can obtain FULL site insurance that would ensure that if a disaster strikes, affecting a block or the wider site, we will have sufficient funds for a full rebuild.
Not everyone is currently insured. This leaves a potential shortfall and risk to everyone on site.
Thus, if a disaster happens, and we have all seen over recent months and years these events are becoming more and more common, in short, the Pines would be no more – we can’t stress this enough !!
There would simply not be sufficient funds available to rebuild.
We are proposing that we use some of the current surplus funds available, to fund a site insurance policy. This will start for the second half of our current trading year from 1st Feb for 6 months. The next policy would therefore start at the beginning of The Pines Financial Year 2024/25 (August – July).
To achieve full cover long term, there has to be a partial increase in fees from August 2024 to help fund this policy.
The increase will be £100 per apartment.
Currently an apartment’s annual insurance policy costs approximately ~ £250 each, if insured as part of an overall block (i.e. total block = 4x £250), or £300 each, if done in isolation. In our opinion the latter option is pointless: if the rest of the block is not insured as you can’t just rebuild part of a block if the whole block is damaged.
You may have already calculated from the above that this £100 increase on fees from 1st August will result in a significant real time saving as you as you will no longer have to purchase insurance.
Whole site insurance means just that, the whole site is covered (not just blocks but also pool, refinery, outside communal areas etc. unlike presently). So, this would be better for protecting of our Cypriot homes and investments going forward.
The insurance policy details will be published on this website shortly, and will also include up to £15,000 of contents insurance per apartment.
I hope you agree that this is a worthwhile use of the Pines funds.
Your requested action
To use your funds, in this manner, we will take for or against votes from your response to this correspondence. We will count votes on a majority basis.
For example, 25 in favour with 11 either not responding or against, will carry the vote for progression of the purchase. Likewise, no insurance in the event of reverse outcome.
Voting deadline Friday 22nd December.
If you have any questions, please let the committee know asap.
NB for those currently insured
Please speak to your insurer to discuss a refund of your current policy post 1st Feb 2024.
