Liechtenstein - Buildings Insurance
Lloyd’s underwriters are not permitted to write compulsory buildings insurance for properties located in Liechtenstein.
The Buildings Insurance Act (BIA) 2005 makes it mandatory for buildings in Liechtenstein to be insured against fire and natural forces. The Buildings Insurance Ordinance (BIO) 2005 sets out the implementing regulations for this type of business.
Risks that fall under the scope of the Buildings Insurance Act 2005 and the Buildings Insurance Ordinance 2005 can only be written by an insurance undertaking that:
(a) is authorised for Class 8 (fire and natural forces), and,
(b) has signed an agreement between the Financial Market Authority (FMA) and all other insurance undertakings that wish to offer compulsory buildings insurance.
Lloyd's has not signed this agreement due to the particular requirements that the Lloyd’s market would be obligated to comply with. Any syndicate that wishes to underwrite compulsory buildings insurance must discuss the matter with Lloyd's International Trading Advice team before doing so, in order that the appropriate arrangements can be put in place.
Further details about compulsory buildings insurance are available on Crystal.