Insurance; co-owners
Sec. 9. (a) The co-owners, through the association of co-owners,
shall purchase:
(1) a master casualty policy, payable as part of the common
expenses, affording fire and extended coverage in an amount
consonant with the full replacement value of the improvement
that in whole or in part comprises the common areas and
facilities; and
(2) a master liability policy in an amount:
(A) required by the bylaws;
(B) required by the declaration; or
(C) revised from time to time by a decision of the board of
directors of the association.
(b) The policy referred to in subsection (a)(2) shall cover:
(1) the association of co-owners;
(2) the executive organ, if any;
(3) the managing agent, if any;
(4) all persons acting, or who may come to act, as agents or
employees of any of the entities referred to in subdivisions (1)
through (3) with respect to:
(A) the condominium;
(B) all condominium unit owners; and
(C) all other persons entitled to occupy any unit or other
portions of the condominium.
(c) Other policies required by the condominium instruments may
be obtained by the co-owners through the association, including:
(1) worker's compensation insurance;
(2) liability insurance on motor vehicles owned by the
association;
(3) specialized policies covering land or improvements on
which the association has or shares ownership or other rights;
and
(4) officers' and directors' liability policies.
(d) When any policy of insurance has been obtained by or on
behalf of the association of co-owners, the officer required to send
notices of meetings of the association of co-owners shall promptly
furnish to each co-owner or mortgagee whose interest may be
affected written notice of:
(1) the obtainment of the policy; and
(2) any subsequent changes to or termination of the policy.
As added by P.L.2-2002, SEC.10.
Last modified: May 24, 2006