(a) A manager or board of directors, if required by the declaration, bylaws, or by a majority of the apartment owners, or if requested by a mortgagee or trustee having a mortgage or a deed of trust of record covering an apartment, shall obtain insurance for the property against loss or damage by fire and other hazards under the terms and amounts required or requested.
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Terms Used In Alaska Statutes 34.07.400

  • apartment: means a part of the property intended for any type of independent use, including one or more rooms or enclosed spaces located on one or more floors, or part or parts of the floors, in a building, regardless of whether or not it is destined for a residence, an office, the operation of any industry or business, or for any other use not prohibited by law, and that has a direct exit to a public street or highway, or to a common area leading to the street or highway. See Alaska Statutes 34.07.450
  • apartment owner: means the person or persons owning an apartment in fee simple absolute or qualified, or by way of a periodic estate, or in any other manner in which real property may be owned in this state, together with an undivided interest in a like estate of the common areas and facilities in the percentage specified and established in the recorded declaration. See Alaska Statutes 34.07.450
  • association of apartment owners: means all of the apartment owners acting as a group in accordance with the bylaws and with the recorded declaration. See Alaska Statutes 34.07.450
  • declaration: means the instrument by which the property is submitted to provisions of this chapter and as it may be, from time to time amended. See Alaska Statutes 34.07.450
  • Deed: The legal instrument used to transfer title in real property from one person to another.
  • Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
  • Mortgagee: The person to whom property is mortgaged and who has loaned the money.
  • property: means the land, the building, all its improvements and structures, all owned in fee simple absolute or qualified or by way of a periodic estate, or in any other manner in which real property may be owned in the state, and all easements, rights, and appurtenances belonging to it, none of which shall be considered as a security or security interest, and all articles of personalty intended for use in connection with it, that have been or are intended to be submitted to this chapter. See Alaska Statutes 34.07.450
  • Trustee: A person or institution holding and administering property in trust.
(b) The insurance coverage shall be written on the property in the name of the manager or of the board of directors of the association of apartment owners, as trustee for each of the apartment owners in the percentages established by the declaration.
(c) Premiums for insurance coverage secured under (a) of this section are a common expense.
(d) Provision for insurance under this section does not prejudice the right of an apartment owner to insure the owner’s apartment or the personal contents in it.
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