(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

Ask a real estate law question, get an answer ASAP!
Thousands of highly rated, verified real estate lawyers.
Specialties include: All Real Estate Law, Landlord and Tenant Law, Foreclosure, Homeowners' Association, Trespassing, Property Law, General Legal and more.
Click here to chat with a lawyer about your rights.

(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.

[Pre-2002 Recodification Citation: 32-1-6-18.]

As added by P.L.2-2002, SEC.10.