New Hampshire Revised Statutes 479-A:24 – Insurance
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Terms Used In New Hampshire Revised Statutes 479-A:24
- Association of unit owners: means all of the unit owners acting as a group in accordance with the bylaws and declaration. See New Hampshire Revised Statutes 479-A:1
- Common expenses: means and includes: all sums lawfully assessed against the unit owners by the association of unit owners; expenses of administration, maintenance, repair or replacement of the common areas and facilities; expenses agreed upon as common expenses by the association of unit owners; expenses declared common expenses by provisions of this chapter or by the declaration or the bylaws. See New Hampshire Revised Statutes 479-A:1
- Declaration: means the instrument by which the property is submitted to the provisions of this chapter as provided in N. See New Hampshire Revised Statutes 479-A:1
- Majority: or "majority of unit owners" means the unit owners with 51 percent or more of the votes in accordance with the percentages assigned in the declaration to the units for voting purposes. See New Hampshire Revised Statutes 479-A:1
- 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 and includes the land, the building, all improvements and structures thereon, all owned in fee simple absolute or leased as provided in N. See New Hampshire Revised Statutes 479-A:1
- Trustee: A person or institution holding and administering property in trust.
- Unit: 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 thereof) in a building, and with a direct exit to a public street or highway or to a common area leading to such street or highway. See New Hampshire Revised Statutes 479-A:1
- Unit owner: means the person or persons owning a unit in fee simple absolute, or leasing a unit as provided in N. See New Hampshire Revised Statutes 479-A:1
The manager or the board of directors if required by the declaration, bylaws or by a majority of the unit owners, or at the request of a mortgagee having a first mortgage of record covering a unit, shall have the authority to, and shall, obtain insurance for the property against loss or damage by fire and such other hazards under such terms and for such amounts as shall be required or requested. Such insurance coverage shall be written on the property in the name of such manager or of the board of directors of the association of unit owners as trustee for each of the unit owners in the percentages established in the declaration. Premiums shall be common expenses. Provision for such insurance shall be without prejudice to the right of each unit owner to insure his own unit for his benefit.