N.Y. Real Property Law 339-BB – Insurance
§ 339-bb. Insurance. The board of managers shall, if required by the declaration, the by-laws or by a majority of the unit owners, insure the building against loss or damage by fire and such other hazards as shall be required, and shall give written notice of such insurance and of any change therein or termination thereof to each unit owner. In the case of a qualified leasehold condominium, such insurance shall be required in any event, and shall be in an amount equal to full replacement cost of the building. The policy or policies of such insurance shall be updated annually to maintain such insurance in such amount. Nothing herein shall prejudice the right of each unit owner to insure his own unit for his own benefit. The premiums for such insurance on the building shall be deemed common expenses, provided, however, that in charging the same to the unit owners consideration may be given to the higher premium rates on some units than on others.
Terms Used In N.Y. Real Property Law 339-BB
- Building: means a multi-unit building or buildings, or a group of buildings whether or not attached to each other, comprising a part of the property. See N.Y. Real Property Law 339-E
- Common expenses: means and includes:
(a) Expenses of operation of the property, and
(b) All sums designated common expenses by or pursuant to the provisions of this article, the declaration or the by-laws. See N.Y. Real Property Law 339-E - Declaration: means the instrument by which the property is submitted to the provisions of this article, as hereinafter provided, and such instrument as from time to time amended, consistent with the provisions of this article and of the by-laws. See N.Y. Real Property Law 339-E
- Qualified leasehold condominium: means any leasehold interest in real property intended to be used for either residential purposes, commercial purposes, industrial purposes or any combination of such purposes, together with any fee simple absolute or leasehold interest in the buildings and all other improvements which have been or at any time hereafter may be erected upon such real property, which has been or is intended to be submitted to the provisions of this article, provided that, on the date of the recording of the declaration: (i) the battery park city authority or the Roosevelt Island operating corporation is the holder of the tenant's interest in such leasehold interest or (ii) the Queens West development corporation is the holder of the landlord's interest in such leasehold interest or (iii) the Brooklyn bridge park development corporation is the holder of the landlord's interest in such leasehold interest, or (iv) the New York city educational construction fund is the holder of the landlord's interest in such leasehold interest for property located in the borough of Manhattan, in the city of New York, bounded on the east by Second Ave, on the west by Third Avenue, to the north by East Fifty-seventh Street, and to the south by East Fifty-sixth Street. See N.Y. Real Property Law 339-E
- Unit: means a part of the property intended for any type of use or uses, and with an exit to a public street or highway or to a common element or elements leading to a public street or highway, and may include such appurtenances as garage and other parking space, storage room, balcony, terrace and patio, but in no event may utility facilities such as those for water or sewerage treatment or power generation appear as single units. See N.Y. Real Property Law 339-E
- Unit owner: means the person or persons owning a unit in fee simple absolute or, in the case either (i) of a condominium devoted exclusively to non-residential purposes, or (ii) a qualified leasehold condominium, owning a unit held under a lease or sublease. See N.Y. Real Property Law 339-E