Utah Code 57-8a-403. Property and liability insurance required — Notice if insurance not reasonably available
Current as of: 2024 | Check for updates
|
Other versions
(1) Beginning not later than the day on which the first lot is conveyed to a person other than a declarant, an association shall maintain, to the extent reasonably available:
Terms Used In Utah Code 57-8a-403
- association: means a corporation or other legal entity, any member of which:(2)(a)(i) is an owner of a residential lot located within the jurisdiction of the association, as described in the governing documents; and(2)(a)(ii) by virtue of membership or ownership of a residential lot is obligated to pay:(2)(a)(ii)(A) real property taxes;(2)(a)(ii)(B) insurance premiums;(2)(a)(ii)(C) maintenance costs; or(2)(a)(ii)(D) for improvement of real property not owned by the member. See Utah Code 57-8a-102
- Common areas: means property that the association:
(5)(a) owns;(5)(b) maintains;(5)(c) repairs; or(5)(d) administers. See Utah Code 57-8a-102- Lot: means :
(16)(a) a lot, parcel, plot, or other division of land:(16)(a)(i) designated for separate ownership or occupancy; and(16)(a)(ii)(16)(a)(ii)(A) shown on a recorded subdivision plat; or(16)(a)(ii)(B) the boundaries of which are described in a recorded governing document; or(16)(b)(16)(b)(i) a unit in a condominium association if the condominium association is a part of a development; or(16)(b)(ii) a unit in a real estate cooperative if the real estate cooperative is part of a development. See Utah Code 57-8a-102- Person: means :
(24)(a) an individual;(24)(b) an association;(24)(c) an institution;(24)(d) a corporation;(24)(e) a company;(24)(f) a trust;(24)(g) a limited liability company;(24)(h) a partnership;(24)(i) a political subdivision;(24)(j) a government office, department, division, bureau, or other body of government; and(24)(k) any other organization or entity. See Utah Code 68-3-12.5- Property: includes both real and personal property. See Utah Code 68-3-12.5
- reasonably available: means available using typical insurance carriers and markets, irrespective of the ability of the association to pay. See Utah Code 57-8a-401
(1)(a) subject to Section57-8a-405 , blanket property insurance or guaranteed replacement cost insurance on the physical structure of all attached dwellings, limited common areas appurtenant to a dwelling on a lot, and common areas in the project, insuring against all risks of direct physical loss commonly insured against, including fire and extended coverage perils; and(1)(b) subject to Section57-8a-406 , liability insurance covering all occurrences commonly insured against for death, bodily injury, and property damage arising out of or in connection with the use, ownership, or maintenance of the common areas.(2) If an association becomes aware that property insurance under Subsection(1)(a) or liability insurance under Subsection(1)(b) is not reasonably available, the association shall, within seven calendar days after becoming aware, give all lot owners notice, as provided in Section57-8a-214 , that the insurance is not reasonably available. - Common areas: means property that the association: