District of Columbia Statutes
§ 42-2020 — Authority to obtain hazard insurance; held in trust; no effect on right to insure individual unit.
The manager or the board of directors, if required by the bylaws or by a majority of the co-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 council of co-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.
Free access — add to your briefcase to read the full text and ask questions with AI
District of Columbia § 42-2020 (Authority to obtain hazard insurance; held in trust; no effect on right to insure individual unit.) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.
Legislative History
Dec. 21, 1963, 77 Stat. 458, Pub. L. 88-218, § 20
Nearby Sections
15
§ 42-1001
“Power” defined.§ 42-1002
General power.§ 42-1003
Special power.§ 42-1004
Beneficial power.§ 42-1009
Right of grantor to reserve power.§ 42-1011
General powers in trust.§ 42-1012
Special powers in trust.