§ 32-25-8-9 — Insurance; co-owners

(a) The co-owners, through the association of
co-owners, shall purchase:
(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
(2) a master liability policy in an amount:
(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.]

Legislative History

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