Insurance

(1) Without prejudice to the right of each apartment owner to insure his own apartment for his benefit, the association of allottees shall, if so required, by the bye-laws or by a majority of the apartment owners, insure the property against fire, flood, cyclone and such other hazards under such terms and for such accounts as shall be required.

(2) The policy of insurance shall be in the name of the association of allottees as trustee for each of the apartment owner in the percentage specified in the deed of transfer and the premium payable under such policy of insurance shall be included in the common expenses.