Insurance

General201534 sections8 chapters

Chapter V Association of Apartment Owners and Bye-Laws for Regulation of Affairs of such Association

Statutory text

(1) The Association-
- (a) shall have, if requested so to do by a mortgagee having a first mortgage covering an apartment, the authority to, and
- (b) shall, if required so to do by the bye-laws or by a majority of the apartment owners, obtain insurance for the property against loss or damage by fire or other hazards under such terms and for such amounts as shall be so requested or required.
(2) Such insurance coverage shall be written on the property in the name of the Association as trustee for each of the apartment owners in the percentages specified in the bye-laws.
(3) The premia payable in respect of every such insurance shall be included in common expenses.
(4) The provisions of sub-sections (1) to (3) shall be without prejudice to the right of each of the apartment owner to insure his own apartment for his benefit.

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