§514A-86 
Insurance.  (a)  The association
of apartment owners shall purchase and at all times maintain insurance which
covers the common elements and, whether or not part of the common elements, all
exterior and interior walls, floors, and ceilings, in accordance with the as-built
condominium plans and specifications, against loss or damage by fire sufficient
to provide for the repair or replacement thereof in the event of such loss or
damages.  Flood insurance shall also be maintained if the property is located
in a special flood hazard area as delineated on flood maps issued by the
Federal Emergency Management Agency.  The flood insurance policy shall comply
with the requirements of the National Flood Insurance Program and the Federal
Insurance Administration.  Exterior glass may be insured at the option of the
association of apartment owners.  The insurance coverage shall be written on
the property in the name of the association of apartment owners.  Premiums
shall be common expenses.  Provision for the insurance shall be without
prejudice to the right of each apartment owner to insure the owner's own
apartment for the owner's benefit.



(b)  The
association of apartment owners may purchase and maintain directors' and
officers' liability insurance with minimum coverage in such amount as shall be
determined by the board of directors.  Premiums shall be common expenses.



(c)  Any
insurance policy providing the coverage required by subsections (a) and (b)
shall contain a provision requiring the insurance carrier, at the inception of
the policy and on each anniversary date thereof, to provide the board of
directors with a written summary, in layperson's terms, of the policy.  The
summary shall include the type of policy, a description of the coverage and the
limits thereof, amount of annual premium, and renewal dates.  The board of
directors shall provide this information to each apartment owner. [L 2007, c
244, pt of §2]