Amendment status not verified — confirm the current text below against the official source.
Insurance.—The Manager or Board Managers, if required by the declaration or the bye-laws or by a majority of the apartment owners, or at the request of a mortgage having a first mortgage covering the apartment, 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 Managers of the Association of the Apartment Owners as trustee for each of the apartment owners in the percentage established in the declaration. Premiums shall be common expenses. Provisions for such insurance shall be without prejudice to the right of each apartment owner to insure his own apartment for his benefit.