448.120. Insurance, how obtained--named insured--who adjusts--loss payable clause, form of--premiums, how paid. - Missouri Statutes

Insurance, how obtained--named insured--who adjusts--loss payableclause, form of--premiums, how paid.

448.120. The manager or the board of managers shall obtaininsurance for the property against loss or damage by fire andsuch other hazards as are covered under standard extendedcoverage provisions for the full insurable replacement cost ofthe common elements and the units. The insurance coverage shallbe written in the name of, and the proceeds thereof shall bepayable to, the manager or the board of managers, as trustee foreach of the unit owners in the percentages established in thedeclaration or amended declaration, if any. The policy ofinsurance may contain a loss payable clause containing the words,"To the holder or holders of mortgages or deeds of trust ofrecord, if any, as their interests may appear" withoutspecifically naming the holder or holders in the clause, in whichevent the proceeds shall thereupon be payable jointly to themanager or the board of managers and the holder or holders ofmortgages or deeds of trust of record, as trustees for each ofthe unit owners in the percentages established in the declarationor any amended declaration. The trustees shall have full powerto adjust all insurance losses by suit or otherwise and paymentaccepted by the trustees hereunder shall constitute a dischargeto the insurer. Premiums for the insurance shall be commonexpenses.

(L. 1963 p. 648 § 12, A.L. 1969 H.B. 767)