§ 47A-24. Insurance on property; right to insure units. - North Carolina Statutes

§47A‑24.  Insurance on property; right to insure units.

The manager of the board ofdirectors, or other managing body, if required by the declaration, bylaws or bya majority of the unit owners, shall have the authority to, and shall, obtaininsurance for the property against loss or damage by fire and such otherhazards under such terms and for such amounts as shall be required orrequested. Such insurance coverage shall be written on the property in the nameof such manager or of the board of directors of the association of unit owners,as trustee for each of the unit owners in  the percentages established in thedeclaration. The trustee so named shall have the authority on behalf of theunit owners to deal with the insurer in the settlement of claims. The premiumsfor such insurance on the building shall be deemed common expenses. Provisionfor such insurance shall be without prejudice to the right of each unit ownerto insure his own unit for his benefit. (1963, c. 685, s. 24.)