57-8-29 - Insurance. - Utah Statutes

57-8-29. Insurance.
(1) The manager, management committee, or association of unit owners shall obtaininsurance against loss or damage by fire and other hazards for:
(a) all common areas and facilities; and
(b) all buildings that contain more than one condominium unit, including anyimprovement which is a permanent part of a building.
(2) Insurance coverage shall be written on the property in the name of the manager,management committee, or association of unit owners, as trustee for each of the unit owners inthe percentages established in the declaration.
(3) Premiums on insurance required by this section shall be common expenses.
(4) Provision for insurance shall be without prejudice to the right of each unit owner toinsure his own unit for his benefit.

Amended by Chapter 99, 2000 General Session