2006 Code of Virginia § 55-79.81 - Insurance

55-79.81. Insurance.

A. The condominium instruments may require the unit owners' association, orthe executive organ or managing agent on behalf of such association, toobtain:

1. A master casualty policy affording fire and extended coverage in an amountconsonant with the full replacement value of the structures within thecondominium, or of such structures that in whole or in part comprise portionsof the common elements.

2. A master liability policy, in an amount specified by the condominiuminstruments, covering the unit owners' association, the executive organ, ifany, the managing agent, if any, all persons acting or who may come to act asagents or employees of any of the foregoing with respect to the condominium,and all unit owners and other persons entitled to occupy any unit or otherportion of the condominium.

3. Such other policies as may be required by the condominium instruments,including, without limitation, workers' compensation insurance, liabilityinsurance on motor vehicles owned by the association, and specializedpolicies covering lands or improvements in which the unit owners' associationhas or shares ownership or other rights.

B. When any policy of insurance has been obtained by or on behalf of the unitowners' association, written notice of the obtainment thereof and of anysubsequent changes therein or termination thereof shall be promptly furnishedto each unit owner by the officer required to send notices of meetings of theunit owners' association. Such notices shall be sent in accordance with theprovisions of subsection A of 55-79.75.

(1974, c. 416; 2000, c. 906; 2003, c. 360; 2004, c. 281.)