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Searching 2019-2020 Session

The Vermont Statutes Online

 

Title 27 : Property

Chapter 015 : CONDOMINIUM OWNERSHIP ACT

Subchapter 001 : CONDOMINIUM OWNERSHIP

(Cite as: 27 V.S.A. § 1325)
  • § 1325. Insurance

    The manager or the board of directors, if required by the declaration, bylaws or by a majority of the apartment or site owners, or at the request of a mortgagee having a first mortgage of record covering an apartment or site, 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 directors of the association of owners, as trustee for each of the apartment or site owners in the percentages established in the declaration. Premiums shall be common expenses. Provision for such insurance shall be without prejudice to the right of each apartment or site owner to insure his or her own apartment or site for his or her benefit. (Added 1967, No. 228 (Adj. Sess.), § 25, eff. Jan. 23, 1968; amended 1993, No. 97, § 2.)