57-8a-406. Liability insurance.
- (1) This section applies to a liability insurance policy required under Subsection 57-8a-403(1)(b).
- (2) A liability insurance policy shall be in an amount determined by the board but not less than an amount specified in the declaration or bylaws.
- (3) Each lot owner is an insured person under a liability insurance policy that an association obtains, but only for liability arising from:
- (a) the lot owner’s ownership interest in the common areas;
- (b) maintenance, repair, or replacement of common areas; and
- (c) the lot owner’s membership in the association.
Amended by Chapter 152, 2013 General Session