57-8a-401. Definition. As used in this part, “reasonably available” means available using typical insurance carriers and markets, irrespective of the ability of the association to pay. Enacted by Chapter 355, 2011 General Session
57-8a-402. Applicability of part. (1) This part applies to an insurance policy or combination of insurance policies: (a) issued or renewed on or after July 1, 2011; and (b) issued to or renewed by: (i) a lot owner; or (ii) an association, regardless of when the association is formed. (2) Unless otherwise provided in the […]
57-8a-403. Property and liability insurance required — Notice if insurance not reasonably available. (1) Beginning not later than the day on which the first lot is conveyed to a person other than a declarant, an association shall maintain, to the extent reasonably available: (a) subject to Section 57-8a-405, blanket property insurance or guaranteed replacement cost […]
57-8a-404. Other and additional insurance — Limit on effect of lot owner act or omission — Insurer’s subrogation waiver — Inconsistent provisions. (1) (a) The declaration or bylaws may require the association to carry other types of insurance in addition to those described in Section 57-8a-403. (b) In addition to any type of insurance coverage […]
57-8a-405. Property insurance. (1) This section applies to property insurance required under Subsection 57-8a-403(1)(a). (2) The total amount of coverage provided by blanket property insurance or guaranteed replacement cost insurance may not be less than 100% of the full replacement cost of the insured property at the time the insurance is purchased and at each […]
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 […]
57-8a-407. Damage to a portion of project — Insurance proceeds. (1) (a) If a portion of the project for which insurance is required under this part is damaged or destroyed, the association shall repair or replace the portion within a reasonable amount of time unless: (i) the project is terminated; (ii) repair or replacement would […]
