The Manager or Board of Managers, if required by the Declaration or the bye-laws or by a majority of the apartment owners, or at the request of a mortgagee having a first mortgage covering an apartment, 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 Managers of the Association of the Apartment Owners as trustee for each of the apartment owners in the percentages established in the Declaration. Premiums shall be common expenses. Provisions for such insurance shall be without prejudice to the right of each apartment owner to insure his own apartment for his benefit.
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More sections of this act
Section 1 · Short title, extent and commencement.Section 2 · Application of Act.Section 3 · Definitions.Section 4 · Status of apartments.Section 5 · Ownership of apartments.Section 6 · Common areas and facilities.Section 6A · Re-development of apartments.Section 6B · Summary eviction of apartment owners in certain cases.India Code, Government of India. Text fetched 17 Oct 2026. Check the linked official text and subsequent notifications when applying a provision.