This is a historical version of this section. See bottom of page for effective date.
Superseded.
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 or
limit of coverage provided in the declaration or bylaws and subject to the
requirements of this part, an association may, as the board considers
appropriate, obtain:
(i) an
additional type of insurance than otherwise required; or
(ii) a
policy with greater coverage than otherwise required.
(2) Unless a lot owner is acting within the scope of the lot
owner's authority on behalf of an association, a lot owner's act or omission
may not:
(a) void a property insurance policy under Subsection 57-8a-403(1)(a)
or a liability insurance policy under Subsection 57-8a-403(1)(b);
or
(b) be a condition to recovery under a policy.
(3) An insurer under a property insurance policy or
liability insurance policy obtained under this part waives its right to
subrogation under the policy against any lot owner or member of the lot owner's
household.
(4) (a) An insurance policy issued to an association may not
be inconsistent with any provision of this part.
(b) A provision of a governing document that is
contrary to a provision of this part has no effect.
(c) A property insurance or liability insurance policy
issued to an association may not prevent a lot owner from obtaining insurance
for the lot owner's own benefit.
Enacted by Chapter 355, 2011 General Session