Chapter 5312: What It Means For Your Hoa (part Vi)

This article marks the continuation of our summary of the Planned Community Act that went into effect on September 10, 2010. Chapter 5312.06 (B) deals with insurance.

The Association is required, under this section, to maintain three types of insurance to the extent they are available and applicable to the Association. They types of insurance required include property insurance on the common elements, liability insurance pertaining to the common elements, and directors and officers liability insurance.

These three kinds of insurance policies must be maintained by the Association and they are required to be in place no later than the time when the first lot is transferred to an owner that is not the Declarant.

More on Community Associations