Bill Text: CT HB06237 | 2011 | General Assembly | Comm Sub
Bill Title: An Act Concerning Insurance Required Under The Common Interest Ownership Act.
Spectrum: Committee Bill
Status: (Introduced - Dead) 2011-03-22 - Referred by House to Committee on Judiciary [HB06237 Detail]
Download: Connecticut-2011-HB06237-Comm_Sub.html
General Assembly |
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January Session, 2011 |
*_____HB06237INS___022311____* |
AN ACT CONCERNING INSURANCE REQUIRED UNDER THE COMMON INTEREST OWNERSHIP ACT.
Be it enacted by the Senate and House of Representatives in General Assembly convened:
Section 1. Subsection (a) of section 47-255 of the general statutes is repealed and the following is substituted in lieu thereof (Effective October 1, 2011):
(a) (1) Commencing not later than the time of the first conveyance of a unit to a person other than a declarant, the association shall maintain, to the extent reasonably available and subject to reasonable deductibles: [(1)] (A) Property insurance on the common elements and, in a planned community, also on property that must become common elements, insuring against those risks of direct physical loss commonly insured against, which insurance, after application of any deductibles shall be not less than eighty per cent of the actual cash value of the insured property at the time the insurance is purchased and at each renewal date, exclusive of land, excavations, foundations and other items normally excluded from property policies; [(2)] (B) flood insurance in the event the condominium is located in a flood hazard area, as defined and determined by the National Flood Insurance Act, as amended, USC 42 Section 4101, P.L. 93-234, and the unit owners by vote direct; [(3)] (C) commercial general liability insurance, including medical payments insurance, in an amount determined by the executive board but not less than any amount specified in the declaration, covering all occurrences commonly insured against for bodily injury and property damage arising out of or in connection with the use, ownership or maintenance of the common elements and, in cooperatives, also of all units; and [(4)] (D) fidelity insurance.
(2) If a community association manager, as defined in section 20-450, procures on behalf of an association of a common interest community that contains only units restricted to residential use any insurance policy required to be maintained under this subsection, such manager shall obtain every two years, prior to the renewal of such policy, rate quotes for such policy from at least two different insurance agencies. Such manager shall provide such quotes to the executive board of the association.
This act shall take effect as follows and shall amend the following sections: | ||
Section 1 |
October 1, 2011 |
47-255(a) |
INS |
Joint Favorable Subst. |