CHAPTER IV- Association of Apartment Owners and Bye Laws for The Regulation of the Affairs of Such Association, Section 16- Insurance

  1. The Board or Manager- If a Board or Manager is requested by a mortgagee (the lender) having a first mortgage on an apartment in that society, shall purchase insurance for the property against loss or damage by fire or any other hazards according to the terms and amounts requested or required if- He is required so to do by the bye-laws or by a majority of the apartment owners
  2. Such insurance coverage shall be written on the property in the name of such Board or Manager as trustee for each of the apartment owners in the percentages specified in the bye-laws.
  3. The premium payable in respect of every such insurance shall be common expenses.
  4. The provisions of subsections (1) to (3) shall be without prejudice to the right of each of the apartment owners to insure his own apartment for his benefit.