Insurance

The manager or Board of Directors, if required by the declaration, bylaws, or by a majority of the apartment owners, 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. The insurance coverage shall be written on the property in the name of the manager or of the Board of Directors of the association or apartment owners, as trustee for each of the apartment owners in proportion to their respective common interests. Premiums shall be common expenses. COL070307 CH. 45 HORIZONTAL PROPERTY ACT provision for the insurance shall be without prejudice to the right of each apartment owner to insure his own apartment for his benefit.